Genoapay plans Australian expansion, mulls US push
Genoapay, whose payment platform is available in 210 merchant stores around the country and upwards of 60 independent automotive, dental, veterinary, and hair and beauty stores, is planning to expand into Australia early next year and will then explore the prospect of a US foray.
By: Rebecca Howard
The platform, which attracted $1 million of funding from an accelerator programme co-funded by Callaghan Innovation in August, lets shoppers pay for goods or services of up to $1,500 in 10 weekly instalments using their debit or credit card and attracting no interest. Instead, it charges merchants a fee for being able to offer the instalment payment option. Merchants take no risk in the transaction and receive full payment within 48 hours.
Chief executive and founder Shaun Quincey says Genoapay is signing five new merchants a day and forecasts show the platform is on track to be available in more than 1,000 stores by the second quarter of 2018, enabling transactions for some 80,000 qualified users.
"I am delighted with our current growth trajectory, and we are learning every day how to grow faster and add more value to our merchants in the process," said Quincey.
According to Quincey, the firm is preparing to launch in Australia in early 2018 "and, at the request of international franchises who have road-tested the platform in New Zealand, is exploring the prospect of a US expansion soon after."
The platform is bankrolled by Finance Now, a finance company owned by Southland Building Society, and uses Debitsuccess to manage its payment systems and credit services. Finance Now has a 10 percent stake in Genoapay.
(BusinessDesk receives assistance from Callaghan Innovation to cover the commercialisation of innovation)