{"id":40120,"date":"2023-10-20T15:06:26","date_gmt":"2023-10-20T15:06:26","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/melbourne-startup-promisepay-rebrands-to-assembly-payments-as-it-kicks-of-a-partnership-with-gumtree-startupsmart\/"},"modified":"2023-10-20T15:06:26","modified_gmt":"2023-10-20T15:06:26","slug":"melbourne-startup-promisepay-rebrands-to-assembly-payments-as-it-kicks-of-a-partnership-with-gumtree-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/melbourne-startup-promisepay-rebrands-to-assembly-payments-as-it-kicks-of-a-partnership-with-gumtree-startupsmart\/","title":{"rendered":"Melbourne startup PromisePay rebrands to Assembly Payments as it kicks of a partnership with Gumtree – StartupSmart"},"content":{"rendered":"
\"Promise<\/div>\n

A Melbourne fintech startup that aims to be the \u201cworld\u2019s most flexible payments platform\u201d is rebranding itself at the same time as bedding down a major partnership deal with Gumtree.<\/p>\n

The startup\u2014which launched in 2014 and boasts a heavyweight board of investors<\/a> including 99designs co-founder Mark Harbottle\u2014raised $14 million in a Series A round led by Carsales.com just eight months ago, and has even received international recognition in media outlets, including\u00a0Forbes<\/a>.\u00a0<\/em><\/p>\n

But despite this success, PromisePay made a drastic decision to change its name to Assembly Payments this month.<\/p>\n

\u201cWe had some less than positive feedback on the old name, plus we felt Assembly better reflects the nature of our platform,\u201d co-founder and chief executive Simon Lee tells StartupSmart.<\/em><\/p>\n

The feedback was from customers.<\/p>\n

\u201cIt’s a pretty big decision to change your name, but the team did a great job of ensuring it went smoothly,” Lee says.<\/p>\n

Assembly Payments is now powering the new Gumtree service Gumtree Connect, which launched in South Africa this week. Gumtree, which was acquired by eBay in 2005, has 6 million active users worldwide.<\/p>\n

\u201cGumtree actually contacted us directly a few months ago,\u201d says Lee.<\/p>\n

\u201cThe deal was actually really quite simple and fast. Gumtree and the eBay team were fantastic to deal with.<\/p>\n

\u201cIn general, when working with large companies it’s important for a startup to understand that it’s rare for a large company to be able to move at startup pace. Find champions within the company who will sponsor the deal through, be respectfully relentless, align values and have contingencies.\u201d<\/p>\n

Gumtree head of verticals Andre Hugo said in a statement Assembly Payments was selected because of the startup’s specialisation in areas like fraud, compliance and escrow.<\/p>\n

\u201cAssembly Payments was chosen after a lengthy global search for the ideal payment partner,\u201d Hugo said.<\/p>\n

Lessons learned in changing a name<\/h3>\n

With the process of naming and branding a startup can be a daunting process in itself, having to change it after operations commence can be even harder.<\/p>\n

But it can also be an opportunity<\/a> and if managed well, a way to engage with customers and bring stakeholders along with you in a stronger direction.<\/p>\n

Read more: Why You Chews being forced to change its name was the \u201cbest thing that could have happened\u201d<\/strong><\/a><\/p>\n

It is no surprise that Lee\u2019s best advice for startups after going through this experience is: \u201cStart with the right name in the first place\u201d.<\/p>\n

But if it\u2019s too late for that and you’re about to rebrand an established startup, he says it\u2019s critical to get three things right.<\/p>\n

\u201cTalk to your team,\u201d he says.<\/p>\n

This means clearly communicating the new brand, name and meaning with every employee so there\u2019s a clear understanding of the startup\u2019s overall vision and messaging.<\/p>\n

The next step, he says, is talk to customers.<\/p>\n

\u201cFor a company like us that manages payments, we are in a real position of trust\u2014what’s more important than handling people’s money? So take care to communicate any change clearly [without] surprises [or] shocks.\u201d<\/p>\n

Finally, Lee says, audit everything.<\/p>\n

\u201cThe company’s name appears in all kinds of places, some obvious and some not so obvious\u2014API documentation, investor websites, email signatures, presentation templates,\u201d he says.<\/p>\n

\u201cUnderstand the scope of the change you’re undertaking.\u201d<\/p>\n

Follow StartupSmart on<\/em>\u00a0Facebook<\/a>,<\/em>\u00a0Twitter<\/a>,\u00a0LinkedIn<\/a>\u00a0and iTunes<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Melbourne fintech startup that aims to be the \u201cworld\u2019s most flexible payments platform\u201d is rebranding itself at the same<\/p>\n","protected":false},"author":2,"featured_media":61185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40120"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=40120"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61185"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}