{"id":45866,"date":"2023-10-20T15:46:51","date_gmt":"2023-10-20T15:46:51","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/entrepreneur-raises-over-400000-in-venture-capital-for-on-trend-third-party-payment-system-startupsmart\/"},"modified":"2023-10-20T15:46:51","modified_gmt":"2023-10-20T15:46:51","slug":"entrepreneur-raises-over-400000-in-venture-capital-for-on-trend-third-party-payment-system-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/entrepreneur-raises-over-400000-in-venture-capital-for-on-trend-third-party-payment-system-startupsmart\/","title":{"rendered":"Entrepreneur raises over $400,000 in venture capital for on-trend third party payment system – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

A young Australian entrepreneur has raised over $420,000 in venture capital for his third party contactless payment system Tappr.<\/p>\n

 <\/p>\n

Tappr founder Brett Hales raised <\/i>the funding from seed investors and a research and development grant from the Australian Taxation Office.<\/p>\n

 <\/p>\n

Tappr enables businesses to take contactless, tap or swipe payments from their customers via smart phones and tablets.<\/p>\n

 <\/p>\n

Hales told StartupSmart<\/i> the idea was born while he was travelling in Hong Kong, and wondered why Australia didn\u2019t have a transport card that could be used to pay for meals and other services.<\/p>\n

 <\/p>\n

\u201cThe idea was to transform that multi-function travel card into a phone function,\u201d Hale says. \u201cThe smart phone revolution coming up, and the penetration into Australian markets meant we wanted to morph that kind of card onto a phone, and then we needed to build an ecosystem around it.\u201d<\/p>\n

 <\/p>\n

Tappr is an online service with a plug-in device for processing eftpos payments.<\/p>\n

 <\/p>\n

Hales is also in negotiations for more venture capital with an international technology investment firm for several million dollars.<\/p>\n

 <\/p>\n

Hale launched the venture with $18,000 of his own money, with the next cash infusion from the company secretary.<\/p>\n

 <\/p>\n

They then approached Melbourne-based venture group Tauro Capital, who connected them with seed and angel investors, eight of whom contributed $420,000 to the company.<\/p>\n

 <\/p>\n

\u201cPeople can relate to this very easily, and see it every day in their world,\u201d Hales says. \u201cIf they can identify with it, they can stomach spending investment money on it.\u201d<\/p>\n

 <\/p>\n

Hales says he\u2019s focused on communicating credibility and security of the device, service and company.<\/p>\n

 <\/p>\n

\u201cWe\u2019re very entrepreneurial and most of us are under 35. But we\u2019re committed to maintaining the trust and credibility of a bank because that\u2019s what people expect from a payment company,\u201d Hale says. \u201cSecurity is the massive concern when you\u2019re talking about transacting money. The climate in Australia for transacting money is very strict in Australia, probably more so than the rest of the world.\u201d<\/p>\n

 <\/p>\n

The new funds will allow the company to grow rapidly. With a board of six, a team of seven and beta testers in Brisbane, Sydney and Melbourne, Hales says they\u2019re working towards a national launch at the end of this year.<\/p>\n

 <\/p>\n

\u201cIt can be scaled quite easily internationally as well, as Australian security regulations are a bit high,\u201d Hales says. \u201cThat\u2019s the haphazard for other international competitors, but we\u2019ve engineered this to go internationally quite quickly.\u201d<\/p>\n

 <\/p>\n

Hales says he wants to make sure they focus on Australia for a full 12 months before exploring international options.<\/p>\n

 <\/p>\n

\u201cIdeally, we\u2019re looking at exploring new options in 18 months, and probably Singapore would be the ideal next market,\u201d Hales says.<\/p>\n","protected":false},"excerpt":{"rendered":"

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