Till launches Next Gen Pay By Link, offering a highly secure option for remote payments plus Apple Pay acceptance

Global payments fintech disruptor, Till Payments (Till) has announced the launch of new enhancements to its Pay By Link solution. The optimised version includes several updates designed to improve security and consumer trust for remote payments while introducing the ability to accept Apple Pay and other alternative payment methods.

The new and enhanced Pay By Link natively integrates into the company’s data solution, Till Merchant Portal, offering invaluable oversight across consumer, business and transaction data. Additionally, merchants and partners will now have the option to enable Point-of-Sale financing via Till’s partner, FlipPay. 

Till’s Pay By Link allows merchants to send links via SMS or email, leading customers to a Till-hosted, PCI-compliant and private labelled digital payment page, ensuring merchant and partner branding remains front and centre during the entire purchasing journey. The solution eliminates the need for merchants to handle sensitive payment card information, increasing security and consumer confidence.

Dave Hemingway, Chief Product Officer at Till Payments, said the consistent growth of digital payments called for more secure remote payment options and informed the build of the company’s new Pay By Link product. 

“Consumers want more freedom in terms of when and how they pay. On top of that, the upward trend in digital payments is expected to continue, and, as with any financial services products, we recognised a need to deliver a solution that addressed shifting consumer behaviour in a secure and compliant manner,”

“With these insights in mind, our team has designed a new and improved Pay By Link that significantly improves the customer experience and ensures the highest level of trust and security for all transactions while also adding tremendous value to businesses looking to harness the power of their data treasure troves.” He continued. 

Additional features of the new Pay By Link offering include sending pre-authorised payments and setting expiry dates for payment links to encourage prompt transactions and improve business cash flow. More information on Till’s new Pay By Link product is available on: https://tillpayments.com/products/pay-by-link and images can be found via: https://we.tl/t-0yuOoFGNlw

About Till Payments

Till is the fast-moving, Aussie-born, global fintech disruptor opening up a world of possibilities for businesses seeking simple, seamless, all-in-one payments. We take the complexity out of getting paid with single-source solutions that ensure merchants and partners can accept any payment wherever and whenever their customers shop, be it online, in-store, or a combination of both.

Media Contact

Tasha Nabila
Till Payments
+61 3 7064 7113

Main Roads Western Australia Joins eInvoicing, Leading the State’s eInvoicing Initiative!

Main Roads Western Australia is the first government department in Western Australia to join the Peppol eInvoicing network and become eInvoice compliant.

Main Roads selected Link4 as their eInvoicing partner – a leading Access Point Provider in the Australian Government sector. This arrangement has helped the department to receive eInvoices from their suppliers. Furthermore, always keen to be in the frontline of embracing the future of eInvoicing, Main Roads is already discussing plans with Link4 to set up the ability to send eInvoices as well.

The completed project focuses on Main Roads receiving eInvoices from Link4 into their ERP platform, Oracle, through the Kofax system, which was implemented in partnership with Process Automation Group. 

“We are excited to be the first government department in Western Australia to undergo this digital transformation and witness substantial improvements in our invoicing procedures,” said Main Roads Project Manager, Prashant Singh.

Main Roads has more than 45 suppliers who can instantly benefit from the department’s decision to switch to eInvoicing – enabling them to experience faster payments using smarter and more efficient workflows.

“We are also happy to help our suppliers get paid faster,” Singh added.

“Government departments and agencies have much to gain by connecting to the Peppol eInvoicing network, it can change the whole procurement process not just for the department alone, but for all its suppliers too,” shared Link4 CTO, Sam Hassan. 

“Main Roads is the first of many government sector organisations in Western Australia to adopt eInvoicing. We are proud that Link4 has a firm footing in helping government departments and agencies across the country switch to eInvoicing,” Hassan added.

About Link4

Link4 is an award-winning, Peppol-certified Access Point that revolutionised the Procure-to-Pay solutions sector by providing seamless eInvoicing services throughout Australia, New Zealand, Singapore, and the United Kingdom. In addition to Link4’s government clients (such as The Treasury, DISER, AOFM, and APRA) are BOC Australia, the BGW Group and thousands of Australian businesses that use Xero, MYOB or QuickBooks as their Accounting system.

About Main Roads Western Australia

Main Roads Western Australia is Western Australia’s key agency responsible for the state’s road and transport network and providing all information related to travelling. Within the scope of this Western Australian government department are the responsibilities of ensuring the state’s needs are met in terms of transport as well as the infrastructure of the state’s roads, bridges, pathways and modes of transport meet the accepted safety and quality standards.

FinTech Australia appoints Nick Kavass as its first Policy Lead

FinTech Australia has appointed former Federal Government adviser Nick Kavass as its first Policy Lead.

Kavass brings nearly a decade of experience across government agencies including The Commonwealth Treasury and ASIC to the role. He most recently served as a policy adviser for former Assistant Treasurer and Minister for Housing Michael Sukkar.

The new role will coordinate with policy partners and members to help formulate and progress FinTech Australia’s policy agenda. This includes: payments policy, the ongoing rollout of the CDR, regulation of Buy Now Pay Later companies, regulation of crypto assets and government support for the fintech community during turbulence in the venture capital market.

FinTech Australia General Manager Rehan D’Almedia said: “This is an exciting and key appointment for the organisation. With a new government in power, we’re looking to step up the rigour of our policy support for our members and build on the extensive groundwork that the organisation has laid over the past few years.”

“Nick’s experience at two key agencies that interact with the ecosystem — Treasury and ASIC — make him invaluable in helping us articulate our policy agenda.

FinTech Australia’s incoming Policy Lead Nick Kavass said: “It’s an honour to take on this new role at FinTech Australia. I’ve interacted with the peak body over the years on policy matters, and it has served as a key voice in shaping the government’s stance on important regulatory issues.”

“I look forward to working with Rehan and the broader fintech community to navigate what is shaping up to be a complex framework of policies for the sector. I suspect I’ll be meeting many of our members at Intersekt in September, which will set the policy agenda for our work over the next 12 months.”

Kavass’ appointment follows the launch of tickets for FinTech Australia’s annual conference Intersekt. Sales launched two months ahead of the event in anticipation of a sell-out, as seen during last years’ event.

With the international borders open again this year, Intersekt will feature delegations from Singapore, Ireland and the UK.

The event will contain over 40 panels, featuring speakers from Treasury, ASIC, Mastercard, Visa, Reinventure, X15, Austrade, Worldline, Trade Ledger, Frollo, Basiq, Envestnet Yodlee, FrankieOne, Shaype, Monoova, Novatti, Experian and many more.

Intersekt will be held at the Grand Hyatt Melbourne on September 7 and September 8. Early bird tickets can be purchased on the Intersekt website. 

For any policy related queries, please reach out to Nick at nick@fintechaustralia.org.au

Media contact

Harrison Polites

0409 623 618

About FinTech Australia

FinTech Australia is the national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

World’s first Open Data marketplace, Adatree Exchange, launches – provides one-stop shop to leverage data under the Consumer Data Right

The world’s first Open Data marketplace, Adatree Exchange has launched, streamlining how organisations discover and procure regulated Consumer Data Right (CDR)-ready, third-party software capabilities.

Created by Adatree – a multi-award-winning Australian fintech and leading data intermediary and recipient platform, co-founded by former Tyro Payments and Volt Bank employees Jill Berry and Shane Doolan – the Adatree Exchange expands the possibilities of accelerating use cases and transformation of CDR data.

The revolutionary Open Data marketplace provides customers with a one-stop shop to supercharge CDR data. Before the Exchange, businesses would engage a CDR intermediary to procure the raw data and then go out to market to find additional services to help digest that data or functions to apply to their unique business needs. Following this, they would have to integrate with them and make sure the business meets the CDR outsourced service provider technical and security requirements too.

Now, businesses can leverage the Adatree Exchange to find a variety of CDR-ready third-party services to access capabilities like data categorisation, customer verification, data enrichment, credit application automation, de-identification, product comparison, and account verification.

Many businesses are still unsure of what they could do with CDR data, and they faced the challenge of finding service providers that are accredited and competent in working with CDR data. About 80-90 per cent of conversations Adatree had with businesses wanting to receive CDR data was about what they could do with the data. The Adatree Exchange aims to help businesses see the possibilities available to accredited data recipients.

Alex Scriven, Chief Operating Officer at Adatree, says: “We are thrilled to launch Adatree Exchange with world-class technology providers. The Exchange is set to be a gamechanger for any organisation wanting to access CDR data. With the industry rapidly changing, the more we can do to increase use cases of Open Data, the better it will be for consumers in the long-term.

“When Adatree launched at the infancy of the Consumer Data Right in Australia, it was created as a data recipient platform for organisations to access CDR data. As the industry reaches maturity, customers are wanting more options and capabilities around what they can do with this data. We wanted to give customers everything they need to use CDR data to its full potential.

“We’re extremely excited about the future of the Adatree Exchange – the possibilities are endless as Open Data advances further in Australia. We have already begun to curate, vet and integrate with organisations across all different sectors as part of our Exchange, and we look forward to working with more experts as they join the world’s first Open Banking marketplace.”

The Adatree Exchange started organically, with Adatree’s clients and prospects wanting to access data initially, then asking for different use cases, augmentation and transformation to be built out. While Adatree will continue to build out its own capabilities to transform data, the Exchange will accelerate the ability for Adatree’s clients to access a wide-breadth of capabilities from many different best-of-breed companies.

Adatree is launching with 10 participants on the platform including energy comparison platform Accurassi, global data analytics provider Personetics,end-to-end digital comparison platform CIMET, product recommendation engine Stryd, auditing firm AssuranceLab, instant finance app for lenders and brokers Piico, AWS-specialist cloud infrastructure company DNX, leading cybersecurity firm Astero, turnkey cloud infrastructure Citadel, and credit risk and data science consultancy Kadre.  

All Exchange participants are audited outsourced service providers (OSPs), whereby Adatree conducts stringent compliance checks to ensure data will be managed to the highest CDR standards.


For more information, interviews and images, please contact:

Macrina Lim, The PR Hub | +61 (0) 430 547 751 | macrina@theprhub.com.au

About Adatree

Adatree is an award-winning Australian financial technology company at the forefront of Open Data, also known as the Consumer Data Right (CDR). As Australia’s first accredited and active intermediary, Adatree uses a sophisticated and secure proprietary platform to enable a wide array of businesses, including banks, credit unions, comparison websites such as iSelect, BNPL such as humm, and financial services, to access consumer banking data to improve their products and services.

Adatree was co-founded by former Tyro Payments and Volt Bank employees, Jill Berry and Shane Doolan in 2019. It won Best Open Banking Solution in the 6th Annual FinTech Awards 2021. Jill also won Female Fintech Leader of the Year at the same award, in addition to winning Emerging FinTech Leader of the Year in the 2021 Finnies Award and being named as a finalist in the 2021 Women’s Agenda Emerging Leader in Tech. For more information visit adatree.com.au.

Dock & Bay integrates the TreviPay payment method

UK-based fashion wholesaler Dock & Bay (D&B) has joined TreviPay’s Payments and Invoicing Network to offer a line of credit to B2B buyers.

Approved retailers will be able to select TreviPay as a payment method when checking out on D&B’s online store. In completing the transaction, retailers will receive an invoice with their established terms for added payment convenience and flexibility.

To meet B2B customer expectations for payment terms, D&B chose TreviPay to quickly launch a payment and invoicing network that enables them to build more profitable and loyal trading relationships with its buyers. D&B wholesale customers can now place larger orders without the need to pay by credit card or to pre-fund orders, which negatively impacts cashflow.

TreviPay’s officials stated that companies that embrace digital expectations and implement payment solutions designed for B2B and its complexities are poised to provide a better customer experience. By joining TreviPay’s Payments and Invoicing Network, Dock & Bay can successfully offer trade credit, a payment method for B2B transactions.

D&B can offer a line of instant trade credit, a payment method specifically designed for B2B buyers and sellers, to its wholesale customers while leaving responsibility for risk assessment and underwriting to TreviPay. This means that D&B is always paid on time, even if its B2B buyers default on a payment. D&B eliminated DSO and the need to allocate resources to chase unpaid invoices. TreviPay’s API-first design meant it was quickly and seamlessly integrated into D&B’s online sales channel.

Click here for full article

FinTech Voice July 14, 2022

Dear Community,

The Intersekt Fintech Festival 2022 tickets are now available for purchase. After an overwhelming response at the Finnies with tickets selling out within three weeks of launch, we are expecting a huge turnout for this year’s conference. Book your discounted early bird tickets now! Expect sub-industry dinners (Sept 6), pitch night, roundtable discussions, International delegations, stellar speakers, networking events and much more on the 7th and 8th of September in Melbourne.

We are continuing to drive the fintech policy agenda with the new government. We recently sent a letter to the Treasurer requesting to discuss the approach the office will take towards supporting the recommendations made in the ‘Payment Systems Review’. We also plan to highlight to the Treasurer other issues in the industry such as BNPL, CDR and Crypto regulation.

ASIC (Australian Securities & Investments Commission) is hosting a Financial Innovation Regulator Meet-up. It is bringing together representatives from national bodies to discuss issues and their latest experience with financial innovation and technology on 28 July. For more information and registration, visit here.

Finally, we welcome our newest member this fortnight – JACOBI STRATEGIESSWOOP FINANCE PTY LTD AND LIFTWOMEN GROUP


Rehan D’Almeida,
General Manager,
FinTech Australia

Crypto-Asset Roadmap – 2022-23

The International Organization of Securities Commissions recently published its Crypto-Asset Roadmap for 2022-2023 that sets out its regulatory policy agenda and work program for the sector over the next 12 to 24 months

It will prioritise policy-focused work on crypto-asset markets and activities in its initial 12 to 24 months of operation, while continuing to monitor market developments associated with broader Fintech-related trends and innovation.


🏅2022 edition of the Australian Growth Company Awards are here to celebrate excellence and recognise companies that demonstrate high rates of sustainable growth, innovation, integrity and contribution to the community. Nominations are open till 9 AugustApply soon

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.


📣 Basiq and LUNA presents 2022’s biggest Fintech Pitch Night. Here is the opportunity to Pitch your startup to a panel of industry experts and a room full of potential investors and users – 4 August. Click here to register

🔍 Austrade is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. For more info, click here

🤝🏻 Lift Women is celebrating its 1st year Anniversary founders and backers who have realised their dreams and changed lives collectively by uplifting each other – Join the inaugural in-person event on 14 July. Register today.

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

🇭🇰 Hong Kong Fintech Week 2022 is here – one of the largest conferences on the calendar, attracting more than 12,000 senior executives and featuring over 250 of the world’s top speakers including FinTech founders, investors, regulators, and academics. Book your pass now

📊 Databricks presents The Scaling With Data + AI OpenHack Challenge that aims to inspire the most audacious data + AI ambitions of Australian companies from across startups, fintech, FSI, media & entertainment and retail. For more info, visit here.


Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  • Superapp Bano partners with Currencycloud to simplify finance for Australia’s Gen Z
  • GoCardless launches free online course ‘PayTo University’ to support introduction of Au`stralia’s new payment system
  • Spenda announces company rebrand
  • Fintechs Mitrade and Azupay partner for real-time payments
  • Link4 Helps Government Organisations Embrace the New Era of eInvoicing
  • Till Payments adds Alipay to its education offering through Alipay+ partnership
  • CreditorWatch awarded ISO certification for gold-standard information security management
  • Change Financial launches global payment API sandbox in a New Zealand first
  • Upcover raises $4.7m to disrupt “overcomplicated” insurance landscape
  • Monoova announced its merger with foreign exchange organisation Moneytech FX to deliver a single platform that enables businesses to consolidate domestic and international payment processes


Fintech Australia launches ticket sales for Intersekt 2022 following event sellout last year

FinTech Australia has officially launched ticket sales for its annual flagship conference Intersekt, following the sellout of the event in 2021.

This year’s Intersekt promises to be the biggest yet, featuring several international speakers including Andrea Reynolds, a non-executive director of Berkshire Hathaway, consultant to McLaren F1 and Founder and CEO UK’s leading finance fintech Swoop.

The event will also feature international speakers from Wayflyer, Checkout.com, Currencycloud, Zai, Fenergo and Six.

EY Chief Economist Cherelle Murphy will present market and industry trends along with her focus on sustainable and inclusive economic growth. Intersekt will also feature speakers from Treasury, ASIC, Mastercard, Visa, Reinventure, X15, Austrade, Worldline, Trade Ledger, Frollo, Basiq, Envestnet Yodlee, FrankieOne, Shaype, Monoova, Novatti, Experian, X15 and many more.

With the international borders open again this year, Intersekt will feature delegations from Singapore, Ireland and the UK. The industry executive roundtables, sub-industry dinners, a pitch night and networking events are also set to return.

General Manager of FinTech Australia Rehan D’Almeida said: “Last year we had over 800 attendees, and a long waiting list for the first time in Intersekt’s history. Given this, we’re encouraging those interested in attending to register early this year to avoid missing out.” 

“The full conference agenda will be finalised over the coming weeks, but as it stands we’ll be covering some of the major topics including: PayTo, the CDR, Open Finance and shifts in business banking. We’ll also be branching into some new ground regarding Web3, Proptech and its interaction with fintech and, of course, innovations in cryptocurrency. We will also be delving into changing market conditions facing the fintech sector and venture funding trends.

“All of these topics will tie into our four key themes: DeFi and Web3, The Payments Revolution, Fintechs Going Global and Customers in Spotlight.” 

“Intersekt would not be possible without our partners. I’d like to thank our Presenting Partner the State Government of Victoria and also our Gold Sponsors: Austrade, Till Payments and Swyftx.”

Intersekt will be held at the Grand Hyatt Melbourne on September 7 and September 8. Early bird tickets can be purchased on the Intersekt website.

Media contact

Harrison Polites

0409 623 618

About FinTech Australia

FinTech Australia is the national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

Five Fintechs On Friday July 8, 2022

The new edition of the five fintechs on Friday is here!


First, news from the industry…

Link4 is expanding its services to the United States with the support of an export grant through the Government of South Australia. Nano announces major B2B expansion plan to bring fast, digital mortgages to all. WeMoney Announces Winners of Inaugural Personal Loan & Car Loan Awards


Below are five fintechs to know about this fortnight!


iPayd is a payment protection service for private buyers & sellers where it receives the payment from the buyer (the money being paid for goods or services) and holds it until both the buyer and the seller agree to the release of funds.
iPayd was created by car enthusiasts and fintech developers to protect people from private marketplace scammers.
They are on a mission to open up the potential of the Consumer-2-Consumer economy by solving the issue of trust; between private buyers or sellers.


Running a business is tough. By the time SMB’s have paid all their rising fixed cost there is nothing left over.

Sounds like you’re in a bit of a pickle…

APICKLE’s intuitive lending-based platform offer SMB’s small little unsecured loans for businesses that think BIG.
Merchant Unsecured business loan – Repay as You Trade
Line of Credit – Use it when you need it.
Now that’s a BIG DILL.

Their platform aggregates consumer demand for unsecured business loans and connects it to its network of APICKLE enabled partners.


Brighte is on a mission to make every home sustainable, offering consumers a fast and easy way to pay for solar, battery and home electrification. Brighte has to date helped over 110,000 households get solar sooner, partnering with over 2,000 solar retailers nationally and processing more than $1.3 billion in finance applications. In Dec 2021, ten percent of solar installations nationwide was financed by Brighte. A purpose-led business supporting the power shift to the home, Brighte financed installations reduce household CO2 emissions by 800 million tonnes each year, representing 650MW of solar generation capacity.


Paytron is a sophisticated payments platform that lets SMEs manage all their business payments in one place, with built-in approvals workflows. Paytron is the only platform in Australia to streamline accounts payable, receivable, FX payments, payroll, and employee spending corporate cards. The platform allows businesses and their accountants to eliminate 5-6 different apps, and remove ABA files, manual processes, and duplication of work. Paytron also has a two-way sync with Xero, allowing for real-time data visibility and automated reconciliation. Paytron has been selected by Austrade and Investment NSW as one of Australia’s leading Fintech’s.

Card Access Services (CAS)

Card Access Services (CAS) is an Australian provider of payment technology and services, specialising in design, development & integrations to facilitate payment collection, data reporting and automated reconciliation.

The platform is used by merchants around the world servicing online, phone, mobile, traditional retail, and self-service channels.
In the APAC region, CAS is connected to 30+ banks and additionally has its own merchant acquiring business: Paymate, providing online merchant and settlement services in AU and NZ.

CAS is also a successful exporter of our payment technology and managed services to Governments in SE Asia and Africa. CAS was established in 1987.

Check out our previous issues here

Monoova Merger Paves the Way for Businesses to Reduce Domestic and International Payment Costs and Resource Demands

Leading Australian payments automation provider Monoova today  announced its merger with foreign exchange organisation Moneytech FX to deliver a  single platform that enables businesses to consolidate domestic and international  payment processes and take advantage of faster cross-border transactions.  

The businesses merged under the Monoova brand will be ideally placed to fulfil their  mission of automating and streamlining payment processes, with clients able to access a  toolkit for domestic and global payment flows through a single API gateway. 

“With the new Monoova platform, clients can automate the receipt, payment and  management of domestic and cross-border funds – reducing costs and resource  requirements and allowing teams to focus on growth and innovation,” says Christian Westerlind Wigstrom, Co-Founder and CEO, Monoova

The business – recently named FinTech Organisation of the Year at Fintech Australia’s  prestigious Finnie awards – aims to reduce the processing time for cross-border  transactions involving G10 currencies – the Australian dollar, the Canadian dollar, the Euro,  the Japanese yen, the New Zealand dollar, Norwegian krone, Pound sterling, Swedish  krona, Swiss franc and the United States dollar – from up to three working days to near  real-time. 

“Our ultimate aim is to make the experience of moving money from Perth to Berlin as  easy as moving money from Sydney to Brisbane,” says Christian.  

Monoova and Moneytech FX are proven performers in the fast-growing financial  technology sector. Over the past five years, Monoova has moved about $50 billion  through its pioneering domestic-automation platform, serving a growing number of  technology-enabled businesses such as Jacaranda, Hnry and Wise. 

Moneytech FX has grown rapidly over the last two years and has expanded the features of  its platform through multiple integrations, providing a self-managed and fully compliant  service to clients. The business has moved about $12 billion in cross-border transactions  over the last 18 months. 

The merged business will be headquartered in Sydney, with 70 team members dedicated  to enhancing the client experience by continuing to add features and functionality to the  Monoova platform. 

Andrew Kilroe, Chief Vision Officer and leader of the FX business, says, “Moving money  seamlessly and securely across borders helps clients provide a high-quality experience to  their customers and partners in overseas markets and brings financial inclusion to  underserved markets. We’re very excited at the opportunity to deliver this capability to  the Australian market.” 

For more information, please contact: 

Michelle Plews 

Senior Brand and Marketing Manager 


+61 401 963 406 


About Monoova 

Monoova is a leading Australian B2B payments solutions provider. We make it possible for  organisations to accelerate and automate how they receive, manage and pay funds across multiple  payment methods. This delivers significant cost reduction, increased efficiency, and enhanced ability  to scale. Our proprietary payments platform has processed approximately $50 billion since our launch  in 2017.

Sydney startup upcover raises $4.7m to disrupt “overcomplicated” insurance landscape

From its origins catering to the precarious gig economy with simplified insurance offerings, Sydney-based startup upcover has expanded its client base over the past year to SMEs and independent contractors, fomenting a shake-up in the marketplace as an insurtech disruptor.

To support this vision for the company with 5,000 small businesses now on its register, upcover has announced a successful $4.7 million raise with support from early-stage venture capital firms Antler Australia and Betterlabs.

The funds will go towards customer acquisition and product development for the technology platform, which enables any online business or brand to become a distributor of insurance products and monetise its existing membership and customer base.

“The journey of building upcover has been an incredible ride. With the platform live, and our customers loving the experience we offer, we know we are onto something unique,” said upcover co-founder Skye Theodorou, who established the business in 2019 with Anish Sinha

Both were finalists in the Sydney Young Entrepreneur Awards in 2020.

“To be backed by some of the best in the insurance and banking business has been an incredible way to close out our seed fundraise. The insurance industry has long been plagued by convoluted questionnaires, overcomplicated terms, and lengthy quote timeframes, and upcover is changing all of this.”

The seed round, comprising $2.7 million equity and $2 million debt, also includes support from LMI, QBE General Manager Patricia Priest, Etika CFO Raf Uy, Bricks and Agent co-founder and CEO Rafael Niesten, and Global Life APAC ex-CEO Colin Morgan.

Partnering with market-leading insurers, upcover aims to simplify and digitalise tailored insurance for small and medium businesses (SMBs) and sole traders.

“SMB insurance is a $320 billion industry globally, and it’s valued at $10 billion in Australia, with four incumbents controlling 80 per cent of the market. upcover is democratising the ecosystem by allowing any business, brand or online marketplace to become distributors of insurance policies and in the process allowing them to monetise their customer base,” Anish Sinha said.

“By making insurance policies programmatically accessible, we’ve opened up the ecosystem, so developers and/or brands can embed an insurance checkout within their brands’ user experience.”

Upcover has experienced substantial growth in the past eight months since launching its first embedded API insurance platform for SMBs, growing 20 per cent month-on-month on insurance premiums and policies underwritten.

Having recently launched four new insurance products, upcover sees pioneering Australia’s first SMB embedded insurance offering as its key driver of growth.

“upcover is BetterLabs’ first investment into the Australian insurtech space – the calibre of the founding team, their innovative business model and traction they have gained in the market to date present a fantastic opportunity. We are very excited to now journey with them as they scale their business off the back of their recent seed round,” Betterlabs CEO James Edwards said.

In the last quarter, the business grew its quarterly sales by 70 per cent against the previous quarter, which was off the back of 100 per cent sales growth in the quarter before that.

Providing insurance quotes after posing two questions, upcover offers uncomplicated, jargon-free insurance through a single insurance API (application programming interface) to connect with insurers.

“upcover is led by an exceptional founding team, and we have been an enduring supporter since their very first round. We believe they are building towards a huge insurtech opportunity,” Antler APAC managing partner Bede Moore said.

By the end of 2022, upcover will offer live professional indemnity, public and products liability, cyber privacy liability, COVID-19 bounceback insurance and commercial motor (incl. rideshare and delivery), tools of trade, glass and personal accident and management liability.

LMI, QBE General Manager Patricia Priest is delighted to be backing a female founder for her first start-up investment.

“Coming from a background in financial services, it’s inspiring to see the new ideas and fresh thinking that upcover is bringing to the table,” she said.

Partnering with market-leading insurers, including products underwritten by ProRisk, upcover previously raised roughly $900,000 in May 2020.

Upcoming Events
  1. October 11 @ 6:00 pm - 7:00 pm
  2. Tech Industry Collective – Connect and collaborate as a collective

    October 25
  3. Singapore FinTech Festival (SFF) 2022

    November 2 @ 7:00 am - November 4 @ 6:00 pm

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally


Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise