• Pay.com.au raised $28 million in a Series E round, lifting total capital raised to $70 million, according to the company's August 24, 2026 announcement.
• The round funds a standalone US entity, PayRewards, letting American small businesses earn points on ACH and card bill payments.
• The company did not name its Series E investors, describing them only as a mix of existing and new backers.
• PayRewards charges no monthly platform fee and instead charges only when a business chooses to earn points on a payment.
• The US product is unavailable in six jurisdictions — Connecticut, Hawaii, New Mexico, South Dakota, Washington DC and West Virginia.

Pay.com.au raised US$28 million in a Series E round, the company said August 24, 2026, taking total capital raised to $70 million. The funding launches PayRewards, a standalone US business built on Pay.com.au's Australian bill-pay rewards model, letting American small businesses earn points on ACH and card payments with no monthly platform fee. Individual investors were not named. The move extends a model built on $7 billion in Australian business-payments volume into an unproven US market.

The raise

The Series E round follows an A$25 million (roughly $18 million) raise in November 2025, per the company's release. Pay.com.au has not named individual Series E investors, describing backers only as a mix of existing and new investors — a gap this desk flags as reported-not-disclosed, not confirmed detail. No valuation was disclosed alongside the round.

What PayRewards actually sells

PayRewards lets US businesses earn points on bill payments made by ACH transfer or credit card, redeemable for airline and hotel loyalty programs, gift cards, employee incentives, or credit against future invoices, according to the company. The pitch: accounts payable spend that otherwise earns nothing becomes a rewards-earning channel. There is no monthly platform subscription; PayRewards said it charges only when a business elects to earn points on a given payment.

The scale it's built on

Parent Pay.com.au said it processed more than US$7 billion in business expenses over the prior 12 months, serving upward of 30,000 Australian businesses, with year-over-year growth the company put at 100%. Those figures come from Pay.com.au's own announcement, not an independent audit or regulatory filing — a distinction that matters for how much weight to give the US expansion thesis before verified US volume exists.

Where it isn't available, and what to watch

PayRewards is live in most US states but excludes Connecticut, Hawaii, New Mexico, South Dakota, Washington DC and West Virginia, per the company's release. That state-by-state gating is typical for a money-transmission-adjacent payments product entering the US, where licensing requirements vary by jurisdiction. The company did not detail which specific licenses or partner-bank arrangements underpin the US rollout, leaving the regulatory scaffolding unconfirmed pending its own further disclosure or state filings.

What this means for business payers

For a US small business evaluating PayRewards, the questions are the same as for any new payments intermediary: which bank or program partner sits behind the ACH and card rails, what happens to float and payment timing, and whether points economics hold up once a fee applies. None of that is detailed in the launch announcement. Businesses should treat the no-monthly-fee pitch as a starting point for diligence, not a settled cost comparison, until PayRewards publishes fuller fee schedules.