Australian student marketplace app QPay gets $1m from angels and ‘Sharks’

Ben Heathcote

In App Deals. August 12, 2018

Credit: Canberra Innovation Network

QPay, an Australian student marketplace and payments app, has secured a $1 million cash injection to expand. The money came from the Sydney Angels Sidecar Fund 2, Steve Baxter and Naomi Simpson from television series Shark Tank, American Express and Andrew Chick, chairman of the Australian British FinTech Cyber Catalyst.

QPay was launched in 2016 as a one-stop-shop student marketplace app after receiving $400,000 of early-stage funding from Sydney Angels. It now claims to have 300,000 Australian university students using its platform.

The funds will primarily be used to extend the reach of QPay’s recently launched, student-targeted MasterCard to the 4,000-plus students on its waiting list. The company will also build a sales team to meet its growth targets for the remainder of 2018 and beyond.

Moe Satti, head of strategy at QPay, said:

“We are stoked to have received this funding from such seasoned entrepreneurial veterans as Naomi and Steve. I’m an avid follower of Shark Tank Australia and the US version, so we had a pretty good idea of what was coming – we definitely expected to be grilled!

“Luckily, we were across our all-important numbers, and although it was a bit intimidating to be put on show under the cameras and lights, we’ve faced a number of high pressure situations in the past, and we managed to settle our nerves once we started pitching.

“We were definitely grateful to have practiced a successful pitching situation with Sydney Angels off camera before our debut on the big screen.”

The QPay app allows students to buy textbooks, pay for university society memberships, functions and events and split bills, and has so far processed over $20 million in payments. The app is also being used in the UK at Oxford and Cambridge universities.