OIF Ventures Backs Payble’s Growth with $3.5m Investment
Payble, a leading provider of payments workflow and customer engagement software, today announced it has closed a $3.5 million funding round led by OIF Ventures.
The new funding will be used to continue to capitalise on strong demand for Payble’s citizen-centric payment solution in its beachhead segment of local government payments, as well as explore opportunities for global expansion.
Payble Founder and Managing Director, Elliott Donazzan, said that the solution helps local governments increase on-time payments and reduce the administrative burden associated with billing, all while significantly improving community satisfaction. For example, ratepayers can shift from larger annual or quarterly payments to flexible weekly or fortnightly payments at no extra cost, or easily extend or skip a payment without any paperwork.
“We’re all aware of the cost-of-living pressures facing households, and these impacts flow on to our local councils. In fact, 60% of councils expect payment arrears to increase again this year, and 69% of council rates teams say they’re already feeling under resourced in their response,” said Mr Donazzan
“With Payble, councils can now offer a flexible, self-service payment experience to their community that’s designed to keep payments on-track. The community benefits because they can easily align payments to their own budget without frustrating paperwork or phone calls. Councils benefit too by improving cashflow and saving time not being bogged down in administrative work – not to mention the glow of delivering something that their community really appreciates. It’s a win-win solution”.
“We’re really excited to have OIF Ventures on board,” Mr Donazzan said. “With their deep understanding of enterprise software and prior experience in helping early-stage companies grow within government, it was a perfect fit.”
Oliver Darwin, Investor at OIF Ventures said that:
“We have been following Elliott and Payble since the beginning of 2022, and he has proven to be an incredibly impressive Founder and CEO, who has consistently executed on every milestone put in front of him. Elliott has a truly intimate understanding of the problems faced by his customers and has built a world-class team and solution to address them, which is delivering exceptional outcomes for both councils and ratepayers all around the country,”
“We’re incredibly proud and excited to be partnering with Elliott and the Payble team on this journey.”
About Payble
Payble has pioneered the world’s first citizen-centric revenue optimisation platform. We seamlessly merge improved revenue outcomes with outstanding customer payment experiences. Our platform accomplishes this by providing user-friendly payment experiences, reducing manual workloads for administration and customer service teams, and generating significant cost savings through smart payment routing.
For more information: payble.com.au
About OIF Ventures
OIF Ventures is a leading Australian venture capital firm that champions exceptional founders, driven by purpose, who add material value to their customers, markets, and communities. OIF Ventures invests in early-stage companies with innovative, high growth and disruptive technologies with demonstrated market demand.
Founded in 2016 by a team of founders, entrepreneurs, and business-builders, OIF Ventures has raised four funds to date, managing approximately $500 million and closing its oversubscribed $140 million Fund III in 2022 and raising its first Opportunity Fund of $75m in 2023. OIF Ventures is exclusively backed by founders, business-builders, senior leaders and family offices. While focused on backing Australian founders, OIF Ventures seeks to partner with ambitious founders who have the opportunity to expand into global markets, in particular the US, where we can support this expansion through our extensive network of customers and co-investors.
The OIF Ventures team have backed some of Australia’s leading emerging technology companies including Go1, Instaclustr, Vouch, Assignar, Eftsure, Enboarder, Kasada, Clear Dynamics and others.
For more information: www.oifventures.com.au
