Australian Payments Plus (AP+), which operates the country’s domestic payments infrastructure, has entered into an agreement to sell its consumer peer-to-peer payments app, Beem, to Bolt Group.
Financial details of the transaction were not divulged.
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Beem was launched in 2018. According to the app’s website, it has recorded more than three million downloads since its launch.
The app enables users to pay, request, transfer and split money instantly.
AP+ CEO Lynn Kraus said: “While Beem has become a much-loved app within Australia, the time has come to hand the Beem baton over to Bolt Group, who are uniquely placed to provide existing customers with more capabilities, grow Beem’s customer base, and ultimately create new experiences for the Australian market.”
Kraus added that the transaction supports AP+’s plan to “sharpen its focus” on building and operating payments and identity infrastructure in Australia. This includes eftpos, the New Payments Platform (NPP), ConnectID and BPAY.
Bolt Group Australia CEO James Woodward said: “Beem is a uniquely Australian success story, with millions of registered users and a product that customers genuinely value. AP+ has built something special, and we are excited to take it into its next phase.
“Our vision is to evolve Beem into a true everyday money app — bringing together payments, a gateway to transaction and savings accounts, multi-currency and investing into a single, seamless experience.
“We also see a significant opportunity to build a connected payments ecosystem — bringing together consumers, merchants and partners to deliver faster, lower-cost and more rewarding financial experiences.”
AP+ added that Beem customers will not see any immediate changes, with app services to continue as normal.
The two organisations plan to work together on the transition, with services expected to move by the end of June this year.
