Azupay will use the fresh capital to accelerate growth and to drive further product innovation. Credit: Azupay.

Australian payments firm Azupay has secured an equity investment of A$10m from investment manager Ellerston Capital via Ellerston JAADE Australian Private Assets Growth Fund.

The investment was facilitated by corporate advisory group TMT Partners.

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Founded in 2019, Azupay offers a range of digital payment services and solutions to consumers, businesses, and government agencies.

The firm will use the fresh capital to accelerate growth and to drive further product innovation. It is set to launch its real-time pull payments solution PayTo in mid-2022.

It also plans to rapidly expand its customer base and expand its existing alliance with state and regional governments.

Commenting on the investment, Azupay CEO John Murphy said: “Ellerston’s backing of Azupay is further demonstration of investor support as we continue to transform the real-time payments landscape in Australia, helping businesses accelerate cash flow and reduce their payment processing costs.

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“Now is a pivotal time for many Australian businesses and real-time payment solutions can play a powerful role in their health and success.”

Ellerston’s Justin Diddams commented: “Azupay benefits from being a key pillar in the supply chain delivering real-time payments to businesses and consumers. We are pleased to support Azupay’s accelerated growth ambitions in Australia and globally.”

Ellerston’s investment in Azupay follows an investment from Australian private investment group Tattarang last year.

Tattarang acquired a majority stake in the firm as part of the deal.

Last month, Azupay unveiled a real-time payment option called PayID powered by Azupay, on Australia’s New Payments Platform, which will integrate with the online accounting platform Xero.

Last December the firm partnered with digital payment solutions provider AsiaPay to facilitate real-time payments in Australia.