Sharechat Logo

Genoapay plans Australian expansion, mulls US push

Thursday 16th November 2017

Text too small?

Genoapay, whose payment platform is available in 210 merchant stores around the country and upwards of 60 independent automotive, dental, veterinary, and hair and beauty stores, is planning to expand into Australia early next year and will then explore the prospect of a US foray.  

The platform, which attracted $1 million of funding from an accelerator programme co-funded by Callaghan Innovation in August, lets shoppers pay for goods or services of up to $1,500 in 10 weekly instalments using their debit or credit card and attracting no interest. Instead, it charges merchants a fee for being able to offer the instalment payment option. Merchants take no risk in the transaction and receive full payment within 48 hours. 

Chief executive and founder Shaun Quincey says Genoapay is signing five new merchants a day and forecasts show the platform is on track to be available in more than 1,000 stores by the second quarter of 2018, enabling transactions for some 80,000 qualified users.

“I am delighted with our current growth trajectory, and we are learning every day how to grow faster and add more value to our merchants in the process," said Quincey.

According to Quincey, the firm is preparing to launch in Australia in early 2018 "and, at the request of international franchises who have road-tested the platform in New Zealand, is exploring the prospect of a US expansion soon after." 

The platform is bankrolled by Finance Now, a finance company owned by Southland Building Society, and uses Debitsuccess to manage its payment systems and credit services.  Finance Now has a 10 percent stake in Genoapay.

(BusinessDesk receives assistance from Callaghan Innovation to cover the commercialisation of innovation)

 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Government package for commercial leases too little, too late
Concerns over Government’s intervention in commercial leases
Development Commitment to Bowen Campus Stage Two
Vista Group International Limited - Update on the impacts of COVID-19
AFT secures Maxigesic IV® distribution in four Western European countries and reports Australasian market share gains in COVID-19 medicines
Investore Property Limited (Investore) today announced its financial results for the twelve months ended 31 March 2020 (FY20).
Rabobank GDT Analysis - Event 261
SkyCity Entertainment Group Limited - Update on COVID-19 Impacts and Recent Trading
ANZ announces sale of UDC Finance
Foley Wines Limited Announces Harvest Result, Earnings Outlook and Development in Martinborough

IRG See IRG research reports