Payable secures $3.5 million funding injection
Australian payments workflow and customer engagement software provider Payable has secured a $3.5 million investment to support the commercialisation of its payments solution for local governments.
The Payable platform enables local governments to reduce the administrative burden associated with billing by enabling ratepayers to easily manage their payments. For example, residents can shift from annual or quarterly payments to flexible weekly or fortnightly payments, or can extend or skip a payment without needing to fill out paperwork.
Payable Founder and Managing Director Elliott Donazzan said the cost of living pressures facing households are flowing onto 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. With Payable, councils can now offer a flexible, self-service payment experience to their community that’s designed to keep payments on-track,” he said.
“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.”
The new funding injection from Australian venture capitalist firm OIF Ventures will help support Payable during its crucial early-stage growth phase, Donazzan said.
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