PayRewards closed a $28 million Series E round, lifting total funding to $70 million, to power its U.S. launch of a no subscription rewards platform that lets SMBs earn stacked points on ACH and card payments for rent, invoices, and other bills.
PayRewards (the U.S. arm of Australian fintech Pay.com.au) secured $28 million in Series E funding, bringing its total capital raised to $70 million. The privately funded round involved a group of existing and new investors and supports the formal U.S. launch of its rewards-first payments platform for small and midsize businesses (SMBs).
What is PayRewards?
Headquartered in Dallas, TX, PayRewards enables U.S. businesses to earn points on commercial rent, supplier invoices, utilities, taxes, payroll, and other operating expenses paid via ACH/bank transfer or credit card, categories that traditionally generate little or no rewards due to card acceptance limits or payment method restrictions. U.S. SMBs collectively move trillions of dollars annually through accounts payable, and the platform converts that spend into a flexible rewards currency.
How PayRewards works?
PayRewards operates as an end to end solution: businesses pay any vendor through the platform (card, ACH, wire, or check) and earn both their existing card rewards plus PayRewards Points on the same transaction, a structure the company calls the “Double-Dip.” There is no monthly platform or subscription fee; businesses incur charges only when they elect to earn points. Fees are transparent and tiered (for example, card processing around 2.9% plus a points-earning fee such as 1.75% for 1 point per dollar on the Core tier or 3.25% for 2 points per dollar on the Plus tier).
Points can be redeemed for major airline and hotel loyalty programs (including transfers for flights and upgrades), gift cards from 100+ brands (Amazon, Apple, Target, and others at face value), employee incentives, custom concierge experiences, or direct credit against future invoices on the platform. The model aims to deliver meaningful net value, illustrative calculators on the site show potential annual returns in the low to mid single digits after fees and tax considerations on high volume bill pay.
Security features include bank grade verification, tokenized card data (no storage of full card numbers), dedicated settlement accounts, encryption, and real time fraud monitoring. Integrations with tools such as QuickBooks Online allow unpaid bills to sync automatically, reducing manual entry and reconciliation.
The platform is available to businesses with a valid U.S. EIN in most states. It is not yet offered in Connecticut, Hawaii, New Mexico, South Dakota, West Virginia, or Washington, D.C., reflecting a phased regulatory and operational expansion.
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U.S. CEO Blake Hutchison (who previously led Flippa.com for nearly eight years) has emphasized the simplicity of paying anyone by card or bank transfer while capturing full card rewards plus incremental PayRewards Points. Leadership includes co-founders Damien Waller (Chairman), Edward Alder (Managing Director & Group CEO), and Grant Austin (Co-Founder & CEO), along with other executives focused on product, legal, marketing, and operations.
The Dallas-based company draws on a proven payments and rewards model that has already processed more than $7 billion in business expenses over the prior 12 months for more than 30,000 businesses, with approximately 100% year over year growth. Broader platform metrics referenced on the site include $12.5 billion+ in payments processed and tens of thousands of businesses served overall. A prior raise in late 2025 (approximately $18 million) preceded this Series E.
The $28 million infusion is timed to accelerate U.S. market entry, product enhancement, partnership development (airlines, hotels, and card networks), and scaling of the rewards network. By targeting the large volume of unrewarded B2B spend and offering a no subscription, pay for points model with stacked rewards, PayRewards positions itself against traditional bill-pay tools and pure rewards credit cards that cannot cover non card accepting vendors or ACH flows.
Key indicators to watch include SMB adoption rates, expansion into remaining states, depth of loyalty partner integrations, and sustained growth in processed volume. The Dallas headquarters places the company in a major U.S. business and fintech hub, supporting operational scaling for the American market.
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