Open banking fintech Waave bags $4.7m in seed round


A Sydney-based fintech using Open Banking technology to offer competitive merchant fees has raised $4.7 million in a seed round backed by Menulog managing director Morten Belling and e-commerce investor Paul Greenberg.

Founded in 2022 by Ben Zyl, Mark Connolly and Peter Traianou, who collectively have decades of experience working for the likes of PayPal, AfterPay, NAB and Adyen, Waave is a payment app that allows customers to manage their finances from one place.

The company’s flagship product is Pay by Bank, which claims to be the first payment platform offering Open Banking to both business-to-business (B2B) and business-to-consumer (B2C) clients.

Open banking gives consumers the choice to share their data with external platforms to access their savings and credit data, but is restricted to third parties that have been accredited by the Australian Competition & Consumer Commission (ACCC).

Pay by Bank takes a flat 28 cent transaction fee, making it up to 80 percent cheaper than card payments processing an average cart value of $100. It requires no passwords, and instead uses…

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