Genoapay plans Australian expansion, mulls US push

Genoapay founder Shaun Quincey says he's happy with the startup's trajectory

Genoapay, whose payment platform is available in 210 merchant stores around the country and upward 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 $1500 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 1000 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," Mr Quincey. said

According to Mr 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 SBS Bank, and uses Debitsuccess to manage its payment systems and credit services. Finance Now has a 10% stake in Genoapay.

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

(BusinessDesk)


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I can't help but think that people that need this facility are not the people you really want to be offering credit to. The concept of "cuotas" (deferred payments) has been well trodden in Latin America for over a decade and is embedded in the payment processing network, meaning all merchants get access to the facility. However the risk sits with the banks which have far greater reserves to absorb any provisions.

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