Tattarang makes $4m fintech investment

Andrew and Nicola Forrest-backed investment group Tattarang has reportedly acquired a 50 per cent stake in Sydney-based fintech Azupay for more than $4 million.

Azupay, an app that allows users to make payments, is the first consumer-to-business service available on the national New Payments Platform, and is currently used by NSW’s Department of Customer Service.

The company has said it plans to make its service available to the retail, travel, telecommunications and utility sectors in the future.

Tattarang chief investment officer John Hartman said there was a need for digital payment services that did not negatively impact household debt.

“Credit card debt levels in Australia remain very high and then there is the additional financial burden of interest, annual fees and late payment fees,” Mr Hartman said.

“We see Azupay as an important innovation because it offers Australian consumers and businesses a viable, cheaper and debt-free payment alternative.”

Azupay chief executive and founder Jean-Marc Barthe said the company was delighted to have Tattarang’s backing.

“We’re about empowering inclusive and ethical solutions through ground-breaking technology,” Mr Barthe said.

“The Azupay service is just the first step; our intention is to become a payments leader heralding responsible spending in both Australia and internationally.”