Diversified financial services company Thorn Group Limited (ASX: TGA) has completed a strategic investment in Quicka Pty Ltd trading as QuickaPay.
Founded in 2019 by two former small business owners with a mission to solve cash flow for Australian businesses, QuickaPay is revolutionising the way that businesses pay and get paid. With BNPL, flexible financing, card processing and predictive analytics which integrate into the tools businesses already use – QuickaPay is making payments easier than ever before for businesses and service provider across Australia.
Thorn CEO, Pete Lirantzis, said the strategic investment in QuickaPay will allow Thorn to leverage QuickaPay’s technology and work with their team to launch a range of new financing and payment options to Thorn consumer and commercial customers. The platform supports both Thorn’s consumer and business finance strategic plans.
Highlights of the investment:
- $1m for a licence of a Thorn version of the platform, enabling Thorn to build out its consumer and commercial product offerings
- $2m funding facility to assist with and accelerate the growth and product diversification of QuickaPay
- Both the licence for usage and funding facility have been financed from cash reserves
- As part of the investment, Thorn’s CEO, Pete Lirantzis has been appointed to QuickaPay’s parent entity board
The strategic investment into QuickaPay is aligned with our product & technology strategy and will enable us to deliver a personalised, convenient and intelligent digital experience,” Mr Lirantzis said.
“The platform, will enable us to provide a whole new suite of financial products to new and existing commercial and consumer segments.”
Nathan Carroll and Nick Glynn, the two founders of QuickaPay, said the joint venture represents an incredible opportunity for their company to be able to leverage its product and technology capabilities with Thorn’s credit and lending expertise to build a first of its kind payments and financing hub for Aussie SMEs.