QPay

About

QPay is an Australian student finance app combining cashback and rewards, a student marketplace, bill-splitting and a student-targeted prepaid Mastercard, using transaction data to customize product offerings.

Mission

QPay is an Australian app offering cashback and rewards for university students to encourage positive money management habits. The company is focused on the disrupted university sector and is ramping up to pursue a global opportunity. QPay raised $1,149,658 via an equity crowdfunding campaign on Birchal from 745 investors. The Birchal campaign smashed its $500,000 minimum target. QPay also announced a partnership with Volt. Founded in 2014 by Andrew Clapham, Muhammad Satti, and Zaki Bouguettaya, QPay appeared on Shark Tank in 2018, securing $380,000 from Naomi Simson and Steve Baxter. QPay launched in 2016 as a one-stop student marketplace app where students can buy textbooks, pay for society memberships and split bills. The company introduced a student-targeted MasterCard in March 2018 and has seen 54,317 card transactions since launch. The app reports 300,000 Australian university student users and has processed over $20 million in payments to date. QPay is also in use at Oxford and Cambridge in the UK, though the card rollout will initially focus on Australia. The company plans to use the new funding to issue more MasterCards to a 4,000-plus waiting list and to build a sales team to meet growth targets for the remainder of 2018 and beyond. Leadership emphasizes product customization based on user patterns discovered through the platform’s transaction history.

Quick Facts