← State of Embedded Finance 2026

Azupay

“Can a specialist NPP infrastructure layer become the dominant 'Pay by Bank' rails provider for Australian enterprise and platform commerce?”

Founded2019
HQSydney, New South Wales, Australia
Total raised$11.4M
Latest roundSeed/undisclosed, unknown year
IndustryInfrastructure / Payments
The story

Azupay launched in 2019 as a specialist provider of enterprise-ready real-time payments infrastructure built on Australia's New Payments Platform (NPP), using PayID (receive) and PayTo (pull/recurring) rails. The company positioned itself as the 'Pay by Bank' infrastructure layer for Australian enterprises and platforms — a direct alternative to card acquiring and legacy direct debit — serving verticals including eCommerce, insurance, government, and financial services. Its embedded finance angle is structural: it sells its NPP access as a platform-within-a-platform via Technical Integration Partners (TIPs), which white-label or connect Azupay's rails into their own merchant-facing SaaS products.

Last 12 months
2025-09
Product timeline
2019
Azupay founded in Sydney to build enterprise-grade real-time account-to-account payment solutions on Australia's New Payments Platform (NPP).· pivot
2022
Launched PayTo product — the modern replacement for direct debit enabling customers to manage payment agreements within their banking app.· banking
2023
Published System Integration Partner Handbook and launched Technical Integration Partner (TIP) programme with revenue-share model for platform partners.· pivot
2025
Reached 2M+ Australians using Azupay-powered experiences; processing 150M NPP transactions per month as reported on homepage.· banking
The stack
Payments / PSP
Azupay PayID (self-operated)Azupay PayTo (self-operated)Azupay PayOut (self-operated)
Accounting gap: minor