PromisePay picks up $10m of VC, entrepreneur funding

Australian online marketplace startup PromisePay has picked up $10m of new capital from backers including Cultivation Capital, Rampersand and Reinventure.

All three firms previously invested in PromisePay’s $2m funding round 12 months ago, as did 99designs co-founder Mark Harbottle.

Other investors in the business include Kima Ventures and SixThirty.

PromisePay aims to provide marketplace payments options over and above just payment processing, including escrow, fraud management, end user support, and dispute resolution.

It works across business areas including real estate and property, auto and vehicles, and trades and local services.

The company says that more than 200,000 users from across 150 countries use PromisePay to transact on US, Australian and New Zealand marketplaces.

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