Australia can be a difficult place to launch a tech start-up. StartupSmart recently reported an alarming trend where young Australian tech companies are deciding to go public instead of taking on the difficult task of hunting for private funding. Fintech start-up Bluechain has bucked this trend by securing angel and corporate investment to the tune of $4 million in the last 6 months.
According to Queensland’s ClipChamp founder Alexander Dreiling, “You could go and drill a hole in Alice Springs and you’re much more likely to get the money than a tech start-up. There’s a lack of appreciation and knowledge as to how to support high-growth start-ups in Australia.”
Bluechain is following a path more common in Silicon Valley by establishing solid go-to-market strategies, partnerships and conducting real world pilots with the aid of private and institutional investment prior to considering other options.
Bluechain Pty Ltd was formed in 2015 to commercialise the latest invention of Craig Glendenning in secure payment technology. Glendenning has an impressive track record of innovation in the field, including BPAY, Visa’s Paywave, and Cryptogram 17 used in Apple Pay. The Bluechain product is a fourth-generation, universal payments platform.
Bluechain is creating waves in the payments industry because it offers features not available with other systems: 1) it works everywhere: in-store, online, over the phone, billed and peer-to-peer; 2) it secures card-not-present transactions in exactly the same way as in-store transactions, and 3) instead of competing with the existing payment systems, it works with and enhances them.
This unique combination of features makes Bluechain an ideal vehicle for transitioning customers away from the traditional high-cost and fraud-prone methods of payment into new low-cost and ultra-secure technologies. Bluechain users throughout the payment ecosystem experience tangible benefits, whether they are consumers, businesses, payment service providers or banks.
Bluechain’s current investment partners have indicated their intention to take up the next round of funding, which puts the company in a strong position to complete the pilots and launch the product in Australia and international markets.
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