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Australian payments app Aston Club takes home $1.5M in seed funding
Payments startup Aston Club has closed $1.5 million in its seed funding with Computershare founder Chris Morris as the lead investor. A group of AFL players and other angel investors also participated in the round, according to Business Insider.
Co-founders Nicholas Birrell and Matthew Khoury have developed a mobile app that pays the restaurant and bar bills of the users. This eliminates the need to leave credit cards in bars and the waiting phase while the final bill is arranged. The app, which is free for users, makes money by charging merchant fees to restaurants, the report detailed.
Chief executive officer (CEO) Birrell said: "We didn't want a tech sounding name. We wanted to create a brand which is associated with the top venues and has that kind of aspirational aspect to the brand positioning."
Aston Club ensures secure transactions through Braintree technology. The Melbourne-based startup, which has already signed up 1,000 venues for its service, is looking to raise its Series A funding round. They have already tied up with companies that will help them enter Hong Kong, Singapore, and New Zealand, Business Insider stated.