Aussie payments startup attracts $1m investment

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Aussie payments startup attracts $1m investment

Inamo has gained the attention of a credit card giant and now received a $1 million capital injection.

Inamo is the Sydney-based startup that developed the contactless payment chip that’s used in Visa’s WaveShades sunglasses, as well its own Curl wearable device.

Now Inamo has received a $1 million investment from Club Investible. It's the seed and early-stage investment club's largest investment in an early-stage Australian company so far.

“It’s all about putting Australian money early into businesses with potential. In the past, local investors have missed out and founders have not had pleasant experiences raising funds in Australia. Now, we are making it easier and more lucrative for Australian investors to access and invest in great businesses,” said Club Investible co-founder Trevor Folsom.

Inamo founder Peter Colbert said: “We live in a global marketplace, so it is critical that Australian businesses have opportunities to connect with international investors and consumers. Club Investible provided us with access to angels who brought real value to the business, using its partners to secure introductions and opportunities in the US and letting our technology do the rest.”

Club Investible has more than 50 members and partners globally, including entrepreneurs, family offices and corporate executives.

Other companies in its portfolio include beauty products sampler Bellabox, online design software provider Canva, and car-sharing operator Car Next Door.

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