15 SEPTEMBER 2023 — MELBOURNE AUSTRALIA — Australian-based startup, tikpay, has successfully closed a $1.6 million Pre-Seed round to launch their pioneering account-based ticketing (ABT) and payments platform. tikpay's solution aims to disrupt legacy transport ticketing models, offering a seamless and efficient experience for both travellers and operators alike.
The round was led by AfterWork Ventures and Black Nova VC with participation from Investible, Func Ventures, Metagrove Ventures, and two industry insiders.
Legacy ticketing systems have long been weighed down by outdated technology, proprietary hardware, and limited payment options. These antiquated systems are complex, inflexible and rarely interoperable, making it a formidable challenge for transport operators to meet evolving traveller demands and embrace digital technologies.
tikpay’s cloud-based solution receives and manages information about customers and their travel in a back-office account rather than on a physical card. This solution gives travellers the flexibility to use multiple fare media (eg. credit/debit cards, digital wallets, QR codes etc) when tapping on and off, the ability to set up multiple funding sources, join family, employer and other groups, register for concessions, store multiple ticketing products, and view their travel history across a wide range of transport modes, all in the one system.
The beneficiaries of an ABT system are not limited to travellers, but operators too. Operators can halve capital costs, have a single view of all ticketing and payment activity, be able to create new product types, and gain deep traveller insights.
Michael Walters, founder and CEO of tikpay, brings over 30 years of industry expertise to the forefront. With a successful track record in several transport and payments ventures, his vision with tikpay is to build the leading orchestrator of transport ticketing and payments globally.
“Transport ticketing is ancient - full of friction and old technology that discourages travellers and hinders the ability of operators to do much about it. Tikpay started with a clean sheet of paper, designing a ticketing and payments platform that will improve the experience for travellers and operators alike. Our solution empowers travellers to seamlessly navigate various transport modes and networks, removing friction and making transport simple ,” Michael said.
Rounding out the senior leadership team are experienced product owner CPO Belinda Ralston and veteran engineer Simon O’Connor as CTO.
Alex Khor, co-founder of AfterWork Ventures said "tikpay is building a truly modern ticketing and payment solution that will empower travellers to pay for and use transport however, whenever, and wherever they choose - all while reducing ticketing costs for operators by 40% or more."
Jayden Basha, Principal for Investible said, "In the realm of early-stage investment, a founding team that blends deep sector experience with robust commercial and product acumen is a diamond in the rough. Michael, Belinda, and the growing team behind tikpay are poised to capture this compelling, underserved market in Australia and beyond."
ENDS
Through building an ABT system, tikpay intends to grow revenues, lower costs, enable operator collaboration, and delight travellers. Their mission is to enable travellers to pay for transport however, whenever, wherever they want… easily.
For media inquiries, please contact:
Belinda Ralston
Chief Product Officer
belinda@tikpay.com
