What Waave does

Waave Technologies Pty Ltd is a Sydney-based, privately held open banking fintech founded in 2022/2023 that operates an API-first payment infrastructure platform enabling Australian merchants to accept real-time PayTo payments directly from customers' bank accounts. The company's flagship product, Pay by B, leverages Australia's PayTo payment network to deliver instant bank-to-merchant transfers online and in-store, bypassing card networks, apps, and passwords by authenticating transactions through the customer's bank via PayID and bank-grade notifications, SMS, or email. The platform is positioned as a lower-cost pay-by-bank alternative to traditional card processing, emphasizing reduced merchant transaction fees, encrypted data handling, and compatibility across all Australian banks, browsers, and mobile operating systems.

Waave generates revenue through transaction-based fees charged to merchants for processing real-time PayTo payments, with pricing not publicly disclosed and offered on a quote-based, pay-as-you-go basis. Its go-to-market combines direct enterprise sales via API/developer integration with self-serve onboarding for SMBs, targeting Australian retailers, e-commerce businesses, and merchants seeking cost reduction from card processing fees. The company is led by co-founders Ben Zyl and Mark Connolly (co-CEOs) and Peter Traianou (CTO), and has raised $4.7 million in seed funding from strategic investors including Morten Belling (Menulog MD) and Paul Greenberg, with broader financial-sector backers displayed on its product page.

The company remains early-stage, with 1-10 employees and only two publicly named SMB customers (Eva and Oz Hair & Beauty). No revenue, GMV, or follow-on funding milestones are disclosed in available sources, and revenue is not publicly reported, placing Waave at a pre-commercial-scale phase of development despite meaningful strategic backing from established financial institutions.

Name

Waave

Legal name

Waave Technologies Pty Ltd

Website

https://waave.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Waave is a Sydney-based open banking fintech operating the Pay by B service, which enables Australian merchants to accept real-time, bank-to-bank PayTo payments online and in-store via API integration, targeting SMB and enterprise retailers seeking lower-cost alternatives to card processing.

Ownership category

akta.pro rank

Product category

Open Banking Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industry

Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)

Keywords

• Open banking payments
• Pay by bank
• PayTo payment network
• Real-time payment processing
• Alternative payment methods

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction Processing Fees: Waave generates revenue by charging merchants transaction fees for processing real-time PayTo payments. The company positions this as a lower-cost alternative to traditional card payment processing, offering merchants reduced transaction costs compared to conventional payment methods.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Waave operates Pay by B, a real-time PayTo payment service that enables merchants to accept instant bank-to-bank payments through Australia's PayTo network. Customers pay at checkout without cash, cards, apps or passwords by selecting Pay by B, connecting their bank via PayID, and authenticating the payment through their bank's notification, SMS or email. Waave Technologies Pty Ltd is the technology services provider and administrator of the Pay by B service.

Product overview

Waave Technologies Pty Ltd serves as the technology services provider and administrator of Pay by B, a single unified payment product. Pay by B enables real-time PayTo payments through Australia's PayTo payment network, allowing consumers to make instant bank-to-bank transfers at checkout without cash, cards, apps, or passwords. The product connects with all Australian banks and works across internet browsers and phone operating systems, providing both online and in-store payment capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Pay by B Pay by B is a real-time PayTo payment service that enables merchants to accept instant bank-to-bank payments through Australia's PayTo network. Customers select Pay by B at checkout, connect their bank via PayID, and approve payments via bank notification, SMS or email. It is offered to merchants for online and in-store checkout, eliminating the need for cash, cards, apps or passwords.

Quantifiable outcome

• Transaction fees slashed for merchants using Waave compared to traditional card processing

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Direct peers

• POLi Payments: Australia/NZ-based real-time bank-to-merchant payment service that competes directly with Waave's Pay by B by enabling online pay-by-bank at checkout without cards.
• Pay.com.au: Australian pay-by-bank and BNPL-style provider offering merchants direct-from-bank payment acceptance, overlapping Waave's SMB merchant value proposition in Australia.
• Monoova: Australian fintech providing real-time payment and disbursement infrastructure including direct entry and NPP/PayTo-style flows, competing for the same merchant payment acceptance workloads.
• Zeller: Australian all-in-one payments platform targeting SMBs with EFTPOS, online checkout and payout functionality, directly addressing the same SMB retail merchant segment as Waave.
• Tyro Payments: Listed Australian merchant payments and banking provider offering online and in-store checkout, competing with Waave for Australian merchants seeking lower-cost payment acceptance.
• Pin Payments: Australian payment gateway and merchant account provider for online businesses, competing with Waave on online checkout cost and reliability for Australian merchants.

Broad incumbents

• Stripe: Global payments infrastructure incumbent that Australian merchants use for online checkout and that can natively support PayTo-style A2A flows, representing a broad incumbent threat to Waave.
• Adyen: Global enterprise payments platform serving large merchants with unified online and in-store checkout, a broad incumbent that could absorb PayTo connectivity into its existing product.
• Airwallex: Australia-founded global payments and banking platform offering checkout, payouts and FX, competing for the same Australian merchant accounts with a broader product suite.
• Block (Square): Global SMB-focused payments and software incumbent with Australian presence, competing for the same SMB retail merchant relationships Waave targets with its checkout alternative.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/waave-com

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waave