Hay
Hay is an Australian mobile-first fintech that issues a fee-free prepaid Visa card and digital transaction account to Australian residents, backed by NAB custody and Visa/Cuscal payment rails, with sustainability and international travel features.
- Company typePrivate
- Founded2018
- HeadquartersSurry Hills, Australia
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Hay does
Hay is an Australian consumer fintech operating a mobile-first prepaid Visa card and digital transaction account under the trading brand 'Hay' (legal entity Hay Ltd, ABN 34 629 037 403). The platform is built around a Visa-network-issued prepaid card backed by a custodial arrangement with National Australia Bank, with payments infrastructure provided by Cuscal (Direct Entry, NPP, BPAY) and Visa international settlement handled through Heritage Bank. The mobile application supports iOS 10+, Android 6.0+, Apple Watch, Android wearables, Apple Pay, and Google Pay, and incorporates selfie-based photo-ID verification, 24/7 real-time fraud monitoring, in-app card controls (freeze/unfreeze, PIN management, contactless/magstripe toggles), automatic transaction categorisation, merchant-level spending visualisations, and a Travel Mode that auto-activates overseas with dual-currency balances. A distinctive physical differentiator is an 85% biodegradable card with compostable sugar-cane-derived packaging, marketed as the first of its kind in Australia.
The business model is almost entirely fee-free to the end consumer: $0 setup, monthly, transfer, domestic major-bank ATM, and dishonour fees, with no claimed FX margin on international spend and up to $500 of fee-free international ATM withdrawals per month (1.5% thereafter). The company states revenue is derived from international ATM withdrawal fees, occasional dispute processing pass-throughs, and foreign exchange spreads on overseas transactions — making the model heavily reliant on interchange and float rather than customer fees. Customer acquisition is product-led growth via the iOS/Android app stores and direct web sign-up, amplified by the TinyBig Rewards referral programme (1% cashback on purchases under $10 contingent on successful referrals).
Hay serves Australian residents aged 16 and over (citizens, permanent residents, and valid visa holders with work rights), targeting consumers dissatisfied with incumbent bank fees and seeking a mobile-native alternative with sustainability and international-travel features. Scale remains early-stage: the company describes its user base in 'thousands' with 'hundreds' joining weekly, and headcount sits in the 101–250 range with no disclosed funding rounds, acquisitions, or leadership changes in the available data.
Hay firmographics
Firmographics- Name
- Hay
- Legal name
- Hay Ltd
- Website
- https://hellohay.co
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Hay is an Australian mobile-first fintech that issues a fee-free prepaid Visa card and digital transaction account to Australian residents, backed by NAB custody and Visa/Cuscal payment rails, with sustainability and international travel features.
- Ownership category
- akta.pro rank
Hay industry classification
Industry- Product category
- Digital Banking
- NAICS
- Activities Related to Credit Intermediation (5223), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA)
- akta.pro secondary industries
- Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI)
Keywords
Where Hay is headquartered
LocationHeadquarters
- HQ city
- Surry Hills
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Hay business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- International ATM Withdrawal Fees: Hay charges 1.5% fee on international ATM withdrawals above $500 per month, providing a usage-based revenue stream for cross-border cash access.
- Foreign Exchange Margin: While Hay claims to pass on Visa exchange rates without adding margin, they note that at point of sale, AUD is converted to equivalent currency for overseas transactions, suggesting revenue may be derived from interbank exchange rate spreads.
- Payment Dispute Processing Fee: On rare occasions where there's an issue with a payment requiring dispute processing, Hay may pass on a processing fee to customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Standard Fee-Free Account |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Hay product offering
Product offeringCore offering
Hay provides a fee-free, mobile-first prepaid Visa card and digital transaction account to Australian consumers through its iOS and Android apps. Customers can open an account in under five minutes, receive a physical biodegradable Visa card, make contactless and online purchases, withdraw cash at Australian bank ATMs at no cost, and spend abroad with no foreign-exchange margin on Visa exchange rates. The service bundles real-time spending notifications, automatic transaction categorization, in-app card controls, Apple Pay / Google Pay support, and a referral-based cashback program (TinyBig Rewards).
Product overview
Hay is a mobile-first financial services platform offering a unified product ecosystem consisting of the Hay App (core mobile application), Hay Account (digital transaction account), and Hay Visa Card (prepaid debit card). These products work together to provide fee-free banking, real-time spending insights, international travel features with zero foreign exchange fees, and the TinyBig Rewards referral program. The platform operates under an Australian Financial Services Licence and is designed to replace traditional banking with a modern, mobile-centric alternative.
Differentiator
Problem solved
Functional benefit
Brands
- TinyBig Rewards: Reward program offering 1% cashback on everyday purchases $10 or less when users refer friends.
Products and services
- Hay Visa Card A prepaid Visa debit card linked to the Hay app and Hay Account that enables users to make purchases in-store, online, and internationally wherever Visa is accepted. The card is 85% biodegradable, with packaging made from non-virgin sugar cane by-product. It supports Apple Pay, Google Pay, contactless and mag-stripe payments, and includes real-time freeze/unfreeze controls.
- Hay Account Digital transaction account that holds a customer's available balance and links to the Hay Visa Card. It is not a bank account, but enables transfers, top-ups, peer-to-peer payments via HayPay, and spending management. Customer funds are safeguarded with National Australia Bank and Cuscal.
- Hay App Mobile-first financial management application that provides account access, transaction tracking, real-time push notifications, card controls (freeze/unfreeze, contactless toggles, PIN change), automatic transaction categorization, in-app messaging with Hay Help, HayPay peer-to-peer payments, and Travel Mode for overseas use.
- TinyBig Rewards Cashback rewards program offering 1% cashback on everyday purchases of A$10 or less, unlocked by referring friends who open Hay accounts. Functions as both a customer-acquisition channel and a small-ticket spending incentive tied to the Hay Visa Card.
Quantifiable outcome
- Card delivery within 5 business days
- +2 more outcomes
Companies that use Hay
Customer profileSegments1 record
Ideal customer profiles1 record
Hay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature4 records
Hay partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- VisacoreHay operates as a Visa debit card issuer, enabling worldwide acceptance at Visa merchants and access to Visa exchange rates for international transactions without additional margin.
- Apple PaycoreHay card integrates with Apple Pay for instant digital card access and contactless payments on compatible Apple devices.
- Google PaycoreHay card integrates with Google Pay for instant digital card access and contactless payments on compatible Android devices.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Hay competitors and assessment
Company assessmentDirect peers
- Revolut: Global mobile-first neobank offering prepaid cards, multi-currency accounts, FX at interbank rates and travel features. Comparable to Hay on Travel Mode (multi-currency, FX), fee-light model and mobile-first acquisition, though at much larger scale.
- Up: Australian mobile-first neobank offering a fee-free spending account and debit card. Directly comparable to Hay on target market (Australian consumers), product (mobile-first card + app), value proposition (no monthly fees) and distribution (app stores).
- Wise (formerly TransferWise): Multi-currency account and card provider known for mid-market FX rates and low international fees. Highly comparable to Hay on cross-border travel/wallet positioning and the 'no FX margin' claim.
- Volt Bank: Australian digital challenger bank (now in restricted licence phase) that operated a mobile-first transaction account and card. Comparable to Hay on Australian consumer focus, mobile-first delivery and AFSL/regulatory posture.
- Monzo: UK mobile-first neobank with a fee-free spending account, prepaid debit card and strong travel/FX features. Directly comparable to Hay on product, fee model and mobile-first acquisition strategy.
- Starling Bank: UK mobile-first challenger bank offering a fee-free current account and debit card with strong in-app controls and travel features. Highly comparable product architecture and value proposition to Hay.
Regional players
- Airwallex: Australia-founded global payments platform offering multi-currency accounts and cards. Comparable to Hay on Australian roots, multi-currency and Visa card positioning, but focused on SMB cross-border rather than consumer prepaid.
- Zeller: Australian fintech offering payment accounts and cards primarily to SMBs. Comparable to Hay on Australian market, partner-bank rails (Adelaide Bank), mobile-first card and AFSL-backed issuing model, though targeting merchants rather than consumers.
Broad incumbents
- PayPal: Global digital wallet and prepaid/debit card provider with Apple/Google Pay integrations. Comparable to Hay on consumer wallet, prepaid card and digital wallet rails, though operating at vastly larger scale.
- Cash App (Block): US mobile-first prepaid debit card and P2P payments app. Comparable to Hay on self-serve onboarding, mobile-first debit, referral-driven growth (boosts), and a predominantly consumer-targeted fee-light model.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights3 records
Customer concentration
Hay social profiles
Digital presenceHay compliance and trust
Trust signalCompliance1 record
Hay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hay leadership team
Management profileNumber of profiles
Hay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hay
What does Hay do?
Hay provides a fee-free, mobile-first prepaid Visa card and digital transaction account to Australian consumers through its iOS and Android apps. Customers can open an account in under five minutes, receive a physical biodegradable Visa card, make contactless and online purchases, withdraw cash at Australian bank ATMs at no cost, and spend abroad with no foreign-exchange margin on Visa exchange rates. The service bundles real-time spending notifications, automatic transaction categorization, in-app card controls, Apple Pay / Google Pay support, and a referral-based cashback program (TinyBig Rewards).
Is Hay a public or private company?
Hay is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Hay founded?
Hay was founded in 2018. It employs 101 to 250 people.
Where is Hay based?
Hay is headquartered in Surry Hills, Australia, in the Oceania region.
How does Hay make money?
Three revenue lines are on record. International ATM Withdrawal Fees are the primary driver. The others are foreign Exchange Margin and payment Dispute Processing Fee.
Who are Hay's main competitors?
Direct peers on record are Revolut, Up, Wise (formerly TransferWise), Volt Bank, Monzo and Starling Bank. Regional players are Airwallex and Zeller. Broad incumbents are PayPal and Cash App (Block).
Does Hay have an API?
No public API is recorded for Hay.
What industry is Hay in?
Hay's product category is Digital Banking. Its primary akta.pro industry code is FSAMANAA, Open-Loop Prepaid Cards (Network-Branded), with a secondary code of FSAMANAK, Prepaid Card Program Managers & Issuers (BIN Sponsors). Its NAICS code is 5223 and its SIC code is 6199.