What Beem It does

Beem It is an Australian consumer digital wallet operated by Digital Wallet Pty Ltd (ABN 93 624 272 475), an AFSL holder headquartered in Sydney. The company operates a free mobile application (iOS and Android) that enables instant peer-to-peer payments between registered users via @username handles, group bill splitting with automated calculations and nudge reminders, BPAY bill payments, multi-bank account transfers, digitised loyalty card storage, and a cashback programme called Beem Rewards. The product is positioned as an all-in-one money management tool targeting everyday Australian consumers rather than enterprise or SMB segments.

The underlying technology is a mobile wallet built on standard payments infrastructure, requiring a Visa or Mastercard debit card attached to an Australian bank account to fund transactions, and integrating BPAY for bill payments. The company is sponsored by three of Australia's largest banks — Commonwealth Bank, NAB, and Westpac — which provides distribution credibility and regulatory trust, and it operates under Australian Financial Services Licence 515270. Distribution is exclusively mobile through app stores, with marketing executed through a digital-first mix spanning Instagram, TikTok, Facebook, LinkedIn, and a company blog.

Beem's business model is freemium at the user level — the app is free to download and use — with monetisation appearing to derive indirectly from interchange economics on linked card networks and from merchant partnerships via Beem Rewards. The go-to-market motion is product-led growth targeting individual consumers without sales intervention. Effective 30 June 2026, Beem will be acquired by Bolt Group, an Australian fintech, signalling a transition in ownership and likely product evolution.

Name

Beem It

Legal name

Digital Wallet Pty Ltd

Website

https://beemit.com.au

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Beem It is an Australian consumer digital wallet app with 3M+ registered users, offering free peer-to-peer payments, group bill splitting, BPAY integration, multi-bank transfers, and a Beem Rewards cashback programme, backed by CBA, NAB, and Westpac.

Ownership category

akta.pro rank

Product category

Mobile Payments / Digital Wallet

akta.pro primary industry

Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB)

Keywords

• Peer-to-peer payments
• Mobile payments
• Digital wallet
• Bill splitting
• Cashback rewards

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Freemium App Model: Beem is free to download and use. The primary value proposition is removing the friction from peer-to-peer payments and bill splitting. Revenue appears to be generated indirectly through transaction volume that may drive interchange fees from linked card networks, and potentially through Beem Rewards cashback partnerships with merchants.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Beem It is a free mobile payment app that enables Australian consumers to send and receive money instantly between registered users using @username handles, without needing BSBs or account numbers. The app combines peer-to-peer payments, group bill splitting with automated nudges, BPAY bill payments, multi-bank account transfers, digital loyalty card storage, and a cashback rewards program (Beem Rewards) into a single self-serve application available on iOS and Android.

Product overview

Beem It is a single mobile payment app (not a platform-plus-modules architecture) that serves as a digital wallet for Australians. The core Beem app provides peer-to-peer payments, bill splitting, BPAY functionality, and fund transfers between bank accounts, while Beem Rewards is an integrated cashback and loyalty feature that unlocks value through online and in-store offers when users shop with linked cards or via the app.

Differentiator

Problem solved

Functional benefit

Products and services

• Beem Digital Wallet App A free mobile payment app for Australian consumers that enables instant peer-to-peer payments using @username handles, group bill splitting with automated nudges, BPAY bill payments, multi-bank account transfers, loyalty card digitization, and money transfers with gifs, gift cards, and stickers. Available on iOS and Android and requires a valid Visa or Mastercard debit card attached to an Australian bank account.
• Beem Rewards A cashback and loyalty program available within the Beem app that provides users with online and in-store offers when shopping with linked Visa/Mastercard debit cards or through the app, allowing them to earn rewards and maximize points.

Quantifiable outcome

• 3M+ registered users in Australia

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature7 records

Partnerships

Three partnerships are on record, tiered core.

• Bolt GroupcoreStrategic or Co-development Partner · 30 June 2026Beem is moving to Bolt Group effective 30 June 2026. Bolt Group is an Australian fintech company focused on building simple, secure, and innovative money experiences for everyday people and businesses. Bolt plans to build on what customers already love about Beem while bringing new features and experiences to the app over time. New T&Cs, Rewards T&Cs, and Privacy Policy will apply.
• Digital Wallet Pty LtdcoreOthersDigital Wallet Pty Ltd ABN 93 624 272 475 is the issuer and provider of the Beem facility and holds the Beem trademark. The company is also an AFSL holder (AFSL 515270).
• BPAYcoreTechnology or IntegrationBPAY is integrated into the Beem app, allowing users to pay bills directly through the BPAY system with visibility into payment timing and status.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• PayPal: Global digital wallet and P2P payments platform. PayPal is a direct peer to Beem because both provide consumer-facing mobile wallets for sending/receiving money between individuals, with Beem operating a regional Australian version of the same core use case.
• Zelle: US bank-backed real-time P2P payments network. Zelle is a direct peer because, like Beem, it is backed by major banks and delivers instant P2P transfers between consumers without needing account numbers, addressing the same friction Beem targets.
• Cash App: Block's consumer mobile payments and rewards app. Cash App is a direct peer because it combines P2P payments, a linked debit card, and a cashback/boost rewards program within a single free consumer app, mirroring Beem's bundled wallet-and-rewards model.
• Venmo: US consumer P2P payments app owned by PayPal. Venmo is a direct peer because its core proposition (instant P2P transfers with social/feed elements, bill splitting, and a debit card) closely mirrors Beem's feature set in a different geography.

Broad incumbents

• Google Pay: Google's cross-platform mobile wallet. Google Pay is a broad incumbent peer because it provides consumer P2P payments, bill pay, and loyalty storage in a single app, competing for the same wallet-share Beem targets while leveraging Google's broader platform.
• Apple Pay: Apple's mobile wallet integrated across iOS. Apple Pay is a broad incumbent peer because it offers a consumer mobile wallet with peer-to-peer capability and integrates with rewards/loyalty, overlapping Beem's wallet functionality while sitting inside a much larger Apple ecosystem.
• Samsung Pay: Samsung's mobile wallet on Galaxy devices. Samsung Pay is a broad incumbent peer because it operates as a consumer digital wallet with loyalty/rewards integrations, competing for the same everyday-payment moments Beem serves, especially on Android hardware.

Regional players

• Osko by BPAY: Australian real-time payments service from BPAY. Osko is a regional peer because it underpins Australian instant bank-to-bank transfers that Beem also depends on (Beem integrates BPAY), and competes with Beem for the same consumer instant-payment moments in Australia.
• PayID: Australian NPP instant payments addressing layer that lets users send money via phone number, email, or ABN/ACN. PayID is a regional peer because it competes in Australian P2P payments with similar @handle-style convenience, embedded inside the incumbent banking ecosystem.

Emerging players

• Splitwise: Consumer bill-splitting and shared-expense app. Splitwise is an emerging peer because its core function (calculating and chasing shared expenses between friends/housemates) maps directly onto Beem's group bill-splitting and nudge features, though it lacks a full payments rail.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/beemwallet
• LinkedInlinkedin.com/company/beemit
• Instagraminstagram.com/beemitapp
• TikToktiktok.com/@beemwallet
• Xx.com/beem_itapp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

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 Beem It