Perth, 6 July 2020: Clayton Utz has advised Tattarang Pty Ltd, the Forrest family's private investment arm, on its majority investment in Australian fintech company, Azupay Pty Ltd. The transaction completed today.
Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale led the firm's team. Other core team members were partner David Benson and senior associate Sam Fiddian (Intellectual Property), and lawyers William Davies and Natasha Perry.
Azupay has developed and commercialised a real-time payment method that delivers instant payments without the need for a credit card. It is the first consumer-to-business payments service to go live on the New Payments Platform. The technology, being rolled out by the NSW Government, allows instant "cash like" payments from a user's bank account via a single-use Pay ID that can be paid via QR code or manually within a customer's banking app.