PayRewards Launches in US with $28M Series E to Disrupt B2B Payments with 'Double-Dip' Rewards

PayRewards has officially entered the U.S. market, backed by US$28 million in Series E funding to transform how small businesses handle accounts payable. For fintech professionals, this launch signals a significant shift in the B2B payments landscape, applying consumer-grade loyalty mechanics to high-volume commercial transactions like rent, taxes, and utilities.

What was announced

PayRewards is a rewards-first platform designed specifically for the small business sector, enabling users to earn points on all business payments, including ACH (bank transfers) and credit card transactions. The US$28 million Series E round brings the company’s total capital raised to US$70 million. This funding follows a previous raise in November 2025 that totaled approximately US$18 million (A$25 million).

The platform targets the trillions of dollars moved through American accounts payable every year that typically yield no rewards for the payer. Unlike many B2B financial tools that rely on subscription models, PayRewards charges no monthly platform fee. Instead, businesses only pay when they choose to earn points. A key feature of the service is the "Double-Dip," where the platform layers its own proprietary points on top of existing credit card rewards, effectively doubling the return on a single dollar of spend.

Points earned through the system are redeemable across a variety of categories, including major airline and hotel loyalty programs, cabin and room upgrades, gift cards, and employee incentives. Businesses can also apply points as credit against future invoices on the platform. The service is currently available to small businesses in most U.S. states.

"PayRewards is an end-to-end platform making it simple to pay anyone, by card or bank transfer, and earn full credit card and PayRewards Points in return."

Blake Hutchison, U.S. CEO at PayRewards.

The companies involved

PayRewards is the U.S. arm of Pay.com.au, which stands as Australia's largest payments and rewards ecosystem. The parent company arrives in the American market following a period of rapid scaling, having processed more than US$7 billion in business expenses over the last 12 months. This volume represents 100% year-over-year growth, supported by a user base of more than 30,000 businesses.

The platform’s utility is highlighted by early adopters such as Steve Shillington, a franchisee at McDonald's. McDonald's, the global fast-food giant, operates a vast network of franchised locations that manage significant recurring overheads. By utilizing PayRewards, these franchisees can capture value from essential operational expenses that were previously unrewarded. The entry of PayRewards into the U.S. puts it in a competitive position within the broader payments market, where it joins other specialized entities like Pay.com, a provider known for its diverse payment method features and real-time payment innovations.

What FF News has reported before

FF News has previously tracked the evolution of the global payments infrastructure, including the activities of related entities in the space. We reported on how Pay.com and Volt Partner to Advance Real-Time Payments Innovation, a move that highlighted the industry's push toward faster, more integrated transaction layers. Additionally, our coverage of global regulatory and technological shifts, such as The 17th NextGen Payment & RegTech Forum Gathers International Payment & RegTech Experts in Zurich, the Banking Capital of the World!, underscores the increasing complexity of the environment PayRewards is now entering.

What this means

The U.S. B2B payments market is currently undergoing a "consumerization" phase. For years, small businesses have accepted the lack of rewards on ACH transfers as a cost of doing business, while consumer credit cards competed fiercely on cashback and travel perks. This launch puts immediate pressure on traditional banks and legacy accounts payable software providers who have relied on inertia rather than value-add features. The "Double-Dip" model is a direct challenge to the status quo, forcing a question for the sector: will businesses continue to use standard bank portals when they can monetize their mandatory spend elsewhere? The success of this model will likely depend on how quickly competitors can integrate similar loyalty layers into their own payment rails.