Monday, 03 December 2018 00:55

Lakeba offloads Paid by Coins for $20m in ‘record’ start-up sale Featured

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Sydney-based start-up incubator Lakeba has announced the $20 million sale of its Paid by Coins venture to Australian-listed customer engagement technology provider Mobecom only seven months after launching the platform in early 2018.

“Lakeba built, deployed and exited the Paid By Coins business in less than seven months, achieving what few start-ups have before them. This accelerated acquisition timeline demonstrates the rigour and depth of Australian innovation and sets a new benchmark for the rapid commercialisation and sale of market-relevant, high demand emerging technology solutions,” said Giuseppe Porcelli, chief executive and founder of Lakeba.

Paid by Coins is a secure payment solution for consumers, enabling cryptocurrency payments to be automatically converted to Australian Dollars and remitted to any billers on the BPAY network or to any Australian bank account.

Lakeba says Paid by Coins is transacting more than $700k in monthly transactions.

“Looking at the timeline of startups and how companies build, deploy and exit their business, this can typically take several years before the business model proves itself. Given the rise and rise of cryptocurrency and the volume of funds being put through Australian cryptocurrency exchanges, close to $4 billion last year, we believe Paid By Coins entered the market at the right time and has grown into a viable, high performing business,” Porcelli said.

Lakeba says the acquisition is a natural evolution of the partnership between Mobecom MBM (ASX) and Lakeba.

Earlier this year, Mobecom announced Lakeba as its blockchain developer partner to build the cryptocurrency solution, AirCrypto, for its customer loyalty platform, and the company says the business relationship has evolved rapidly since then.

Neil Joseph, chief executive of Mobecom, says the acquisition is in line with the company’s growth strategy and will help to rapidly advance the business in the cryptocurrency and blockchain realm.

“Mobecom’s acquisition of the Paid By Coins payment gateway will help to consolidate our position in the cryptocurrency and blockchain sphere and progress the adoption and implementation of emerging technology to help future proof and drive greater business resilience for Mobecom,” he said.

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