Hyperwallet, a payouts provider to millions of independent workers, has opened an office in Sydney after receiving its financial service licence from ASIC to operate in Australia.
Founded in 2000, Hyperwallet simplifies the payment process for digital marketplace and gig economy workers. The company enables payouts for global companies such as HomeAway and Expedia. In Australia, early clients include marketplaces Freelancer.com, Marketplacer.com, and Tripfuser.
The new Sydney office – Hyperwallet’s third global location outside of the US and first in APAC – will be led by APAC Managing Director Simon Banks, who previously headed PayPal’s Australian Merchant Services business.
Hyperwallet is actively hiring a full go-to-market team, with roles in Sydney, Melbourne, and Singapore, to support its push into the region and better accommodate the needs of its growing customer base.
Banks said that the company chose Australia to be its APAC home because of the explosive growth in the development of ecommerce marketplaces and sharing economy businesses across the region, especially in Australia.
“Australia punches above its weight in terms of innovation and adoption of marketplace and sharing economy businesses,“ explained Banks.
“Over two-thirds of Australians now spend and earn money through the sharing economy. What’s more, with high ecommerce penetration, very high mobile adoption, digital savvy consumers, and strong payments infrastructure, Australia is a very attractive destination for global marketplace giants looking to expand into Asia-Pacific using Hyperwallet technology.”
Hyperwallet’s new regional office and local team will allow it capitalise on this growth and better support its local customers.
“Australia’s gig economy and ecommerce marketplaces have done a fantastic job at removing friction from the customer experience,” Banks added.
“Where Hyperwallet can help is the supply side of the transaction, both by streamlining the onboarding process for independent workers in the sharing economy and providing them with more payout options. Hyperwallet also strengthens marketplaces themselves, providing greater transparency, control, and enabling them to expand into any market in the world through a single integration.”