Australian fintech and digital payments company Novatti Group (ASX: NOV) is set to enter one of the world’s most lucrative consumer markets with the expansion of Emersion, an end-to-end business automation and billing platform, to the United States.
The expansion will enable service providers such as utilities, telecommunications and insurance companies to gain access to white-label billing automation. Through Emersion’s customisable platform, service providers can seamlessly automate their billing process, give customers a portal to log in to edit their details and preferences, while also making payments.
“Through COVID-19, we have seen a strong push to leverage technology to automate and digitise business processes and payments. This was even highlighted in this week’s Federal Budget with the Australian Government investing nearly $800m to enable business to take advantage of digital technologies,” said Novatti Managing Director, Peter Cook.
“The Emersion platform has the capabilities to match the Government’s vision.
“With such a strong push to digital, and with Novatti already having the platforms to deliver these outcomes, we see this as a great time to accelerate our growth strategy and international expansion, and deliver high-margin recurring revenues.”
2020 has been a big year for Emersion which was acquired by Novatti in April and has grown notably alongside Novatti’s other digital payment divisions which include cross-border payments, Visa credit card issuing and digital vouchers.
Since it’s integration into Novatti, Emersion has launched its app for small businesses on the global Salesforce AppExchange marketplace while also increasing their headcount in preparation for international expansion plans.
The timely expansion to the US comes at a time where there has been a notable increase in digital payments alongside a declining use of cash, as evidenced by Woolworths trialing total bans on cash at supermarkets.
Making the US a particularly attractive market for Novatti is that only 32% of professional service invoices in the United States are sent electronically compared to 84% in Australia, where Emersion can fully automate these processes via digital means with digital payment collection.
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