Banking can be confusing, especially for students. Thankfully, the QPay app is aiming to disrupt an old industry with limited innovation and high fees. QPay helps students manage their money through improved tracking and personalized financial services.
Founders, Moe Satti, Zakaria Bouguetta, and Andrew Clapham, got a deal with Naomi Simson and Steve Baxter on Shark Tank Australia. In 2026, QPay is worth $10 million.
The Australian Founders
The three co-founders are from Sydney and met while studying at the Australian National University. Zakaria Bouguettaya and Andrew Clapham launched QPay together, and Moe (Muhammad) Satti later joined the leadership team.
Bouguettaya and Clapham both studied computer science-related degrees before moving into tech and fintech, while Satti has a background in information technology and consulting.
Establishing QPay
Frustrated by the lack of student-friendly banking options, the trio launched QPay in 2015. Bouguettaya took the helm as CEO, with Satti and Clapham as directors.
It began as a payments and marketplace app for university students frustrated with traditional banking and campus payment hassles. The founders quickly added features like prepaid cards and campus-wide payments, gaining traction through student societies and organic use on campus.
Their launch strategy was clever, promoting their app through university societies. This grassroots approach paid off, helping QPay quickly gain traction with students. This helped them grow beyond a simple marketplace into a broader student financial platform.
QPay’s Growth Since Shark Tank
After securing the deal, the founders used the money to expand beyond Australia. The company grew its presence into the UK, New Zealand and Canada and continued targeting university campuses as its core market. QPay also updated their offer payments and ticketing app to appeal to an international audience.
With the UK, and Australian markets under its belt, the app is growing steadily. With the rise in competition from the likes of N26, Wise and Revolut, focusing on the student demographic early on was a savvy move.
In December 2018, co-founder Andrew Clapham stepped back from the business shortly after Shark Tank, with Moe Satti and Zakaria Bouguettaya leading operations thereafter.
InAugust 2024, QPay rebranded and integrated into Rubric, a digital solution built for university clubs and societies. Rubric helps over 2,000 clubs manage events, merchandise, SMS, emails. Streamlining administrative tasks, allows club leaders to focus on more important activities.
In 2021, QPay made $10.5 million in revenue and raised $1.15 million in an equity crowdfunding campaign on Birchal in July 2021. This brings their total fundraising efforts to $2.1 million over six rounds. Today, QPay is valued at $10 million, more than doubling the value of the business in six years.
Their Big Moment on Shark Tank Australia
The founders appeared on Shark Tank Australia in 2018, seeking $380,000 for 8.4% of the company. At the time, over 150,000 Australian students were using QPay.
It’s a decent figure, but the founders wanted to expand operations and take it overseas. They disclosed that their goal is to expand into the UK and the United States.
While three Sharks weren’t interested in making an offer, Steve Baxter and Naomi Simson quickly saw its potential. Noami initially didn’t want to work with Steve, but eventually agreed to split $380,000 for 8.4% of QPay.
