Banking can be overwhelming, 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 2025, QPay is worth $10 million.
The Australian Founders
The three partners are from Sydney, Australia. Zakaria Bouguettaya finished his education at The Australian National University with a degree in computer software engineering. After graduating in 2012, he worked as a software engineer at the Australian Taxation Office in Canberra.
Andrew Clapham got his bachelor’s and master’s degrees in computer science at the same university as Zakaria. He co-founded a mobile app development company after finishing college.
Muhammad Satti is also a schoolmate of Andrew and Zakaria. Satti got a degree in information technology at The Australian National University in 2013. Later that year, he worked as an IT consultant for tech giant IBM.
Establishing QPay
Frustrated by the lack of student-friendly banking options, the trio launched QPay in 2014. Bouguettaya took the helm as CEO, with Satti and Clapham as directors. Their vision was clear: create a banking app that simplifies finances for millennials.
The trio created a banking program and debit card that aimed to improve the way typical millennials manage their finances. It was labeled unique compared to other banking apps in the country because it aims to just serve millennials.
QPay has a feature that allows users to create a QR code containing their account’s information. Their launch strategy was clever, promoting the Android and iOS app through university societies. This grassroots approach paid off, helping QPay quickly gain traction among students.
Shark Tank Appearance
To scale their business, 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.
After Shark Tank
After getting the deal, the three entrepreneurs immediately worked on taking their business to the UK. Later on, they also started operating in the United States. QPay updated their offer payments and ticketing app to appeal to an international audience.
With the UK, US, and Australian markets under its belt, the app is growing steadily. With the rapid rise in competition from the likes of N26, Wise and Revolut, focusing on the student demographic early on was a savvy move.
Additionally, QPay’s platform has been associated with Rubric, a service that offers event management, merchandise sales, and communication tools for clubs. Rubric allows over 2,000 clubs to manage events, merchandise, SMS, emails, and more, streamlining administrative tasks so club leaders can focus on 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 $2.7 million over six rounds. Today, QPay is valued at $10 million, they have more than doubled the value of the business in five years. In December 2018, Andrew left the company but Zakaria and Muhammad are still on board.
