Australian digital payments firm SimplePay has received $5m investment from Fluce Capital and Versatile Group as part of a private placement round.

The private placement round aims to secure funds to drive the growth of the firm.

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SimplePay intends to use the new capital to expand its coverage to more than 40,000 locations in the next two years.

It also plans a stronger entrance into the EMEA, GCC and Asian markets using the funds.

SimplePay CEO Chris Hicks said: “We’ve developed a fast and easy to deploy solution tailored for residents & visitors of Smart Cities that enhances their experience, delivering real time data insight for those who plan and manage the cities commercial needs and business flows.”

SimplePay is said to have connected over 14,000 locations onto its Smart City infrastructure since its inception in 2012.

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The firm tends to government and private operators in the parking, transit, specialty retail and hospitality industries in Australia, New Zealand, Europe and America.

SimplePay Group founder Shadi Haddad said: “This investment round will give us sufficient growth capital to scale our operations and implement our solutions globally.

“We have an efficient business model where we are embedded into the retail, global transit & hospitality sectors with our infrastructure partners, delivering customer centric payment journeys using our unified payment and revenue assurance solutions.”