AfterWork Ventures and co-investors back Tikpay, an innovative ticketing and payment solution aimed at transforming public transport in Australia by ensuring efficiency and user flexibility.

Target Information

Tikpay is a cutting-edge ticketing and payment solution designed for the transportation sector. It enables travelers to pay for and access transport services in a flexible manner, utilizing their preferred payment methods and accommodating various pricing models such as fixed, prepaid, or distance-based pricing. The system not only caters to the individual needs of users but also provides transport operators with the ability to introduce customized products, like concessions, and implement them across multiple transport modes, including buses, rail, and micromobility options.

The innovation presented by Tikpay comes at a time when traditional ticketing systems, such as the Myki system in Australia's Victoria, have faced criticism for their inefficiency and lack of value. By reducing operational costs for transport operators by 40% or more, Tikpay positions itself as a significant player ready to transform the public transportation landscape.

Industry Overview in Australia

The transportation sector in Australia is critical, with passengers undertaking approximately 300 billion public transport trips annually, generating around $720 billion in fares. Despite this scale, the system experiences