Bolt Group eyes expansion, Buys Beem app from AP+

Australian FinTech Bolt Group has acquired consumer payments app Beem from payments infrastructure operator Australian Payments Plus (AP+) for an undisclosed fee, in a move that is set to strengthen Bolt’s presence in the digital payments market.

Following the deal, AP+ said it would work closely with Bolt “to transition services by the end of June 2026”.

Beem, formerly known as Beem It, was created in late 2017 as a peer-to-peer (P2P) payments app that allows users to pay, request and transfer money without needing account numbers or bank state branch (BSB) codes. Since its launch in 2018, the platform has recorded more than three million downloads and processed over $6bn in transactions.

Commenting on the sale, AP+ CEO Lynn Kraus said, “While Beem has become a much-loved app within Australia, the time has come to hand the Beem baton over to Bolt Group, who are uniquely placed to provide existing customers with more capabilities, grow Beem’s customer base, and ultimately create new experiences for the Australian market.”

The acquisition will support Bolt Group’s efforts to strengthen its financial super-app, which already offers a range of payment services.

Looking ahead, James Woodward, CEO of Bolt Group, said the company aims to broaden Beem’s role in the market. “We aim to evolve Beem into a true everyday money app — bringing together payments, a gateway to transaction and savings accounts, multi-currency, and investing,” he said.

Founded in 2020, Bolt Group offers services beyond consumer payments and also provides infrastructure solutions for businesses. These include card issuing, card acquiring, savings accounts, Bano business accounts, and compliance and reg-tech tools.

The acquisition marks an important step for Bolt Group as it looks to deepen its footprint in Australia’s consumer payments sector while expanding its wider financial services offering through the Beem platform.F