Payments fintech mx51 has raised AU$32.5mn, providing banks with a payments-as-a-service platform, and embedded payment solutions to merchants.
An unnamed “global fintech investor” led a series B funding round of AU$ 32.5 million in the payments infrastructure fintech mx51.
For two years in operation, this fintech would provide payment technologies from both sides, for banks and acquirers it has a payment as a service platform utilizing their existing legacy tech infrastructure; but to retailers it offers an embedded suites of payment solutions which enable them have frictionless payments process either online or off-line.
With the proceeds, Mx51 will fund aggressive expansion beginning from Australia before moving to other markets where they will spend money on improving its core merchant dashboards, online payments and in-store products while making additions that will help in identifying fraudsters and personalizing customer experiences
Closing it’s series A last year at AU$25mn, the total amount raised by mx51 now stands at over $37m following the completion of this round. Since then they have doubled their workforce to over 100 people and are on track to double revenues this calendar year.
Despite macroeconomic climate raising more than $30M
Commenting on this latest achievement Mx51 CEO Victor Zheng says: “Our estimates suggests that we can now tap into significant volumes of Australian merchant business through our current partners. This new capital puts us on an aggressive roll out plan for the next few years – first within Australia and then overseas.”
“Fintechs like ours have thrived because we focus relentlessly on simplifying how merchants get paid whilst enabling banks plus acquiring institutions to innovate around legacy technology- modernizing their offerings alongside changes in the payment ecosystem,” he said.
“Indeed these funds were secured despite global macro headwinds since our main customers being banks and acquirers will be well placed to forge deeper ties and participate in co investment deals with other fintechs which facilitate modern payment services to their clients,” the CEO said.
Paul Naphtali, partner at early-stage tech VC Rampersand, which has backed mx51 from pre-seed says: “Mega rounds in this market cycle may well be rare, but mx51 is a rare case. The tenacity and daring to build bank-grade core infrastructure with relatively little funding shows how the Australian founder mindset is critical – build more with less. This has the potential to be another Australian-made global fintech success story.”