Australia’s fintech startup, mx51 announced that the company has secured $25 million in the Series A funding round to accelerate its expansion.
According to an official announcement, the recent funding round was led by Acorn Capital, Artesian, Commencer Capital and Mastercard. In addition, the company is planning to introduce new features to compete with other payment platforms in the country.
Founded by Victor Zheng, the formed Westpac Executive and Co-Founder of Assembly Payments, the fintech platform enables banks and non-bank acquirers to provide modern and seamless multi-channel payments and value-added solutions to merchants.
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The company has processed more than $1 billion in transactions since last year. Westpac formed a partnership with mx51 recently, and merchants like Lune Croissanterie and Salvation Army are using the payments platform through Westpac.
Commenting on the latest announcement, Victor Zheng, CEO of mx51, said: “mx51 is helping Australian banks and acquirers, who are the backbone of our financial services sector, compete with a myriad of nimble overseas competitors who are muscling in on the payments sector. We’re able to partner closely and quickly with major financial institutions as we designed the platform to be bank-grade from inception. The size of our first-ever round speaks for itself in terms of how bullish we are about rapidly rolling out our platform across Australia.”
Due to the outbreak of the coronavirus pandemic last year, several countries around the world reduced the use of cash significantly. Fintech platforms are securing massive funding amid a surge in demand for digital payments. Moreover, the UK’s financial technology sector attracted $4.1 billion last year and retained its title as the top-ranked fintech investment destination in Europe.
“mx51 joined Mastercard’s global fintech accelerator program Start Path in 2020. Seeing a homegrown business like mx51 poised for rapid acceleration is a great moment for the local fintech community,” Kallan Hogan, Vice President of Fintech Account Management Australasia at Mastercard, said in the latest announcement.