JazzyPay enables businesses to accept cashless payments by integrating its payments gateway into the business processes of the merchants. Credit: Blake Wisz on Unsplash.

Westpac-backed payments-as-a-service fintech mx51 has raised $25m in a Series A round led by Acorn Capital, Artesian, Commencer Capital, and Mastercard.

The financing, which represents mx51’s first major round of investment, comes just a year after it was spun out of Assembly Payments in May 2020.

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Founded by former Westpac executive and former Assembly Payments co-CEO Victor Zheng, the firm provides white-label solution for banks and acquirers to offer a payment platform for merchants.

mx51 said that it will use the new capital to expand in Australia and build out further functionality to compete with other payment platforms.

The firm is also planning to expand its headcount by 30% this year, bolstering its product, engineering, and operations teams.

Having processed over $1bn in transactions in the last year, it expects the total volume to grow over $10bn within the next 12 months.

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Commenting on the financing round, Zheng said: “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.” The firm joined Mastercard’s global fintech accelerator programme Start Path last year.

The firm joined Mastercard’s global fintech accelerator programme Start Path last year.

Mastercard Australasia vice-president Fintech Account Management Kallan Hogan said: “Seeing a homegrown business like mx51 poised for rapid acceleration is a great moment for the local fintech community.

“It’s an example of the innovation Australia has on offer, and Mastercard is proud to extend its local and global support to a fintech laser-focused on delivering integrated payment solutions for merchants.”