Payments technology provider mx51 has secured $32.5m investment. Credit: mohamed_hassan from Pixabay.

Australia-based payments technology provider mx51 has received $32.5m in a Series B funding round, which will be used to strengthen its footprint across the globe.

An unnamed fintech investor has led the financing round, which also saw the participation of current investors such as Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian.

mx51 CEO and co-founder Victor Zheng said: “Thanks to our partnerships to date, we estimate we can access a significant share of Australia’s merchant market. With this new capital, we’re poised for an aggressive rollout over the next few years, first in Australia and then abroad.”

Apart from boosting its presence, mx51 plans to use the fresh capital to improve its core in-store, online payments as well as merchant dashboard offerings.

The company also intends to build additional solutions to help combat fraud and harness customer insights based on data.

Zheng added: “We’ve succeeded on the back of our sharp focus on simplifying the merchant payment experience, and empowering banks and acquirers to innovate around legacy technology and to keep pace with changes in the payments sector.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Electronic Payments International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This capital raise is also in spite of global macro headwinds. This is because our primary customers, banks and acquirers, are well positioned to deepen collaboration and co-invest with fintechs to deliver modern payment experiences to their merchants.”

mx51 primarily serves two segments, banks and acquirers as well as merchants with new payment technologies.

In May last year, the company raised $25m in Series A investment.

The round was led by Acorn Capital, Artesian, Commencer Capital, and Mastercard.

Since the completion of the round, the company doubled its staff strength to more than 100. The firm was spun out of Assembly Payments in May 2020.