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July 29, 2022

Fintech mx51 secures $32.5m to bolster global presence

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.”

“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.

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