mx51 collects $25m in its first major investment round

Payments as a service platform mx51 has collected $25m in a funding round supported by Mastercard.

Other commitments came from Acorn Capital, Artesian and Commencer Capital.

This marks the first major to be raised by mx51, following its spin out of Assembly Payments in May 2020.

With the burst of funds, the FinTech expects to rapidly expand across Australia and deepen its functionality with other payment platforms.

Founded and led by former Westpac executive and former Assembly Payments co-CEO Victor Zheng, mx51 provides businesses with a robust and secure payments system for merchants that can compete against Stripe, Tyro and Square.

The FinTech claims its partnership with Westpac helped it process more than $1bn in transactions over the past year. mx51 expects to reach more than $10bn in total volume over the next 12 months.

Furthermore, the FinTech is hoping to become the first “true multi-channel payments platform whereby merchants can seamlessly take payments across in-store and online channels.”

Mx51 CEO Victor Zheng 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.

“Our partnership with Westpac has been a fantastic incubator for the product, and now we are in advanced discussions around expanding to other financial services institutions across Australia.”

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