Australian FinTech startup mx51 scores $32.5m

Australian FinTech company mx51 has reportedly raised $32.5m in its Series B funding round.

This investment was led by an unnamed FinTech investor, according to a report from Business News Australia. Other commitments came from Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian.

This equity burst will help mx51 bolster its domestic growth initiatives and launch its international expansion plans. In addition to this, the company plans to enhance its core in-store, online payments and merchant dashboard solutions.

mx51 also hopes to enhance its capabilities that assist in fraud prevention and data-driven customer insights.

The company provides businesses with a robust and secure payments system for merchants

mx51 CEO and co-founder Victor Zheng told Business News Australia, “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.”

With the close of the round, the company has raised a total of $57.5m in funding.

mx51 previously raised $25m in a funding round supported by Mastercard back in May 2021.

FinTech funding levels have dipped in 2022, so far. During the first quarter, $600m was invested through 50 deals, representing 37% less than the same period in 2021, according to data by FinTech Global.

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