Financial wellness platform WeMoney secures $3m, plans $10m+ fundraise

Financial wellness platform WeMoney secures $3m, plans $10m+ fundraise

Australian financial wellness platform, WeMoney, has successfully completed a $3m fundraising round, further cementing its position as one of the country’s leading Open Banking players, according to FinTech Australia.

The latest funding round, predominantly backed by existing investors, follows a $7m raise in June 2022 and a $2m seed round in late 2020 that brought in Timothy Poskitt, former APAC Head of Envestnet Yodlee, as an investor.

WeMoney, known for its innovative approach to financial health, helps Australians improve their financial wellbeing through advanced Open Banking solutions. The company recently signed a significant commercial agreement with Mastercard to leverage its Open Banking capabilities in Australia.

Founder Dan Jovevski remarked on the partnership, stating, “We have multiple pathways for growth, but we’re most interested in capital partners with a unique advantage around distribution, and a customer base where WeMoney can significantly help Australians improve their financial health.

“Mastercard’s global and domestic reach is simply unparalleled; we’re impressed with their roadmap for Open Banking and excited to have the opportunity to be partnering more closely in the years to come.”

Looking ahead, WeMoney is preparing for a new fundraising round, targeting over $10m to support its growth and expansion. The company has engaged James Disney of D23 Capital, a former Credit Suisse Vice-Chairman of Australia, to facilitate discussions with potential investors. Additionally, Herbert Smith Freehills partners Peter Dunne and Elizabeth Henderson are providing strategic advice during this process.

Brenton Charnley, Vice President and Head of Open Banking, Australasia, Mastercard, expressed enthusiasm about the collaboration, stating, “Mastercard is delighted to work with WeMoney to offer Mastercard’s Open Banking Solutions to its customers. As a participant in Mastercard’s Start Path program and a leader in Open Banking in Australia, WeMoney will be leveraging Mastercard’s capabilities fueling financial inclusion and further collaboration opportunities.”

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