Australian Fintech Firm mx51 Raises $25 Million

Australia’s fintech startup, mx51 announced that the company has secured $25 million in the Series A funding round to accelerate its expansion.

According to an official announcement, the recent funding round was led by Acorn Capital, Artesian, Commencer Capital and Mastercard. In addition, the company is planning to introduce new features to compete with other payment platforms in the country.

Founded by Victor Zheng, the formed Westpac Executive and Co-Founder of Assembly Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, the fintech platform enables banks and non-bank acquirers to provide modern and seamless multi-channel payments and value-added solutions to merchants.

The company has processed more than $1 billion in transactions since last year. Westpac formed a partnership with mx51 recently, and merchants like Lune Croissanterie and Salvation Army are using the payments platform through Westpac.

Commenting on the latest announcement, Victor Zheng, CEO of mx51, 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. We’re able to partner closely and quickly with major financial institutions as we designed the platform to be bank-grade from inception. The size of our first-ever round speaks for itself in terms of how bullish we are about rapidly rolling out our platform across Australia.”

Fintech Funding

Due to the outbreak of the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic last year, several countries around the world reduced the use of cash significantly. Fintech platforms are securing massive funding amid a surge in demand for digital payments. Moreover, the UK’s financial technology sector attracted $4.1 billion last year and retained its title as the top-ranked fintech investment destination in Europe.

“mx51 joined Mastercard’s global fintech accelerator program Start Path in 2020. Seeing a homegrown business like mx51 poised for rapid acceleration is a great moment for the local fintech community,” Kallan Hogan, Vice President of Fintech Account Management Australasia at Mastercard, said in the latest announcement.