Payment processing fintech DataMesh gets $30 million in backing
Payment processing fintech DataMesh has secured $30 million in an oversubscribed Series A funding round led by NAB Ventures.
The Sydney-based company, which was founded in 2018, also sees investment from Deutsche Bank and 1835i Ventures. It will use the money to manage major opportunities in the domestic market, as well as expand its footprint in the payment processing industry internationally.
DataMesh’s all-in-one system – called Unify – provides banks, processors, payment networks and merchants with modular card presentation and e-commerce capabilities, as well as settlement and terminal functionality that aligns with acquirers’ and merchants’ existing systems. The result is a low-cost, high-performance SaaS platform that allows banks to quickly respond to a merchant’s technical needs in an ever-changing consumer-led retail environment.
DataMesh processes billions of dollars per year and is set to grow on all fronts through 2023. As part of the investment, Deutsche Bank intends to take the company’s technology to merchants for online payment acceptance in six Asian countries this year – including India, Indonesia and Australia.
DataMesh adds ‘a seamless technical payments layer’
Mark Nagy, CEO of DataMesh, says: “This investment is an overwhelming endorsement of the strength of our business model and unique payment solution. We have raised this capital despite global economic headwinds, which is testament to the quality, confidence and strength of our business proposition .
“Our solution is the answer to a market that has been underserved for a long time. Our commercial partnerships demonstrate that our back-end payments model, with the ability to drive payments without disrupting the purchasing relationship, is the future of global payments. Any bank can now be connected to a fully customizable, all-encompassing platform without extensive in-house investment in infrastructure that enables them to meet and exceed the demands of merchant solutions. For merchants who want to exceed customer expectations, DataMesh can offer a seamless technical payment layer without the merchant having to change banks or acquirers.”
Oliver von Quadt, Deutsche Bank’s Head of Merchant Solutions in APAC, adds: “DataMesh is a perfect fit for Deutsche Bank’s Merchant Solutions APAC initiative. The payment organization layer enables us to offer a comprehensive payment solution for our customers who require a global one-stop shop for their payment acceptance in different countries and regions.”
DataMesh’s technology “a game changer” online and in store
NAB Group Executive for Business and Private Banking, Andrew Irvine, continues: “NAB is always looking for technology solutions that will help make our customers’ lives easier. DataMesh’s Australian owned and managed technology, which combines highly secure in-store and e-payment systems -trade with customer data analysis on land is such a game changer.”
NAB Ventures CEO Amanda Angelini says: “We are thrilled to expand our relationship with DataMesh Group by leading this round. This move reflects our confidence in their innovative technology and clear vision for the future, and we are delighted to offer DataMesh’s solutions to our business customers.”
