Payments fintech mx51 has raised $ 32.5 million in a Series B.
The leading supporter was not revealed by the startup, who only described them as “global fintech investors”. Large existing investors, including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian, joined the latest increase.
The white payment technology label provider, spun out of Assembly Payments in 2020, raised $ 25 million in a Series A in May last year, and has since doubled its global number of employees to more than 100.
mx51 will use the funds for local scale and international expansion, double down on core solutions in stores, online payments and dashboard solutions for salespeople, as well as strengthen the capabilities to help with fraud prevention and data-driven customer insight.
CEO and co-founder Victor Zheng said that mx51 gives banks, buyers and sellers the opportunity to be at the forefront of rapidly evolving changes in payment technology, and that the business is heading for more than double revenue this calendar year.
“Thanks to our partnerships to date, we estimate that we now have the means to access a significant share of Australia’s trading market. With this new capital, we are ready for an aggressive rollout over the next few years, first in Australia and then abroad, he said.
“We have succeeded on the basis of our sharp focus on simplifying the payment experience for sellers, and giving banks and buyers the opportunity to innovate around older technology and keep up with changes in the payment sector.”
“This capital raising is also taking place despite global macro headwinds. This is because our primary customers, banks and buyers, are well positioned to deepen cooperation and co-invest with fintechs to deliver modern payment experiences to their sellers. “
Rampersand’s managing partner Paul Naphtali has supported the mx51 since pre-seed said fintech has the potential to become another Australian-made global fintech success story.
“Mega-rounds in this market cycle may be rare, but the mx51 is a rare occurrence. The perseverance and daring to build core-quality core infrastructure with relatively little funding show how critical the Australian founder’s mindset is – build more with less,” he said.
Acorn Capital CEO Robert Routley said: “mx51’s payment technology has a compelling value proposition that has been validated by a customer adoption rate that has exceeded our expectations since our first investment in 2021.”
