As noted my mx51’s management:
“We empower our partners to connect seamlessly with merchants and their customers. mx51 is the first Australian fintech to develop a bank-grade, modern, end-to-end Payment as a Service platform. With deep knowledge of merchant acquiring and scalable payments technology, we can help our partners thrive globally in a disruptive world.”
The capital secured represents mx51’s first major funding round, which has been finalized less than a year after the company branched out of Assembly Payments (in May of last year). The business is being led and was founded by ex- Westpac executive and ex- Assembly Payments co-CEO Victor Zheng.
Banking institutions and acquirers leverage mx51’s proprietary technology to provide a white-label platform for merchants that aims to compete with products offered by Fintechs Stripe, Square, and Tyro.
Following its partnership with Westpac, the firm reports handling more than $1 billion in transactions since it launched operations in 2020.
Company Chief Executive Zheng stated that they’re expecting to grow their aggregate volume to more than $10 billion within the next year as they enter strategic partnerships with established Australian financial institutions.
“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. Our partnership with Westpac has been a fantastic incubator for the product, and now we are in advanced discussions around expanding to other financial services institutions across Australia.”
He added that the company, a graduate of Mastercard’s global Fintech accelerator Start Path (last year), will be increasing its employee headcount by around 30% as part of its ongoing business expansion plans.
Other investors that took part in mx51’s latest round reportedly include Acorn Capital, Artesian, and Commencer Capital.