SYDNEY--(BUSINESS WIRE)--Payments technology company mx51 has successfully raised $32.5 million in a Series B round led by an undisclosed global fintech investor. Major existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian participated in the latest financing.
mx51 empowers banks, acquirers and merchants to keep ahead of rapidly evolving shifts in payments technology. Since closing its $25 million Series A round last year, which occurred within 12 months of launch, mx51 has since doubled global headcount to over 100.
The company is on track to more than double revenues this calendar year and as a key technology partner driving innovation for banks and acquirers is aiming to become the payments solution of choice for merchants.
mx51 CEO and co-founder Victor Zheng said: “Thanks to our partnerships to date, we estimate we can access a significant share of Australia’s merchant market. With this new capital, we’re poised for an aggressive rollout over the next few years, first in Australia and then abroad.”
In addition to expansion, mx51 will also use the funds to enhance its core in-store, online payments and merchant dashboard solutions. It will also develop further capabilities to assist with fraud prevention and data-driven customer insights.
Zheng added: “We’ve succeeded on the back of our sharp focus on simplifying the merchant payment experience, and empowering banks and acquirers to innovate around legacy technology and to keep pace with changes in the payments sector.”
“This capital raise is also in spite of global macro headwinds. This is because our primary customers, banks and acquirers, are well positioned to deepen collaboration and co-invest with fintechs to deliver modern payment experiences to their merchants.”
mx51’s product serves two distinct markets. For banks and acquirers mx51’s payments-as-a-service platform provides a futureproofed payments solution, that effectively leverages their existing legacy technology infrastructure.
For merchants, mx51 provides a suite of embedded payments solutions to create a seamless experience, both online and in-store. The platform is regularly updated with new capabilities, which when coupled with robust self-service features and deep customer insights, allows banks and acquirers to consistently deliver a best-in-class experience for merchants.
mx51 is a bank-grade, payments-as-a-service platform, enabling banks and non-bank acquirers to provide modern and seamless multi-channel payments and value-added solutions to merchants.