Aussie paytech mx51 raises $22m Series B

Australian paytech mx51 has raised around $22 million (AUD 32.5 million) in a Series B round led by an undisclosed “global fintech investor”.

Aussie paytech mx51 lands $22m Series B

Existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian also participated in the Series B, which follows a $17 million (AUD 25 million) Series A last year.

The paytech supports banks, acquirers and merchants and says it is on track to more than double revenues before the end of 2022.

For banks and acquirers, mx51’s payments-as-a-service platform leverages their existing legacy technology infrastructure. For merchants, the company provides a suite of embedded payments solutions.

Alongside domestic and international expansion plans, mx51 will also use the funds to shore up its online payments and merchant dashboard solutions as well as develop capabilities to assist with fraud prevention and data-driven customer insights.

CEO and co-founder of mx51, Victor Zheng, says: “Thanks to our partnerships to date, we estimate we now have the means to 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.“