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Fintech mx51 raises $32.5 million Series B for global plans

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Payments fintech mx51 has raised $32.5 million in a Series B.

The main sponsor was not disclosed by the startup, which described them only as a “global fintech investor”. Major existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian joined the latest raise.

The white label payment technology provider, spun from Assembly Payments in 2020, previously raised $25 million in a Series A last May, and has since doubled its global workforce to over 100.

mx51 will use the money for local scale and international expansion, doubling its core solutions for in-store, online payments and merchant dashboards, as well as strengthening capabilities to help with fraud prevention and data-driven customer insights.

CEO and co-founder Victor Zheng said mx51 is enabling banks, acquirers and merchants to stay ahead of the rapidly evolving shifts in payment technology and the company is on track to more than double its revenue this calendar year.

“Thanks to our partnerships to date, we estimate that we now have the resources to access a significant portion of the Australian trading market. With this new capital, we are poised for an aggressive rollout in the coming years, first in Australia and then abroad,” he said.

“We succeeded thanks to our sharp focus on simplifying the payment experience for merchants and enabling banks and acquirers to innovate around legacy technology and keep pace with changes in the payments industry.”

“This capital increase is also despite the global macroeconomic headwind. 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.”

Rampersand managing partner Paul Naphtali has been backing mx51 since pre-seed said the fintech has the potential to become another Australian-made global fintech success story.

“Mega rounds in this market cycle may be rare, but MX51 is a rare case. The tenacity and audacity to build core bank-grade infrastructure with relatively little funding shows how the Australian founding mindset is critical: build more with less,” said he.

Acorn Capital CEO Robert Routley said, “mx51’s payment technology has a compelling value proposition validated by a level of customer adoption that has exceeded our expectations since our initial investment in 2021.”

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