Australian FinTech company profile #102 – mx51
1. Company Name: mx51
2. Website: www.mx51.io
3. Key Staff & Titles:
Victor Zheng (CEO)
Magnus Hsu (Chief Operating Officer)
May Lam (Chief Customer Officer)
Steven Hadley (Chief Product Officer)
Catherine Ward (Head of Delivery & Implementations)
4. Location(s): Sydney, Melbourne, St Louis
5. In one sentence, what does your fintech do?:
mx51 empowers banks and acquirers to connect seamlessly with merchants and their customers; with our modern, cloud-based integration platform, mx51 provides banks & acquirers with the capability to integrate multi-channel payments and value-add services into a single merchant offering.
6. How / why did you start your fintech company?:
mx51 is a specialist white-label payment technology provider, emerging out of leading payment technology provider Assembly Payments. As the first Australian fintech to develop a bank-grade, modern, Payment as a Service platform, mx51’s deep knowledge of merchant acquiring and scalable payments technology helps payments acceptance providers thrive globally in a disruptive world.
7. What is the best thing your company has achieved or learnt along the way (this can include awards, capital raising etc)?:
Joining Mastercard Start Path, Mastercard’s global startup engagement program. Out of 1,500 applicants globally, we were one of 12 later-stage startups to be selected to be part of the program. For an Australian fintech looking to scale internationally, Start Path offers mx51 a huge opportunity to be part of the Mastercard network, enabling us to work with banks and acquirers globally.
8. What’s some advice you’d give to an aspiring start-up?:
It can be a rollercoaster – keep persevering through the highs and lows.
9. What’s next for your company? And are you looking to expand overseas or stay focussed on Australia?:
We have an exciting product roadmap which continues to develop our in-store and omnichannel payment capabilities as well as value-add services such as dashboards, loyalty and e-commerce through a single merchant offering. We will continue to focus on growing our onshore business and explore expansion to overseas markets by partnering with banks or acquirers in Asia and North America.
10. What other fintechs or companies do you admire?:
Zip, Stripe, Adyen
11. What’s the most interesting or funniest moment that’s happened in your company’s lifetime?:
mx51 was borne out of a project at Westpac called Project 51. What started as a side project with a small amount of seed feeding and a big vision, we were able to build a successful prototype which would become the base capability for the merchant experience we offer today.
