Fintech WeMoney bursts out of stealth mode with $2 million raise

After operating in stealth mode for the best part of a year, Perth startup WeMoney has burst onto the Aussie fintech scene with a $2 million funding round, for its app helping people manage their finances, with a sense of community.

The funding round was led by BetterLabs, the Perth-based venture arm of RAC. Full Circle VC also participated, along with former Fairfax exec Rob Antulov, Proviso founder Luke Howes, Prospa chief commercial officer Ben Lamb, and Harmoney chief Ben Taylor.

WeMoney founder and chief Dan Jovevski comes from a background in banking and lending, and previously founded startup SwitchMyLoan, which was acquired in 2017.

Needless to say, he knows the extent to which everyday Aussies are disconnected from their own financial wellbeing.

“It doesn’t matter where you are in the financial spectrum or the stack. Money is a really hard, confusing and boring topic,” he tells SmartCompany.

His latest venture was born after the founder spent a short stint studying at Harvard University, where he “started going down this really deep rabbit warren around behavioural sciences and economics, and why people make really bad decisions when it comes to money”.

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Source: Fintech WeMoney bursts out of stealth mode with $2 million raise