Mastercard returns to back Sydney fintech mx51’s $32.5m Series B

Payments technology firm mx51 has raised $32.5 million in a Series B round led by an undisclosed global fintech investor and supported by returning backers including international payments giant Mastercard.

The funds, which bring mx51’s total raised to date to $57.5 million, will be used to push domestic growth initiatives and launch its international expansion plans, with other returning investors including Acorn Capital, Commencer Capital, Rampersand and Artesian.

Mx51, which operates a payments-as-a-service platform for banks and non-bank acquirers to provide payments solutions to merchants, raised the capital amid rapid growth – with the Sydney-based company having doubled its global headcount to 100 in the space of just over a year.

“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,” mx51 CEO and co-founder Victor Zheng said.

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Source: Mastercard returns to back Sydney fintech mx51’s $32.5m Series B