WeMoney secures $3 million as it plans $10million+ fundraise after partnering with Mastercard

WeMoney secures $3 million as it plans $10million+ fundraise after partnering with Mastercard

Leading Australian financial wellness platform WeMoney has completed a $3 million fundraising round to capitalise on current growth opportunities as it cements itself as one of Australia’s fastest growing Open Banking players.

This successful round led mostly by existing investors, which was finalised recently, follows a $7 million fundraising round in June 2022, and the fintech’s $2 million seed raising in late 2020 which added Open Banking leader and former APAC Head of Envestnet Yodlee, Timothy Poskitt.

WeMoney has been approached in the last 12 months by strategically interested parties and is now actively advancing a fresh fundraising round of more than $10 million to expand its offering as the Australian Open Banking ecosystem matures and improves its stability.

To assist with managing interested parties, WeMoney has engaged former Credit Suisse Vice-Chairman of Australia and Head of Banking and Technology Investment Banker James Disney from D23 Capital, who is facilitating discussions with a range of investors.

WeMoney has also retained the services of Herbert Smith Freehills partners Peter Dunne and Elizabeth Henderson Co-Heads of Venture Capital in Australia, who’ll be offering strategic advice throughout the capital raising process.

Founder of WeMoney, Dan Jovevski (pictured) said with the experience and guidance from D23 Capital, and Herbert Smith Freehills, he was confident the latest funding round is well placed to select interested parties who would continue to drive WeMoney’s impressive growth.

“We have multiple pathways for growth, but we’re most interested in capital partners with a unique advantage around distribution, and a customer base where WeMoney can significantly help Australians improve their financial health,” Jovevski said.

To compound WeMoney’s leadership position in Open Banking, WeMoney recently signed a commercial arrangement to leverage Mastercard’s Open Banking solution in Australia.

“Mastercard’s global and domestic reach is simply unparalleled; we’re impressed with their roadmap for Open Banking and excited to have the opportunity to be partnering more closely in the years to come,” Jovevski added.

“Mastercard is delighted to work with WeMoney to offer Mastercard’s Open Banking Solutions to its customers. As a participant in Mastercard’s Start Path program and a leader in Open Banking in Australia, WeMoney will be leveraging Mastercard’s capabilities fueling financial inclusion and further collaboration opportunities,” said Brenton Charnley, Vice President and Head of Open Banking, Australasia, Mastercard.

“It’s an exciting time for WeMoney and with over 750,000 downloads in just over 3 and half years since launching in late 2020. We’ve marked a strong transition to Open Banking with 90%+ of new connections to WeMoney now occurring via the CDR (Consumer Data Right). WeMoney has become the category leader and one of the country’s largest aggregators of Open Banking data. We strongly believe that Open Banking will see a consumer driven paradigm shift in the next 10 years and we’re in pole position to take full advantage of that opportunity,” continued Jovevski.

“There has never been a more important time to leverage the improving capabilities of Open Banking to assist Australians with cost of living pressures, WeMoney is excited to bring opportunities for many to save money leveraging technology and achieve their goals,” said Jovevski.