Australia's Payments Tech Firm mx51 Secures $25 Million

mx51, Australia's payments technology company, announced that it has raised $25 million in a Series A round led by Acorn Capital, Artesian, Commencer Capital and Mastercard. 

Founded by former Westpac executive and former Assembly Payments co-CEO Victor Zheng, mx51 aims to become the first true multi-channel payments platform whereby merchants can seamlessly take payments across in-store and online channels.

Thanks to its launch partnership with Westpac the company has processed over $1 billion in transactions since founding last year. Lune Croissanterie, Salvation Army, Carla Zampatti are a few of the merchants using the platform via Westpac. 

​Victor Zheng, CEO of mx51, said: "mx51 is helping Australian banks and acquirers, who are the backbone of our financial services sector, compete with a myriad of nimble overseas competitors who are muscling in on the payments sector. We're able to partner closely and quickly with major financial institutions as we designed the platform to be bank-grade from inception. The size of our first-ever round speaks for itself in terms of how bullish we are about rapidly rolling out our platform across Australia."