Payments Fintech Firm mx51 Acquires $32.5M in Series B

Payments technology company mx51 has successfully raised $32.5 million in a Series B round led by an undisclosed global fintech investor. Major existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian participated in the latest financing.

mx51's product serves two distinct markets. For banks and acquirers mx51's payments-as-a-service platform provides a futureproofed payments solution, that effectively leverages their existing legacy technology infrastructure. For merchants, mx51 provides a suite of embedded payments solutions to create a seamless experience, both online and in-store. 

mx51 CEO and co-founder Victor Zheng said: "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."

In addition to expansion, mx51 will also use the funds to double down on its core in-store, online payments and merchant dashboard solutions. It will also develop further capabilities to assist with fraud prevention and data-driven customer insights.

Zheng added: "We've succeeded on the back of our sharp focus on simplifying the merchant payment experience, and empowering banks and acquirers to innovate around legacy technology and to keep pace with changes in the payments sector."

"This capital raise is also in spite of global macro headwinds. This is because our primary customers, banks and acquirers, are well positioned to deepen collaboration and co-invest with fintechs to deliver modern payment experiences to their merchants."

Robert Routley, Acorn Capital CEO, said: "mx51's payments technology has a compelling value proposition that has been validated by a rate of customer adoption that has exceeded our expectations since our initial investment in 2021. The current funding round positions the Company well to execute on its global expansion strategy."

Jeff Law, Fund Manager, Commencer Captial said: "Commencer Capital is excited to continue our support of the MX51 team. In the time since our initial investment they have proven their top-tier capability as founders and established payments industry experts. Their impressive traction with major banks and acquirers has demonstrated the bank grade quality and critical need of the MX51 solution, and the potential global applications over the coming years."