Australia’s WeMoney secures investment, signs new commercial deal

Australian financial management fintech WeMoney has secured a new round of funding and also announced the signing of a new deal with Mastercard Open Banking.

As reported in Capital Brief, WeMoney recently raised $3 million in new capital from existing investors and is seeking to secure another $10 million, on the basis that Open Banking in Australia continues to make progress via the Consumer Data Right (CDR).

WeMoney told Capital Brief that it had been approached by “strategically interested parties” in the past 12 months and that it is “actively advancing” a new funding round of more than $10 million “to expand its offering as the Australian Open Banking ecosystem matures”.

On LinkedIn, Dan Jovevski, WeMoney’s founder and chief executive officer, wrote: “We’re also pumped to announce signing a NEW commercial deal to leverage and partner with Mastercard’s broad Open Banking capabilities in Australia.

“A huge shoutout to the Mastercard Open Banking team who’s amazing dedication in advancing the cause Open Banking in Australia and beyond.”

WeMoney, which is an accredited data recipient under CDR, is a social financial wellness app that helps consumers to pay down debt and has been downloaded by more than 500,000 Australians.

Earlier this year, WeMoney was one of six companies chosen by Mastercard to take part in its ‘Start Path’ engagement program focused on Open Banking.

Brenton Charnley, head of Open Banking at Mastercard ANZ, wrote on LinkedIn: “Delighted to officially announce Mastercard Open Banking is supporting WeMoney in their Australian and global growth ambitions.”

Jovevski added: “Together with our other amazing partners, this new partnership will allow WeMoney to scale to serve more members in new and exciting ways that improve their overall financial health.”

He revealed that Tim Poskitt, fintech managing director for Startupbootcamp APAC, has been named as a new investor in WeMoney.