Mastercard participates in $12 million Series A funding round for Australian fintech WeMoney.
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The $12 million Series A round was led by Perth-based online casino entrepreneur Laurence Escalante through his family office, with continued backing from existing investors BetterLabs, Dorado Capital, and Eastcourt Capital. Strategic investor Mastercard also participated in the round.
WeMoney aims to help users make smarter financial decisions and accelerate debt repayment by providing insights into their spending habits. The platform enables users to compare and apply for credit cards, switch to more cost-effective products, and discover savings opportunities by changing service providers.
According to the company, over 1 million Australians have downloaded the app within five years of its launch, with approximately 8% actively using it on a monthly basis.
WeMoney has a commercial partnership with Mastercard to utilize its Open Banking solution in Australia. The company is now aiming to integrate AI into its lending comparison tools and expand into South-East Asia, New Zealand, and other markets that support Consumer Data Right frameworks for financial data sharing.
The funding round values the fintech at $100 million and positions it for a future listing on the ASX.
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