Australian fintech startup WeMoney has secured US$12 million (A$18.6 million) in a Series A funding round led by Lance East Office, the family office of tech entrepreneur Laurence Escalante.
Global payments company Mastercard also joined as a new investor, alongside existing backers BetterLabs, Dorado Capital, and Eastcourt Capital.
WeMoney, established in Western Australia and launched in October 2020, provides a financial wellness app utilising open banking and AI.
The company reports it has surpassed one million downloads.
It aims to help Australians manage their finances, particularly in light of current economic pressures like inflation and higher interest rates.
According to WeMoney, its platform allows users to compare financial products and switch to potentially lower-cost options.
The funding arrives as Australia implements open banking legislation designed to make it easier for consumers to change financial providers.
WeMoney is developing its “BrightMatch” platform to facilitate this switching process, connecting consumers with banks and lenders.
The company states BrightMatch currently works with three financial institutions and aims to partner with 30 by the end of the year.
WeMoney intends to use the funding for research and development, specifically enhancing its AI features and expanding its engineering team.
This includes advancing its collaboration with Google Cloud’s Gemini to support more AI-driven product innovation.
“This investment will allow WeMoney not only to maintain leadership in Australia but also assess prospects on a global stage. Over 80 jurisdictions worldwide are now exploring open banking, and we see huge potential for supporting consumers internationally.
Our goal is to build a globally scalable business, and going public has always been in the blueprint—this round brings that future a step closer,”
said Dan Jovevski, Founder & CEO, WeMoney.
“Mastercard’s deepened relationship with WeMoney will help more Australians securely unlock the benefits of open banking and better manage their money.
The technology holds immense potential across various use cases, and Mastercard is excited to partner with WeMoney, Australia’s most prominent user of open banking, to explore these in more depth,”
said Brenton Charnley, Vice President and Head of Open Banking, Australasia, Mastercard.
Featured image credit: Edited from Freepik
