Mastercard has joined a $12 million Seires A funding round in Australian financial comparison site WeMoney.
The round was led by Perth online casino entrepreneur Laurence Escalante via his family office, with support from existing investors BetterLabs, Dorado Capital and Eastcourt Capital, as well as strategic investor Mastercard.
The company helps its customers make better financial decisions and pay off their debts faster by giving them an insight into their spending. It allows them to compare and apply for credit cards, swap to lower-cost products and identify where they can save money by switching providers for a range of services.
WeMoney claims that more than 1 million Australians have downloaded the app in less than five years, with around 8% of that figure as monthly users.
The firmn has a commercial deal with Mastercard to leverage its Open Banking solution in Australia and is now looking to introduce AI in its lending comparison tools as well as expand into South-East Asia, New Zealand and other countries where a Consumer Data Right for sharing financial data exists.
The transaction values the fintech at $100 million and puts it on a path to an ASX listing.