WeMoney secures $3m and teams with Mastercard for Open Banking

By Gloria Mathias

WeMoney, an Australian financial wellness platform, has completed a $3 million fundraising round to capitalise on current growth opportunities to fuel Open Banking.

This round was led by existing investors, following a $7 million fundraising round in June 2022 and the FinTech’s $2 million seed raising in late 2020, which added former APAC Head of Envestnet Yodlee, Timothy Poskitt.

In the last 12 months, strategically interested parties have approached WeMoney, and it is actively advancing a fresh fundraising round of more than $10 million to expand its offering as the Australian Open Banking ecosystem matures and improves its stability.

Founder of WeMoney, Dan Jovevski, said, “We have multiple pathways for growth, but we’re most interested in capital partners with a unique advantage around distribution and a customer base where WeMoney can significantly help Australians improve their financial health,” Mr Jovevski said.

To compound WeMoney’s leadership position in Open Banking, WeMoney has recently signed a commercial arrangement to leverage Mastercard’s Open Banking solution in Australia.

“Mastercard’s global and domestic reach is simply unparalleled; we’re impressed with their roadmap for Open Banking and excited to have the opportunity to be partnering more closely in the years to come,” Jovevski shared.

“Mastercard is delighted to work with WeMoney to offer Mastercard’s Open Banking Solutions to its customers. As a participant in Mastercard’s Start Path program and a leader in Open Banking in Australia, WeMoney will be leveraging Mastercard’s capabilities fueling financial inclusion and further collaboration opportunities,” said Brenton Charnley, Vice President and Head of Open Banking, Australasia, Mastercard.

“There has never been a more important time to leverage the improving capabilities of Open Banking to assist Australians with cost-of-living pressures; WeMoney is excited to bring opportunities for many to save money leveraging technology and achieve their goals”, added Jovevski.