Mastercard has participated in a $12 million Series A funding round for WeMoney, an Australian financial comparison site.
The funding round was led by Laurence Escalante, an online casino entrepreneur from Perth, through his family office. It also received support from existing investors BetterLabs, Dorado Capital, and Eastcourt Capital, along with Mastercard as a strategic investor.
WeMoney aims to help customers make informed financial decisions and pay off debts more efficiently by providing insights into their spending habits. The platform enables users to compare and apply for credit cards, switch to lower-cost products, and identify potential savings by changing service providers.
According to WeMoney, over 1 million Australians have downloaded the app in less than five years, with approximately 8% of users active on a monthly basis.
The company has established a commercial agreement with Mastercard to utilize its Open Banking solution in Australia. WeMoney is also planning to incorporate AI into its lending comparison tools and expand into Southeast Asia, New Zealand, and other regions where a Consumer Data Right for sharing financial data exists.
This funding round values the fintech at $100 million and positions it towards a potential listing on the ASX.