Australia-based financial wellness platform WeMoney has announced the completion of a USD 3 million fundraising round, aiming to solidify its presence in the region. In a bid to capitalise on current expansion opportunities and improve its position in the Australian Open Banking landscape, WeMoney secured USD 3 million in a fundraising round led by existing investors.

The announcement comes after a USD 7 million fundraising round from June 2022 and a USD 2 million seed raising from 2020. What is WeMoney’s development strategy? Since the beginning of 2023, WeMoney has been approached by interested parties, with the fintech now actively introducing a fundraising round of approximately USD 10 million to grow its product and services offering in the current Australian Open Banking ecosystem. Additionally, to support the management of interested parties, the company engaged with professionals from D23 Capital who could facilitate discussions with several investors.

Representatives from WeMoney also commented that the most recent funding round is well-positioned to select interested parties who would continue to drive the fintech’s growth. WeMoney expressed its interest in capital partners with an advantage around distribution and a customer base where the company can support Australians to enhance their financial health. Furthermore, to assist and advance WeMoney’s position in Open Banking, the fintech signed a commercial arrangement to utilise Mastercard’s Open Banking solution in Australia. Officials from Mastercard underscored that the collaboration with WeMoney enables the latter to provide Mastercard’s Open Banking solutions to its customers, while also participating in the company’s Start Path program.

In addition, the alliance allows WeMoney to utilise Mastercard’s capabilities to advance financial inclusion and further collaboration capabilities. WeMoney highlighted its commitment to providing solutions enabling consumers to save money by utilising technology to achieve their financial goals. More information about WeMoney As a smart money management app, WeMoney focuses on connecting a user’s financial accounts in one place and tracking all of their financial health. Even if customers link their accounts to WeMoney, the company receives read-only access to display details, including balances and transactions.

Additionally, WeMoney’s app allows users to track their bills, bank accounts, and credit score, as well as to discover new methods to save money on dept to pay it down faster. .