Payments technology company mx51 has achieved SOC 2 Type 2 certification, bolstering its bank–grade cyber security credentials.

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SOC 2 is a compliance framework developed by the American Institute of Certified Public Accountants (AICPA) to help ensure that certified service organisations handle customer data responsibly.

Former Mastercard executive and payments industry veteran Gilles Novel has joined mx51 as the company’s new Chief Product Officer.

Novel brings over two decades of payments industry experience to the role, most recently holding the role of Vice President / Head of Acceptance at Mastercard. Prior to this, Novel held senior payment roles at Verifone, Optus and Idemia (Morpho).

Bringing full teams together for face-to-face “squad meetings” every couple of months is one of the ways payments platform mx51 ensures its staff are singing from the same hymn sheet despite spending most of their working hours outside the office.

Fintech mx51 has appointed Jo Newton to the role of head of people and culture.

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"Jo's appointment comes at a key time in the business' growth. We've already doubled our global headcount in a year, we'll need to grow even faster in 2023," said mx51 co-founder and CTO Steven Hadley.

Westpac-backed payments technology start-up mx51 has bucked the broader gloom in local tech investment circles, closing a $32.5 million funding round that more than doubled its valuation.

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The funding round included a raft of returning investors from its previous capital raisings including payment heavyweight Mastercard and venture capital operators Acorn Capital, Commencer Capital, Rampersand and Artesian.

mx51 has partnered with Sysdig. Martin Doherty, Head of Cyber Security and Risk at mx51 said “Having consistent scanning capabilities from early development through to release is huge for us. By enabling the team to self-serve, we essentially reduce the ‘security tax’ on our developers.”

The next bank you sign up to may not be a bank at all. It could be Apple or Square, Adyen or even Stripe. 

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If the writing isn’t on the wall already, big tech is coming after banking. What started in stealth almost a decade ago with the introduction of wallets in smartphones is now moving into payments, deposits and lending -- core banking businesses.

Toby Barrett, finance manager for mx51, a digital start-up, says his employee share scheme creates an opportunity for him to make big potential financial gains as his company expands.

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For his boss and company founder, Magnus Hsu, the scheme giving employees a stake in his payment-platform company has helped attract and retain skilled staff in a cut-throat job market.

Payments as a service platform operator mx51 has appointed Jim Tate as its chair.

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“To have an executive as experienced as Jim join our company as Chair is a substantial milestone for our company,” said mx51 CEO and co-founder Victor Zheng.

Big banks will need to speed up their collaboration with fintech players or risk losing crucial transaction banking business, warns the chief executive of payments disrupter mx51, Victor Zheng.

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Mr Zheng, who spent 8½ years working for Westpac, says banks can’t keep pace with new competitors from Silicon Valley that are embedding payments into the cloud computing systems used by businesses. By doing so, they are able to offer a much more compelling range of services to business clients than the banks.

Payments fintech mx51 has appointed former Mastercard Australia Vice-President Varghese Mathew as its Chief Customer Officer.

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Varghese brings a decade of experience in financial services and technology to the role, holding positions at Mastercard, The Boston Consulting Group and Cisco.

Payments technology fintech mx51 has appointed Chief Operating Officer Magnus Hsu and Chief Product Officer Steven Hadley as co-founders of the business.  After spinning out of Assembly Payments, mx51 has now processed over $1bn in transactions and has raised over $25m in capital within a year.

Payments technology fintech mx51 has appointed Chief Operating Officer Magnus Hsu and Chief Product Officer Steven Hadley as co-founders of the business.  After spinning out of Assembly Payments, mx51 has now processed over $1bn in transactions and has raised over $25m in capital within a year.

There’s no denying that Square's purchase of Afterpay was a watershed moment for Australia’s fintech sector. That part is more or less obvious. But quietly, it also doubled as a wake-up call for all banks, globally, about the importance of fintech partnerships and will place an emphasis on them going forward.

Snowflake, the Data Cloud company, today announced it has been selected by merchant payment platform fintech provider, mx51, to support the company’s analytics and customer service activities.

Merchant payment platform provider mx51 has adopted the Snowflake data platform to support its analytics and customer service activities.

The start-up sells a white label product that lets banks and non-bank acquirers offer merchants a payments platform to rival Stripe, Tyro and Square.

Mastercard has joined a $25 million funding round in Australian payments-as-a-service fintech mx51. The funds represent mx51’s first major round of investment, secured less than 12 months after the firm was spun out of Assembly Payments in May 2020.

Payments technology company mx51 has raised $25 million in a Series A round led by Acorn Capital, Artesian, Commencer Capital and Mastercard.  The funds represent mx51’s first major round of investment, secured less than 12 months after the company spun out of Assembly Payments in May 2020.

A payment solutions fintech taking on the likes of global competitors Stripe, Tyro and Square has raised $25 million in a Series A round, with expectations it will grow total processed volumes to $10 billion within the next 12 months.

White-label payment technology provider, mx51, which last year span out of fintech Assembly Payments, has raised $25 million in its first round, led by Acorn Capital, Artesian, Commencer Capital and Mastercard.

mx51 is in the process of inking a deal with a global bank as it gears up for global expansion. Its deal with Westpac is exclusive in Australia but mx51 is now eyeing deals outside the local market and is in the process of finalising a tie-up with a US bank.

Start Path – Mastercard’s global start up program – has bolstered 230 fintechs around the world and helped them raise $2 billion in capital. The program boasts an Australian alumni of Airwallex, Money Tree and identitii, and has recently partnered with its first Australian fintech mx51. 

mx51 is seeking global growth through offshore bank partnership opportunities, while also continuing to enhance its products and services to deliver a market-leading merchant experience and deepen relationships with Point of Sale (POS) partners onshore.

As restrictions on social activity ease across Australia and New Zealand, employers of all sizes are gradually welcoming staff back to the workplace. But for many organisations, there is a new meaning to ‘business as usual’, as we start to adapt to longer-term changes to how we live and work.

Westpac Banking Corp is backing a new payments spin-off – mx51 – to help it fend off an invasion by global payments software companies threatening banks’ profitable lending and deposit relationships with merchant customers.

In the face of a changing economic landscape and global uncertainties due to COVID-19, innovation is more important than ever. We continue to seek partners that will become invaluable assets to an ecosystem focused on doing well and doing good.