Australian financial wellness platform WeMoney said on Monday it raised $12 million in a Series A funding round led by Lance East Office, alongside BetterLabs, Dorado Capital, Eastcourt Capital, and new investor Mastercard.
The funds will support WeMoney’s initiatives in financial literacy, open banking adoption, and AI-driven insights, aiming to help Australians manage rising living costs amid inflation and high interest rates.
WeMoney, launched in 2020, recently surpassed one million app downloads. Users have saved an average of A$333 monthly by switching to more suitable financial products.
Growth was bolstered by Australia’s Consumer Data Right, particularly via WeMoney’s BrightMatch platform, designed to simplify product switching. BrightMatch currently has three integrations and aims for 30 by the end of the year.
Funds raised will further support research, AI development, and collaboration with tech firms such as Google Cloud’s Gemini. The company plans to attract skilled talent in engineering, product development, and marketing.
Investor Lance East Office reaffirmed its ongoing commitment, marking its third investment in WeMoney. Mastercard’s participation extends an existing collaboration focused on leveraging open banking to enhance financial inclusion.
WeMoney additionally secured an A$1 million debt facility from Mighty Partners and is exploring international expansion opportunities and the possibility of a future public listing.
Business News Asia