Founder aiming for international expansion
WeMoney has raised $12m in a funding round valuing the financial wellness fintech at $100m, according to a report from the Australian Financial Review.
The company intends to use the capital to develop artificial intelligence-powered comparison tools and expand into international markets.
The raise was led by Lance East Office, the family office of Virtual Gaming Worlds founder Laurence Escalante. Mastercard, BetterLabs, Dorado Capital and Eastcourt Capital also participated.
WeMoney’s mission is to help customers manage debt, compare financial products and reduce costs. It currently serves 80,000 monthly users.
Founder Dan Jovevski told AFR there are plans to expand into southeast Asia, New Zealand and other regions developing open banking systems.
“We have the same characteristics as those businesses and, if you look at them when they listed to where they got to, the IPO was a critical part in the journey,” Jovevski told The AFR.
The company is eyeing a potential flotation on the Australian Securities Exchange (ASX) in the next couple of years.
“After this fundraise, we’re basically running the business like it would be if it was a listed business,” Jovevski said. “It’s the board structure, the executive team, and also all your processes and investor relations.”
Escalante added: “WeMoney is solving real challenges in a large market with strong tailwinds, and we look forward to seeing what can be achieved in the years ahead as it helps more and more people better manage their finances.”
