NAB Ventures leads $30m Series A for payments processor DataMesh

NAB Ventures leads $30m Series A for payments processor DataMesh

DataMesh CEO Mark Nagy (provided).

Fintech DataMesh has today announced a $30 million Series A funding round led by NAB Ventures as it makes a push into the global payments processing industry.

The oversubscribed Series A, which also attracted investment from Deutsche Bank and 1835i Ventures, gives DataMesh the capital to take advantage of domestic opportunities and will be used to execute international payment infrastructure deals.

This includes partnerships with Deutsche Bank and in Australia with NAB, which is already piloting DataMesh’s Unify system that provides customers a modular, card present and e-comm capability and adapts to merchants’ existing systems.

Other investors include institutional venture capital funds, family offices and high net worth individuals, as well as a range of major existing investors, with the latest raise following the company’s $12 million pre-Series A funding round which was closed in March last year.

According to Sydney-based DataMesh, the company processes "billions of dollars per year" and is set to materially grow domestically and overseas during 2023. Deutsche Bank is looking to take the platform to its merchants for online payment acceptance in India, Korea, Australia, Thailand, Indonesia and Vietnam this year.

“This investment is an overwhelming endorsement of the strength of our business model and unique payments solution,” DataMesh CEO Mark Nagy says.

“We’ve raised this capital despite global economic headwinds which is testament to the quality, confidence, and strength of our business proposition.”

Nagy adds that the company’s platform solves problems for a "market that has been under-served for a long time".

“Our commercial partnerships show that our model for back-end payments, with the ability to drive payments without disrupting the merchant acquiring relationship, is the future of global payments,” Nagy says.

“Any bank can now plug in to a fully customisable, all-encompassing platform without extensive internal investment in infrastructure enabling them to meet and exceed the requirements of their merchants’ solutions.

“For merchants that want to exceed their customer expectation, DMG can provide a seamless technical payment layer without the merchant’s need to change their bank or acquirer.”

Deutsche Bank head of merchant solutions Oliver von-Quadt says DataMesh is the "perfect fit" for the bank’s customers.

“The payment orchestration layer enables us to offer a comprehensive payment solution for our clients, who demand a global one-stop shop for their payment acceptance in various countries and regions,” von-Quadt says.

NAB group executive for business and private banking Andrew Irvine agrees, noting that the technology will make the lives of the bank’s customers easier.

“DataMesh’s Australian owned and managed technology - which fuses highly secure in-store and e-commerce payment systems with on-shore customer data analytics - is one such game changer,” Irvine says.

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