The venture arm of National Australia Bank (ASX: NAB) has backed a $12 million pre-Series A funding round for Sydney-based payment services business DataMesh as the fintech looks to scale its operations domestically and overseas.
Founded in 2018 by former Commonwealth Bank (ASX: CBA) head of merchant development and innovation Mark Nagy, DataMesh’s payment services software, infrastructure and data analytics products provide streamlined, low cost and flexible payment solutions across point of sale (POS) systems and various next-gen payment devices.
DataMesh's solutions can support most smart terminals, including unattended, roaming devices and mobile phone-based technologies, enabling merchants and acquirers to accept a wide range of payment methods, including QR codes, loyalty cards, prepaid transport cards, debit and credit cards and other methods.
“We’re pleased with the results of this latest funding round and are looking forward to continuing to scale up our business both locally and globally,” CEO and founder of DataMesh Mark Nagy said.
“The fintech revolution has created a seismic shift in the way the financial world operates, so building a solution that provides stability for banks and merchants while continuing to offer choice to customers is extremely rewarding.”
Delivering next-generation, fully integrated payment capabilities, the fintech provides valuable customer insights through its proprietary EMV (Europay, MasterCard, and Visa) compliant financial switching platform called Unify.
The technology helps enable banks, acquirers and card schemes, like Visa and Mastercard, to quickly respond to changing demands from merchants at the POS and online. The switching software also resolves payments technology and compliance issues for major retailers and their customers while maintaining relationships with banking and regulatory partners.
“As Australia’s leading business bank, we understand the need to give merchants flexibility in how they receive payments from customers,” NAB Ventures managing director Amanda Angelini said.
“We see how DataMesh’s technology can give merchants greater opportunities and capability, making them a great fit for NAB Ventures’ portfolio.
“The feedback from our customers using DataMesh technology so far has been very positive, and we’re looking forward to continuing working with the team and introducing their current and new solutions to more of our customers.”
Also participating in the round was existing investor Peregrine Group, one of South Australia’s largest private companies and operator of convenience retail brand OTR.
“DataMesh’s modern cloud-based architecture enables it to be very nimble and respond to our ever-changing requirements,” said chairman of the Peregrine Group Yasser Shahin, whose company utilises the DataMesh payments solution in its fuel sites and retail outlets.
“We are seeing this across our fuel, retail and QSR (quick service food) operations as well.
“We are extremely delighted to work with DataMesh and see them as key strategic partner helping us service our customers better and ultimately help fuel our growth.”
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