WeMoney raises USD 12 million in Series A funding

The round was supported by BetterLabs, Dorado Capital, and Eastcourt Capital, and Mastercard joined as a new investor. WeMoney participated in the Mastercard Start Path Open Banking Program, which paved the way for Mastercard to become an investor. The two companies worked together for the past year to deliver Mastercard Open Banking to WeMoney users, as well as developing other Open Banking applications to promote financial inclusion and literacy in Australia.

With the new funds, the company aims to strengthen its commitment to supporting Australians to improve their financial wellbeing through financial literacy, Open Banking, and AI-powered behavioural insights.

BrightMatch by WeMoney

WeMoney was an early adopter of the Consumer Data Right (CDR), the country’s Open Banking regime, enabling Australians to switch to lower-cost financial solutions and better manage their finances. According to an internal survey from 2024, the app’s members reported average monthly savings of USD 333 after switching to more sustainable products, revisiting subscriptions, and improving their expense management. The data also suggests that 75% of customers are currently overpaying on credit-related products, while 58% would switch to more sustainable options if the process were simpler.

The Australian government passed an Open Banking legislation in August 2024, namely the Action Initiation Bill, that allows customers to switch products more easily. This accelerated WeMoney’s creation of BrightMatch, a platform meant to make it easier for users to change banks, lenders, and other financial providers by displaying relevant options in its product marketplace. Users can see products pre-filtered for eligibility. For lenders, this brings direct applications and higher approval rates, minimising the workload involved in managing product applications.

WeMoney plans to allocate its funds towards research and development for AI-driven features, such as its collaboration with Google Cloud’s Gemini, and expanding its AI engineering team.