Westpac-backed fintech start-up mx51 raises $25m

Westpac-backed banking technology company mx51 has raised $25 million only a year after splitting from Assembly Payments, having already processed $1 billion of transactions.

Founded by former Westpac executive and Assembly Payments co-chief executive Victor Zheng, mx51 offers a white label solution for banks and non-bank acquirers to offer merchants a multi-channel payments platform, which rivals the likes of Stripe, Tyro and Square.