HWL Ebsworth has advised fintech start-up mx51 on its $32.5 million Series B capital raise. Completion of the Series B funding round occurred on 6 July 2022. The lead investor was a European-headquartered global fintech-focused venture capital fund, with other investors including Mastercard, Acorn Capital, Artesian, Rampersand and Commencer Capital (formerly Investec).
HWL Ebsworth also acted for mx51 in its spin out and restructure from PromisePay in 2020 and its Mastercard-led $25 million Series A capital raise in 2021.
mx51 offers a white label solution for banks and non-bank acquirers to offer merchants a multi-channel payments platform. Utilising open technology architecture, mx51’s software can be integrated with a broad range of existing, retail point-of-sale systems and is also capable of accepting buy now, pay later payments from the likes of Afterpay and Zip. The software removes the need for merchants to deal with multiple payment providers for reporting, reconciliation and cashflow management.
Of the deal, Victor Zheng (CEO – mx51) said: “I think this demonstrates that even in a tough market, companies with strong fundamentals and unique business models can still thrive.” He also noted: “Many of our existing investors who contributed to this round actually commended us on the process, which was heartening.”
The HWL Ebsworth deal team was led by Sam Dwyer (Partner – Corporate) and Kenneth Lee (Senior Associate – Corporate) with valuable assistance from Yi Tung (Solicitor – Corporate). Johnny Ho (Partner – Tax) advised on tax aspects, and Jason O’Connell (Partner – IP/IT) and Scott La Rocca (Special Counsel – IP/IT) assisted with intellectual property aspects.
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