HWL Ebsworth advises mx51 on $32.5 million Series B capital raise

04 August 2022

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).

Notably, despite the turbulent tech market environment, mx51’s valuation has quadrupled from a pre-money Series A valuation of $44.7 million in August 2021 to a post-money Series B valuation of $167.5 million in July 2022.

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.

 

Note to Editors:

HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by the Australian Financial Review.

The firm comprises 1,641 staff including 274 Partners, 994 other legal staff and 373 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.

HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.

HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.

For further information, please contact:

Russell Mailler, Chief Strategy Officer (03) 8644 3569 or rmailler@hwle.com.au
Angelique Kear, National Marketing Manager (02) 9334 8541 or akear@hwle.com.au

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