DataMesh Group, a full-suite developer of interoperable, proprietary payments-processing, has secured $30m in an oversubscribed Series A funding round to execute on large scale domestic opportunities as well as expanding its footprint in the high growth payments processing industry.
The round was led by return investor NAB Ventures and featured significant first time capital from Deutsche Bank’s corporate headquarters in Frankfurt along with 1835i Ventures, ANZ’s external innovation and venture capital arm. Other investors included institutional VC funds, Family Offices and significant High Net Worth (HNW) individuals as well as a range of major existing investors. The transaction was managed by Allunga Advisory.
DMG is revolutionising the payments sector through its Unify system which has been specifically designed to meet the evolving needs of banks, processors, payment networks and merchants. The ‘all in one’ system provides a modular, card present and EComm capability as well as settlement and terminal functionality that adapts to acquirers’ and merchants’ existing systems.
The low cost, high performance SaaS platform allows banks to rapidly respond to a merchant’s technical needs in an ever-changing consumer led retail environment. The funds will be used to execute on multiple payment infrastructure deals which will see DataMesh deploy its world leading solutions internationally via Deutsche Bank and in Australia with NAB, which is already piloting the technology with a select group of merchant customers.
DMG processes billions of dollars per year and is set to materially grow domestically and internationally during 2023. Additionally, Deutsche Bank is taking DMG to its merchants for online payment acceptance in India and five more Asian countries in 2023 (Australia, Korea, Thailand, Indonesia and Vietnam).
Mark Nagy, CEO of DataMesh said: “This investment is an overwhelming endorsement of the strength of our business model and unique payments solution. We’ve raised this capital despite global economic headwinds which is testament to the quality, confidence, and strength of our business proposition.
“Our solution is the answer to a market that has been under-served for a long time. Our commercial partnerships show that our model for back-end payments, with the ability to drive payments without disrupting the merchant acquiring relationship, is the future of global payments. Any bank can now plug in to a fully customisable, all-encompassing platform without extensive internal investment in infrastructure enabling them to meet and exceed the requirements of their merchants’ solutions. For merchants that want to exceed their customer expectation, DMG can provide a seamless technical payment layer without the merchant’s need to change their bank or acquirer.”
Since inception in 2018 DataMesh has matured into an established payment solutions provider, doubling its headcount over the last 6 months and expanding its portfolio of acquiring banks and merchants.