Payments fintech DataMesh bags $30 million Series A

- February 22, 2023 2 MIN READ
DataMesh, Mark Nagy
DataMesh CEO Mark Nagy
Payments software scale-up DataMesh Group has raised $30 million in a Series A.

The round was led by NAB Ventures, with new investors including  Deutsche Bank, ANZ’s VC arm, 1835i Ventures, Wunala Capital, Fifth Estate and Peregrine Corporation.

NAB Ventures previously backed DataMesh in late 2021 in a $12 million pre-Series A raise.

The Sydney fintech’s technology provides merchants with customised payment solutions and data analytics to help streamline in-store and online customer experiences. NAB is partnering with DataMesh to roll out its software in point-of-sale terminals for NAB business customers.

Deutsche Bank will help the fintech expand internationally in markets including India, Korea, Thailand, Indonesia and Vietnam.

DataMesh CEO Mark Nagy said the fresh investment was an endorsement the strength of the company’s business model and unique payments solution.

“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,” he said.

“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.”

NAB business and private banking group executive Andrew Irvine, said the bank was looking to reimagine the merchant customer experience using DataMesh.

“NAB is always on the lookout for technology solutions which will help make our customers’ lives easier,” he said.

“DataMesh’s Australian-owned and managed technology – which fuses highly secure instore and eCommerce payment systems with on-shore customer data analytics – is one such game changer.”

Irvine said they’re already piloting DataMesh’s technology with some merchant customers.

“The pilot program is progressing well, and we’re excited by the plans and opportunities this partnership will deliver for customers,” he said.