Mastercard Supports WeMoney In Latest $12 Million Funding Round

WeMoney, a money application from Australia, has received strong support from Mastercard and other investors. The company said it received $12 million during a Series A funding round to grow its work and help more users. It stated that the goal is to help users learn about money, save better, and feel in control of their spending.

The company revealed that it offers users a single platform to see all their money, debts, and savings. It helps users understand where their money goes and what they can do to manage it well.

WeMoney said Mastercard is one of the top companies that offered their support. The card payment giant is known for helping users and companies move money around the world. It said this investment is part of its plan to back young companies that teach users more about finance.

WeMoney Joins Mastercard’s Special Open Banking Group

WeMoney said it also joined a special group created by Mastercard called the Start Path Open Banking Program. This group connects new companies like WeMoney with banks and other financial services. The company noted that being part of this group will help it grow faster and learn more ways to serve its users.

The firm wants to help more young individuals and families understand how money works. It said being part of the Mastercard program will help it build new features that will allow users to easily navigate through its mobile application.

According to the update, WeMoney plans to use the funds to improve its application. It said users will be able to view all their accounts in one place. It also wants to give better advice on how to save and pay off debts.

WeMoney Plans to Reach More Users in the Future

The company explained that the $12 million will help it reach more users in Australia and also in other countries. It shared that the app is not just about making money, but also about helping users feel proud and happy about the way they use their money.

WeMoney noted that top investors like Mastercard trust its plan and want to help it do more. This shows they believe in the goal of helping users take control of their money. The company said it will keep working to enhance its application. It wants users to feel like they have a friend who is always there to help with money matters.

The company added that money can sometimes be hard to understand, but with the right help, everyone can learn how to manage it. WeMoney wants to be that help, sayinhg that it is ready for the next step. With Mastercard and other partners by its side, it believes it can help more users become smart with their money.