Financial management fintech WeMoney has raised $3 million in fresh capital from existing investors — and is actively seeking another $10 million if the development of “open banking” via the Consumer Data Right (CDR) can gather momentum.
WeMoney founder Dan Jovevski told Capital Brief the latest raising, on top of $7 million raised in 2022 and a $2 million seed raising in 2020, was driven by existing investor interest and he was confident the rollout of open banking would generate more opportunities.
It’s a welcome vote of confidence in the implementation of open banking, which for many has hit the doldrums.
WeMoney said in a statement it has been approached in the last 12 months by “strategically interested parties” and is now “actively advancing a fresh fundraising round of more than $10 million to expand its offering as the Australian Open Banking ecosystem matures and improves its stability”.
