Main Australian monetary wellness platform WeMoney has raised $7 million to additional spend money on product improvement on the again of serious enterprise progress within the final 12 months. This newest spherical of capital elevating closed in March and follows the corporate’s $2 million seed increase in late 2020.
This spherical was led by current buyers Full Circle VC, Betterlabs, and new buyers together with Laurence Escalante’s household workplace and US Fund Dream Ventures.
“We’re excited to again Dan and the entire workforce at WeMoney, who’re fixing a really tough drawback within the monetary companies area. WeMoney has had phenomenal progress within the final yr, and we’re thrilled to be on the journey,” stated Escalante.
Dan Jovevski, Founder and CEO of the WeMoney monetary wellness platform, says this newest injection of capital signalled a robust endorsement from buyers within the firm’s potential and can allow the enterprise to develop the WeMoney product and to considerably spend money on streamlining the platform to help Gen Z and Millennials to seamlessly unlock a deeper understanding of their funds.
“Within the 18 months since launching, the WeMoney app now has over 285,000 downloads, and we’re persevering with to develop organically. We’re trying to eradicate factors of friction inside the platform to make sure customers make the very best monetary selections and tackle the basis causes of dangerous cash administration,” he stated.
Current analysis performed by WeMoney discovered that over 75% of its members have been overpaying on their private loans and mortgages. Jovevski says within the present financial local weather getting the very best deal on mortgage merchandise was important.
“We present in analysis late final yr that 6 in 10 Australians fear about debt, and with rates of interest heading north, and rising prices of residing, many younger Aussies are on the lookout for methods to ease or eradicate their debt burden fully. Ensuring our members get the very best charges on their loans continues to be our mission at WeMoney,” he stated.
In February this yr, WeMoney was accredited for Open Banking in Australia as an Authorised Knowledge Recipient below Australia’s Client Knowledge Proper (CDR). This permits members to attach their financial institution accounts shortly and securely from accredited knowledge suppliers, resembling banks, to permit for a deeper understanding of their funds.
Since its inception in October 2020, the monetary wellness platform has fashioned partnerships with 52 totally different corporations together with CoinSpot, OurMoneyMarket and Athena Residence Loans.
WeMoney entered the New Zealand market in December 2021 in response to rising demand from the New Zealand diaspora residing in Australia and aligns with its longer-term purpose to enter different world markets, together with North America.