This latest round of capital raising closed in March and follows the company’s $2m seed raise in late 2020.
This round was led by existing investors Full Circle VC, Betterlabs, and new investors including Laurence Escalante’s family office and US Fund Dream Ventures along with other US fintech executives and founders.
Dan Jovevski, WeMoney CEO and founder says this latest injection of capital signalled a strong endorsement from investors in the company’s potential and will enable the business to expand the WeMoney product and to significantly invest in streamlining the platform to assist Gen Z and Millennials to seamlessly unlock a deeper understanding of their finances.
Dan is a second-time fintech founder, having founded and exited his first venture SwitchMyLoan, a double-sided mortgage marketplace to ASX-listed Pioneer Credit in 2016.
Commenting on the raise, Founder Dan Joveski said:
“In the 18 months since launching, the WeMoney app now has over 285,000 downloads, and we’re continuing to expand, with member numbers and revenue growing over 30 per cent, month on month. We’re looking to eliminate points of friction within the platform to ensure our members make the best possible financial choices and address the root causes of bad money management,”
“We found in research late last year that 6 in 10 people worry about debt, and with interest rates heading north, and rising costs of living, many young people are looking for ways to ease or eliminate their debt burden completely. Making sure our members get the best possible rates on their loans continues to be our mission at WeMoney”, he said.
“In terms of the proceeds of the round, we’re doubling and tripling down on product development investments to improve our capabilities to server our members” Jovevski added.