Payment 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 tailored payment solutions and data analytics to streamline customer experiences in-store and online. NAB is partnering with DataMesh to roll out its software in point-of-sale terminals for NAB’s corporate customers.
Deutsche Bank will help the fintech expand internationally in markets such as India, Korea, Thailand, Indonesia and Vietnam.
DataMesh CEO Mark Nagy said the new investment was a confirmation of the strength of the company’s business model and unique payment solution.
“Our solution is the answer to a market that has long been underserved. Our commercial partnerships show that our back-end payments model, with the ability to incentivize payments without disrupting the merchant’s underwriting relationship, is the future of global payments,” he said.
“Each bank can now plug into a fully customizable, comprehensive platform without extensive internal investment in infrastructure, enabling them to meet or exceed the requirements of their vendors’ solutions. For merchants looking to exceed their customers’ expectations, DMG can provide a seamless technical payment layer without the merchant having to switch banks or acquirers.”
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 looking for technology solutions that make our customers’ lives easier,” he said.
“DataMesh’s Australian owned and managed technology – which combines highly secure in-store payment systems and e-commerce with onshore customer data analysis – is such a game changer.”
Irvine said they are already testing DataMesh’s technology with some trading clients.
“The pilot program is progressing well and we are excited about the plans and opportunities this partnership will bring to customers,” he said.