mx51

mx51

White-label PaaS powering merchant payments

Overview

Mx51 provides a white-label Payments-as-a-Service (PaaS) platform for banks and acquirers to offer modern merchant payment solutions without building their own infrastructure. The product is a bank-grade, end-to-end payments platform that integrates with merchants’ point-of-sale systems and combines payment processing with data analytics and customer loyalty tools, accessible through the payment terminals. For banks and acquirers, the platform is delivered as a white-label solution, allowing them to brand it as their own while leveraging Mx51’s underlying technology. The system is designed to be scalable and more cohesive than fragmented, multi-vendor setups often faced by merchants. Mx51’s goal is to help traditional banks close the technology gap with nimble fintechs, enabling them to compete by offering a feature-rich, integrated payment experience to merchants.

About mx51

Simplify's Rating
Why mx51 is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Enterprise Software

Fintech

Financial Services

Company Size

51-200

Company Stage

Series B

Total Funding

$57.5M

Headquarters

Sydney, Australia

Founded

2020

Simplify Jobs

Simplify's Take

What believers are saying

  • Mastercard-backed relationships can accelerate distribution across issuers and acquirers.
  • Gilles Novel brings deep Mastercard acceptance expertise for product expansion.
  • International expansion can unlock banks needing localized payments without rebuilding infrastructure.

What critics are saying

  • Stripe, Adyen, and Fiserv bundle alternatives that compress mx51’s intermediary role.
  • Westpac and peers can internalize payments layers, weakening mx51’s channel position.
  • Any security breach would destroy bank trust and stall enterprise sales for years.

What makes mx51 unique

  • Mx51 offers bank-grade, white-label PaaS for banks and acquirers.
  • It integrates in-store payments, dashboards, dispute management, and data insights.
  • SOC 2 Type 2 and PCI DSS Level 1 strengthen enterprise trust.

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Funding

Total Funding

$57.5M

Above

Industry Average

Funded Over

2 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Meet Average

Industry standards

$35M
$32.5M
mx51
$45M
Linktree
$65M
Substack
$100M
ClickUp

Benefits

Remote Work Options

Paid Vacation

Paid Holidays

Parental Leave

Stock Options

401(k) Retirement Plan

Employee Referral Bonus

Meal Benefits

Home Office Stipend

Phone/Internet Stipend

Wellness Program

Mental Health Support

Adoption Assistance

Family Planning Benefits

Fertility Treatment Support

Relocation Assistance

Commuter Benefits

Hybrid Work Options

Paid Sick Leave

Volunteer Leave

Volunteer Leave

Sabbatical Leave

Flexible Work Hours

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

0%

2 year growth

-2%
FF News
Feb 6th, 2023
Mx51 Bolsters Bank-Grade Security Credentials With Soc 2 Type 2 Certification

Payments technology company mx51 has achieved SOC 2 Type 2 certification, bolstering its bank–grade cyber security credentials.SOC 2 is a compliance framework developed by the American Institute of Certified Public Accountants (AICPA) to help ensure that certified service organisations handle customer data responsibly.This latest certification builds on mx51’s existing cybersecurity credentials. The company’s Merchant Services Platform was built securely from the ground up and already has a PCI DSS Level 1 certified cardholder data environment.This SOC 2 certification includes all of mx51’s product features and systems including in-store integrations, self service dashboards and value added services such as dispute management and data insights.mx51 CEO and co-founder Victor Zheng said: “mx51 has always understood the importance of protecting what is most important to our customers – their data and their reputation. This next step in our compliance journey demonstrates the continued importance we place in cyber security, risk management and the maturity of our products.”“Bank–grade means we can be trusted by customers to handle what is important. We’ve already proven that we are capable of winning and retaining the trust of larger banking customers.“Our SOC 2 Type 2 certification is further demonstration of how seriously we value the trust placed in us and our commitment to operate at the highest level.”The announcement lands ahead of what will be a substantial year of growth for mx51 as it looks to land several more major bank partnerships and expand further abroad.Zheng said: “mx51 growth over the past few years is testament to the fact that we are filling a niche in the market. By helping banks bolster their payments systems, we’re helping them hold onto those key relationships with their merchants. We’re also helping merchants gain more value from each transaction.”mx51 empowers banks, acquirers and merchants to keep ahead of rapidly evolving shifts in payments technology and consumer behaviour

FF News
Feb 2nd, 2023
Mx51 Appoints Former Mastercard Exec Gilles Novel As Chief Product Officer

Former Mastercard executive and payments industry veteran Gilles Novel has joined mx51 as the company’s new Chief Product Officer.Novel brings over two decades of payments industry experience to the role, most recently holding the role of Vice President / Head of Acceptance at Mastercard. Prior to this, Novel held senior payment roles at Verifone, Optus and Idemia (Morpho).The appointment comes ahead of what is expected to be a major year of partnerships and growth for mx51. Since raising $32 million in 2022, the company is on track to grow 2x across key customer and financial metrics.In his role as Chief Product Officer, Gilles will be responsible for defining and implementing mx51’s product vision and strategy.Commenting on the appointment, Victor Zheng, CEO and co-founder of mx51 said “With this appointment, mx51 now boasts one of the most experienced teams in the payments sector in Australia.”“We welcome Gilles to the team. His extensive experience across payments in the country will be crucial in delivering on our planned partnerships and also securing more of the local market, as well as expansion into other global markets.”Incoming mx51 Chief Product Officer Gilles Novel said: “It’s exciting to join mx51 at such a significant stage of its growth. In such a short period of time, the company has gone from being a startup to a force within the Australian payments sector.“Given the calibre of payments industry talent within the company already, it’s an honour to be appointed a leadership role within the company. I look forward to helping mx51 charge through the year ahead and reach a new level of growth.”mx51 empowers banks, acquirers and merchants to keep ahead of rapidly evolving shifts in payments technology and consumer behavior

Startup Daily
Jul 18th, 2022
Fintech mx51 raises $32.5 million Series B for global plans

The white-label payment technology provider, spun out of Assembly Payments in 2020, previously raised $25 million in a Series A last year.

Finextra Research
Nov 17th, 2021
Mx51 hires Varghese Mathew as Chief Customer Officer

Payments fintech mx51 has appointed former Mastercard Australia Vice-President Varghese Mathew as its Chief Customer Officer.

Finextra Research
Sep 29th, 2021
Mx51 appoints COO, CPO as co-founders

Payments technology fintech mx51 has appointed Chief Operating Officer Magnus Hsu and Chief Product Officer Steven Hadley as co-founders of the business.

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