DataMesh Group has raised $30 million in a Series A funding round to expand globally.
The Australian firm also plans to pursue large-scale domestic opportunities for its Unify “all-in-one” payments-processing system that provides card present and eCommerce capability, settlement and terminal functionality that adapts to the existing systems used by acquirers and merchants, DataMesh Group said in a Tuesday (Feb. 21) press release.
“Our solution is the answer to a market that has been underserved for a long time,” DataMesh Group CEO Mark Nagy said in the release. “Our commercial partnerships show that our model for back-end payments, with the ability to drive payments without disrupting the merchant acquiring relationship, is the future of global payments.”
PYMNTS research has found that more than half of small and medium-sized businesses (SMBs) see an all-in-one payment platform as a way to simplify financial management.
Fifty-nine percent of SMBs believe an all-in-one payment solution will save them time immediately, 52% said they would find it easier to manage cash flows and 41% believe it would simplify receivables tracking, according to “The Future of Business Payables Innovation: How New B2B Payment Options Can Transform the SMB Back Office,” a PYMNTS and Plastiq collaboration.
With DataMesh Group’s Unify system, banks can plug into the platform and meet the needs of their merchants’ solutions without having to make extensive investments in infrastructure, according to the press release.
For merchants, the platform enables them to add a seamless technical payment layer to meet their customers’ expectations without having to change their bank or acquirer, the release said.
One of the investors in this funding round, Deutsche Bank, is taking the DataMesh Group solution to merchants to use for online payment acceptance in India and will add Australia, South Korea, Thailand, Indonesia and Vietnam later this year.
“DataMesh is the perfect fit for Deutsche Bank’s Merchant Solutions APAC initiative,” Deutsche Bank Head of Merchant Solutions, APAC Oliver von Quadt said in the release. “The payment orchestration layer enables us to offer a comprehensive payment solution for our clients, who demand a global one-stop shop for their payment acceptance in various countries and regions.”
PYMNTS Data: Why Consumers Are Trying Digital Wallets
A PYMNTS study, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.
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February 22, 2023 at 08:54AM
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DataMesh Raises $30M to Grow ‘All-in-One' Payments-Processing System - PYMNTS.com
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