Following the historic takeover of Afterpay by the American giants Square (ASX: SQ2)interest in venture capital for Australian domestic payment fintech services has increased as merchants and consumers demand more innovative solutions covering crypto, QR codes and BNPL payment infrastructure.
Although technology stocks have fallen in recent months, back-and-forth payments are still growing Innovations (ASX: November) reaching quarterly revenue of $ 10 million for the first time since acquisition of ATX. Confidence in non-exchange fintech technologies also remains high with cross-border payment providers and global unicorns Airwallex raised $ 137 million, less than two months after a new $ 275 million and Sydney-based DataMesh recorded $ 12 million in a pre-production round involving NAB Ventures, before an expected $ 100 million raise later this year.
It’s all part of a wider movement accelerated by digitization after COVID, says DataMesh CEO Mark Nagy.
“This phyto-technological revolution, caused by COVID, has created a seismic shift in the way the financial world works. Consumers and sellers are trying to take advantage of innovative payment solutions and offer better opportunities in stores, the problem is that older systems are slowing them down. Creating a solution that solves this fundamental problem and provides stability for banks and merchants while continuing to offer customers a choice is the last piece of the puzzle and something we are very proud of at DataMesh. ”
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Source: Providers of back-and-end payments are coming to the forefront of investors – Stockhead