DataMesh group reveals homegrown payments tech set to revolutionise global finance

DataMesh Group is gearing up to take on the world with its unique brand of payment processing software.

Full-suite developer of interoperable payments processing DataMesh Group is rolling out its Australian developed payment solution across the globe.

Early adopters, Deutsche Bank will be taking the fintech’s revolutionary Unify system to merchants for online payment acceptance in India and five more Asian countries in 2023 including Australia, Korea, Thailand, Indonesia and Vietnam.

The roll out precedes a $30m oversubscribed Series A funding round that along with Deutsche Bank, includes major investment from NAB Ventures and 1835i (the investment arm of ANZ).

Australia ‘ground zero’ for backend payment innovation

While disruptors like Tyro Payments (ASX:TYR) and Airwallex have put the spotlight on Australia’s fintech community, DataMesh is quickly gaining global attention for its innovative and collaborative approach to backend payments.

The company’s ‘all in one’ system integrates into banks existing infrastructure to provide a modular, card present and EComm capability as well as settlement and terminal functionality that adapts to acquirers’ and merchants’ existing systems.

DataMesh already processes billions of dollars per year and is set to materially grow domestically and internationally as more banks ‘plug in’ the Unify solution in front of their existing legacy systems and immediately take advantage of technological advancements in payments.

Datamesh CEO Mark Nagy. Pic: Supplied.

Datamesh CEO Mark Nagy says Unify is a gamechanger for banks who are struggling to keep up with the payments innovation across multiple jurisdictions.

“Our solution is the answer to a market that has been under-served for a long time. 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.”

“DataMesh is the perfect fit for Deutsche Bank’s Merchant Solutions APAC initiative,” said, Deutsche Bank’s head of merchant solutions APAC, Oliver von-Quadt.

“The [DataMesh] 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.”

DataMesh’s SaaS model for back-end payments has also seen interest from NAB as it looks to revamp its terminals with its merchant groups.

Nagy says his company’s technology is only going to become more valuable to banks zeroing in on customer experience at the till.

“For merchants that want to exceed their customer expectation, DMG can provide a seamless technical payment layer without the merchant’s need to change their bank or acquirer.”

Banks onboard

Despite market headwinds, the Sydney-based fintech’s $30 million Series A funding round shows it has received a strong vote of confidence from the financial community.

DataMesh received overwhelming backing from NAB Ventures, Deutsche Bank, 1835i Ventures as well as institutional VC funds, Family Offices and significant High Net Worth (HNW) individuals.

CEO of DataMesh, Mark Nagy is confident that DataMesh will continue to attract financial institutions with their technology as they look to enhance their payments capabilities with merchants.

“This investment is an overwhelming endorsement of the strength of our business model and unique payments solution. We’ve raised this capital despite global economic headwinds which is testament to the quality, confidence, and strength of our business proposition.

NAB Group Executive for Business and Private Banking, Andrew Irvine, said NAB was looking forward to integrating DataMesh’s unique capabilities as the bank reimagines the merchant customer experience.

“NAB is always on the lookout for technology solutions which will help make our customers’ lives easier. DataMesh’s Australian owned and managed technology – which fuses highly secure in store and eCommerce payment systems with on-shore customer data analytics – is one such game changer.”

Managing Director of NAB Ventures, Amanda Angelini mirrored the fintech’s sentiment towards the funding.

“We are thrilled to be expanding our relationship with DataMesh Group through leading this round. This move reflects our confidence in their innovative technology and clear vision for the future and we’re excited to offer DataMesh’s solutions to our business customers.”

Since 2018, Datamesh has matured into an established payment solutions provider, doubling its headcount over the last 6 months and expanding its portfolio of acquiring banks and merchants.

This article was developed in collaboration with DataMesh Group, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.