NAB Ventures has led a $30m Series A round in payments software and data analytics business, DataMesh Group, and is partnering with DataMesh to help transform the point-of-sale user experience for NAB business customers.
Joining the round are new investors Deutsche Bank and ANZ’s investment arm, 1835i Ventures.
DataMesh’s ground-breaking technology provides merchants with customised payment solutions and data analytics to help streamline in-store and online customer experiences.
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,” Mr Irvine said.
“DataMesh’s Australian owned and managed technology – which fuses highly secure instore and eCommerce payment systems with on-shore customer data analytics – is one such game changer.
“We’re already live and piloting DataMesh’s technology with a select group of our merchant customers. The pilot program is progressing well, and we’re excited by the plans and opportunities this partnership will deliver for customers,” Mr Irvine said.
NAB Ventures Managing Director, Amanda Angelini, said, “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.”
The raise follows a Pre-Series A round featuring NAB Ventures, where DataMesh secured $12m in 2021.
DataMesh Group CEO, Mark Nagy, said, “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.
“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.
“Any bank can now plug in to a fully customisable, all-encompassing platform without extensive internal investment in infrastructure enabling them to meet and exceed the requirements of their merchants’ solutions. 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.”
DataMesh Group is an Australian based technology company with deep payments experience that has been focused on revolutionising the current payment systems available to banks, acquirers and merchants across the globe.
DataMesh delivers next generation, fully integrated payment capabilities as well as a suite of unique, valuable customer insights and integration tools through its proprietary EMV compliant financial switching platform (UnifyTM).
UnifyTM is the world’s most modern and powerful cloud and terrestrial-based financial switching solution available in the market today. The company has commenced its global roll out of its platform, creating a world-wide, interconnected network of processing capabilities that will be offered as under an own or SAAS model. The systems are fully certified and PCI compliant.