Herbert Smith Freehills’ Venture Capital team has advised financial management fintech WeMoney on its A$12 million Series A capital raise, with first close in early 2025.

The round was led by existing investors and welcomed Mastercard as a strategic investor. The balance of WeMoney’s Series A round will allow the company to raise a total of A$20 million in total equity as it pursues its growth ambitions.

WeMoney is an open banking financial wellness platform that aims to help people manage their finances. The new capital will be employed to fund the continued rapid growth and expansion of the company’s offering with the growth in Australia’s open banking ecosystem, particularly given the recent government announcement to expand the Consumer Data Right system to non‑bank lending providers.