WeMoney picked for Mastercard startup program

WA fintech WeMoney has been selected to join Mastercard’s engagement program, an opportunity the startup hopes it can use to scale its operations.

Dan Jovevski-led WeMoney was one of 15 startups across the country picked by Mastercard to join its Start Path Open Banking Program, founded in 2022.

The program for startups is designed to open opportunities with the credit card company’s global network of banks, merchants and digital players.

Open banking refers to an Australian customer’s ability to share their banking data with accredited third parties, such as budgeting apps, in a bid to make more informed financial decisions, according to the Australian Banking Association. 

The federal government passed the Consumer Data Right legislation in 2019, which led to banking customers being able to choose to share their data following a rigorous consent process.

WeMoney was the first Australian fintech company to be officially accredited for open banking under the Consumer Data Right.

Mr Jovevski said he was excited to join Mastercard's program. He said the company had been an early and active advocate for open banking globally. 

“We’re very much aligned with Mastercard’s vision for open banking and look forward to empowering people, particularly those aged 18-40-years old, to use their own financial data to make informed decisions about their financial future and wellbeing,” he said.

But Mr Jovevski said there was more work to be done to refine the implementation of Consumer Data Right to ensure the full potential of open banking was available to consumers.

“As one of the largest aggregators of CDR data in Australia in the direct-to-consumer segment, we’ve witnessed over 90 per cent of new members opting to access their data through CDR,” he said.

“But the current CDR connection system is still complex for most users and there remains data quality issues.

“We’d like to see a simplified consent model process similar to the UK PSD2 scheme that includes amongst other things, a significantly reduced number of steps in the consumer consent process.

“This will lead to more consumers leveraging the CDR and lead to great positive financial outcomes, especially with current cost of living pressures.”

Mastercard vice president and head of open banking Brenton Charnley said WeMoney was the first Australian fintech selected for the program.

He said it was due to the company’s strong commitment to putting consumers at the centre of where and how their financial data is used.

“As an innovator in the domestic open banking ecosystem, WeMoney has demonstrated an unwavering commitment to empowering young Australians to use their own financial data to make better financial choices and achieve their goals,” Mr Charnley said.