Herbert Smith Freehills advises WeMoney on its Series A capital raise

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.

The Herbert Smith Freehills team was led by partner and Co-Head of Venture & Growth Capital (Australia) Elizabeth Henderson, working with senior associates Roy Carbone and Adam Ong, and solicitors Celine Nalbandian, Robert Kuszer, James Price and Emma Kuhl. The team had support from senior adviser Peter Dunne, and worked across the firm’s Sydney and Melbourne offices.

Elizabeth Henderson stated, "WeMoney aims to help Australians improve their finances and achieve their goals, which is especially important in current times. It has been an absolute pleasure working with WeMoney’s founder and CEO Dan Jovevski and his management team on this significant milestone. Dan’s vision and leadership have guided WeMoney to become an innovative force in the Australian fintech sector and we look forward to seeing the company grow from strength to strength.”

WeMoney Founder & CEO Dan Jovevski said, “The WeMoney team and I are incredibly grateful for the outstanding support and legal and transactional expertise provided by Elizabeth Henderson and the entire Herbert Smith Freehills team throughout our Series A transaction. Elizabeth’s deep knowledge of venture capital, unwavering dedication, and strategic counsel were pivotal to the success of our raise.

“The team demonstrated exceptional professionalism, responsiveness, and a true sense of partnership at every stage. Their ability to navigate complexity with clarity and precision gave us immense confidence, and we look forward to continuing our collaboration as WeMoney enters its next exciting chapter of growth. Working with Elizabeth and the entire HSF team was one of the most immense privileges as a founder, as their experience is unmatched in the Australian market, and their approach to relationships is unparalleled. We’re thrilled to continue our relationship into the future.”

This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:

• Constantinople on its A$50 million Series A capital raise and A$32 million Series Seed capital raise
• Safety Culture on its A$75M Series F capital raise and $90M secondary sale and for prior raises including its A$165 millionSeries C3 capital raise and secondary sale, A$99M Series S2 capital raise and secondary sale, its A$60.5M Series C1 capital raise and A$99 million Series C2 capital raises.
• Linktree on its US10.7M capital raise in 2020, its US$45M capital raise in 2021 and its US$110M capital raise in 2022 at a valuation of US$1.3B.
• Mr Yum on its A$89M Series A & A$11M post-Seed capital raises.
• Slice on its A$7.5 million Series Seed capital raise led by Peak XV Partners and a A$10 million debt facility from Roadnight Capital.
• Culture Amp on its A$120 million Series E capital raise and A$135 million Series F capital raise and secondary sale
• Who Gives A Crap on its A$41.5 Million Series A capital raise