Varghese brings a decade of experience in financial services and technology to the role, holding positions at Mastercard, The Boston Consulting Group and Cisco.

As part of the role, Varghese will be responsible for working closely with mx51’s partners and clients -- which includes major banks and financial institutions -- to ensure their success with the fintech’s technology and keep them ahead of disruption in the payment sector.

“Varghese’s blend of both financial services and technology expertise, as well as his recent leadership position at Mastercard make him the perfect candidate for this role, working closely with our customers to ensure their success,” mx51 CEO and co-founder Victor Zheng said.

“Talent continues to be in short supply for the fintech sector. But we’re pleased that mx51’s mission and growth trajectory continues to draw in candidates like Varghese, who will prove instrumental in further growing our business.”

Commenting on the appointment, Chief Customer Officer of mx51 Varghese Mathew said: “It’s a pleasure to work with Victor, Magnus and Steven to take mx51 to the next level. My role essentially supports the substantial growth the company has seen in the past year, working closely with our major customers to ensure their success and keep them one step ahead of the escalating disruption in the global payment industry.”

“Fintech is on the cusp of yet another great shift, with global companies that were once only payment businesses moving aggressively into traditional banking services such as lending. With so much change happening both in Australia and abroad, it’s an exciting time to be on the coalface of this disruption within the payments sector.

Banks and acquirers leverage mx51’s technology to offer a white-label robust and secure payment platform for merchants that competes with solutions such as Stripe, Tyro and Square.

This helps these companies maintain the key relationship with their business customers on which businesses can build additional value services.

The news follows mx51 raising $25 million in May 2021, in a round led by Acorn Capital, Artesian, Commencer Capital and Mastercard. Since launching last year, mx51 has processed close to $2 billion in transactions and expects that figure to grow to $10 billion over the next 12 months.