NAB and Westpac invest in Open Banking startup Basiq

01 Oct 2019

Australian Open Banking platform Basiq has closed a Series A funding round joined by NAB Ventures, Salesforce Ventures and Westpac’s Reinventure. The size of the round was not disclosed.

Basiq is cashing in on Australia’s forthcoming Open Banking regime, which gives customers the right to share their bank transaction data with third parties.

NAB and Reinventure both backed Basiq’s seed round in June 2017. At the time, the major Australian banks were pushing back against Government plans to mandate Open Banking.

However, the recent passing of new legislation on consumer data rights has paved the way for the full-scale introduction of Open Banking, giving a shot in the arm to the country’s fintech sector and attracting interest from ERP companies like Salesforce.

The Sydney-based startup has already signed up NAB’s digital unit UBank and credit bureau Equifax to its technology which helps with sharing data but also makes it easier to draw insights, such as determining individuals’ income and expenses.

Damir Cuca, CEO, Basiq, says: “Customers will discover that by sharing a full financial picture of themselves, they will be offered tailored services and products – just for them. Basiq provides a platform for organisations to gain meaningful customer insights in shaping the next generation of financial services.”