Basiq, a leading fintech providing access and insights into financial data, has concluded its Series A funding round with investments from NAB Ventures, Salesforce Ventures and Westpac’s Reinventure. With the capital injection, Basiq will be better positioned to fulfil the strong market demand facing the company.
The rollout of Australia’s open banking regime means that customers are given the right to share their bank transaction data. This has accelerated the need for Basiq’s product as banks, lenders and fintechs look to leverage a full financial picture of a customer in creating unique lending and digital banking solutions.
Currently, banks such as UBank are leading the innovation space by using customer insights from Basiq to develop leading edge financial management apps. Credit bureau Equifax has also chosen the company as its sole partner for providing access to transaction data and insights for all their customers.
“Basiq’s rapid growth since our initial investment in 2017 highlights the market demand for data and the customer insights it can provide. As the market matures and more use cases are realised, Basiq will play a central role in ensuring banking data is utilised effectively and securely,” said Rohen Sood, General Partner at Reinventure.
Salesforce Ventures’ investment is one of the first from its USD $50 million Australia Trailblazer Fund, aimed at supporting Australian innovators to create next generation technology that drives customer success.
“Basiq’s value proposition is compelling, it’s never been more important for financial services companies to be closer to their customers. We’re proud to join NAB Ventures and Westpac Reinventure in this funding round,” said Rob Keith, Principal at Salesforce Ventures.
According to Basiq’s founder and CEO, Damir Cuca,"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."
Basiq enables organisations to take advantage of open banking via a consent-driven model that can obtain customer consent at the point of collection. Importantly, the company also provides a range of services that make it easier to draw insights from banking data, such as determining individuals income and expenses as well as the ability to detail an individual's full financial health in one report.
About Basiq: Basiq is an open banking platform that provides a range of services that make it easier to consume and draw insights from banking data, such as determining individuals income, expense categorisation and the ability to produce a single consolidated report detailing an individual's full financial picture.
The platform allows developers and financial institutions to leverage the power of data in gaining greater customer insight and delivering more effective financial products and services for end customers.
About Salesforce Ventures: Salesforce Ventures — the company’s corporate investment group — invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform. Portfolio companies receive funding, access to the world’s largest cloud ecosystem and guidance from Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 countries since 2009. For more information, please visit www.salesforce.com/ventures.
About NAB Ventures: NAB Ventures invests in start-ups that can leverage NAB’s expertise, assets and market position, whilst also driving value for NAB. NAB Ventures is a global initiative supporting entrepreneurs in Australia and offshore in their quest to build leading technology companies. Its partners have founded, led, and invested in technology companies for two decades in both Australia and the US. To learn more about NAB Ventures visit: www.nabventures.com
About Westpac Reinventure: Reinventure is a founder-first Australian corporate venture capital fund. We focus on creating options in the businesses of the future through venture investment and a strategic relationship with our largest limited partner, Westpac Banking Corporation.