Open banking startup Basiq lands funding from Westpac and NAB

Tuesday 1 October 2019 11:57 CET | News

The venture capital funds of Westpac and National Australia Bank have co-invested in Open Banking startup Basiq.

The seed investment by Reinventure Group, Westpac’s venture capital fund, and NAB Ventures comes after Treasurer Scott Morrison said in last month’s budget an Open Banking regime would be created, liberating customer banking data. The Productivity Commission, and a parliamentary committee have also called for the establishment of data-sharing regimes.

Basiq scrapes financial data from bank webpages to help fintechs compete with incumbent banks. Taking advantages of the government’s moves to create an economy where data moves more openly, it plans to morph into a banking platform that uses application programming interfaces to improve customer experience of financial services.

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Keywords: Basiq, Westpac, National Australia Bank, Reinventure Group, The Productivity Commission, data-sharing regime, Open Banking, Australia, online banking, Open API, digital banking
Countries: World