Commonwealth Bank has pledged to launch 25 new startups over the next five years in a new incubator - to be called X15 Ventures, which it launched in partnership with Microsoft and KPMG.
According to Financial Review, CBA will retain ownership of startups developed alongside entrepreneurs at X15, which will be a fully-owned CBA subsidiary but operate outside the bank's bureaucracy. It is planning to make successful concepts available to non-CBA customers, as well as to enhance its CBA's banking applications.
The bank will partner with Microsoft and KPMG High Growth Ventures to develop 25 new startups in the next five years.
The plan distinguishes CBA's fintech strategy from Westpac and National Australia Bank, which have provided funding for 'corporate venture capital' funds to invest in start-ups controlled by their founders.
CBA announced the first two concepts that its new "venture building entity" will support: Home-In, a digital concierge to assist customers with the home buying process; and Vonto, an aggregation tool for business insights.
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