As it continues the hunt for the most promising Australian fintech startups, Sydney-based venture capital firm Reinventure has closed a fund with the backing of Westpac.
For the bank, the fund represents an opportunity to create partnerships with entrepreneurs in order to make the banking process smoother for clients, according to Gary Thursby Westpac's Chief Strategy Officer.
«The Australian fintech industry is developing rapidly and we continue to be impressed by the quality of the talent, ideas and technology that exists in the startups,» Thursby said.
Doubling Down on Fintech
Westpac is the largest investor in the Reinventure Fund. The fund is operated independently by the managers, Danny Gilligan and Simon Cant, who are also co-investors in the fund. This they claim commits them fully focus on helping their companies succeed.
It is the group’s second $50 million fund and sees Westpac double down on its support for the local fintech sector.
Reinventure co-founder and managing director Danny Gilligan says the close relationship with the corporate bank made the process of raising capital very smooth.
