A start-up that provides Australia’s first open banking API platform, has gained investments from NAB Ventures and Reinventure in a seed funding round.
A week after National Australia Bank’s venture capital fund, NAB Ventures, led a funding round in a Toronto-based cloud financial technology company, the unit has moved to back a local fintech.
Based in Sydney, Basiq’s core platform enables fintech companies to securely acquire authorised financial data on behalf of their customers.
This enables fintechs to develop innovative solutions for their customers around services such as personal finance management, wealth management and income verification.
Innovation With Regulation
Basiq launched in early 2017 and is unique in the Australian market with a product that provides easy integration, user friendly developer experience and a pay-as-you-go pricing model.
According to Damir Cuca, Basiq’s Founder, the fundamental mission is to enable innovation in the fintech space. By providing a platform that delivers core banking functionality through a set of secure and easy to use API services the opportunities and possibilities of what can be created are endless.
«The way financial institutions use and share data continues to be an area of focus as banks look for ways to provide improved products and services for their customers,» said Todd Forest Managing Director NAB Ventures.
