Basiq closes Series A to support open banking in Australia

Open banking platform Basiq has closed its Series A round on an undisclosed amount, following investments from NAB Ventures, Salesforce Ventures, and Westpac’s Reinventure.

Capital from the round will be used to meet market demand for its services.

Australia’s open banking regime will give consumers the right to share their bank transaction data with third-parties. Basiq is helping banks, lenders and FinTechs leverage the full financial picture of a consumer by creating a unique lending and digital banking solution.

The company empowers organizations to use a consent-driven model which helps obtain customer consent at the point of collection. Additionally, it gives tools to help generate insights from banking data, such as an individual’s income, expense, categorization, and create a single report detailing their entire financial picture.

Basiq founder and CEO Damir Cuca said, “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.”

The investment from Salesforce Ventures is one of the first from its new $50m Australia Trailblazer Fund which is backing Australian startups.

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