Westpac is doubling down on its investment in the fintech startup scene, pumping another $50 million into a second fund to be managed by Reinventure Group.
Reinventure makes investments from seed through to Series A and up, with a particular focus on disruptive technologies that have a direct bearing on Westpac's core business or can be nurtured through a closer relationship with the Australian bank.
Reinventure's first $50 million fund was launched in 2014 and has since invested in ten Australian startups, SocietyOne, Coinbase, Nabo, Zetaris, PromisePay, Hey You, Auror, Data Republic, Flare and Valiant.
The VC has yet to see a return on its investments, which represent approximately 60% of the fund's total value, but says that all of the company's in its portfolio have made positive strides and picked up additional funding from other investors.
Westpac chief strategy officer Gary Thursby, says: "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 start-ups. Our vision is to be one of the world's great services companies and we believe the adoption of new customer-focused technologies is an important step in achieving this goal."