Australia's NAB and Westpac back data sharing startup Basiq

Australia's NAB and Westpac back data sharing startup Basiq

Australian open API startup Basiq has gained seed funding from Nab Ventures and Westpac-backed startup vehicle Reinventure as the country's banks prepare for a new era of client data sharing.

Based in Sydney, Basiq’s core platform enables fintech companies to securely acquire authorised financial data from banks for use in the development of third party applications.

Bank data sharing is a thorny subject in tthe Australian market and Basiq's aim is to become an honest broker bridging the gap between existing financial institutions and fintech startups.

Basiq founder Damir Cuca, says: "The institutions provide the regulatory discipline and the core systems, and the fintechs provide the speed of innovation."

Australia's banks have been brought to task by the country's politicians over their handling of client data and have been threatened with the introduction of binding legislation to create a mandatory Open API framework.

Managing director NAB Ventures, Todd Forest, says: “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. Basiq is still in its early stages, but it is developing a dynamic technology platform; as they grow and develop their platform and tech capabilities we hope this relationship will help provide us with valuable insights and opportunities for future innovation.”

The size of the investment was undisclosed.

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