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Acacia uses open banking to help Aussies build wealth in sustainable way

Acacia uses open banking to help Aussies build wealth in sustainable way

Australian startup Acacia is emerging from stealth mode with the launch of it money management app that uses open banking and data analytics to give user insights into their financial and environmental arrangements.

Built on micro-service and cloud-based technology architecture, the app offers sustainable analysis tools that will help users to understand their carbon footprint and the environmental impact of their financial and energy arrangements.

Initially, it will incorporate savings accounts, mortgages and energy providers alongside sustainable spending analysis. Super and investment solutions are in the pipeline.

Acacia founder and CEO Anil Sagaram has over 20 years experience developing financial platforms, including leading the design and development of Westpac’s flagship wealth management offering.

Says Sagaram: "Australians are changing the way they make their purchasing choices and the way they manage their money. They are moving away from traditional banking and there is growing interest in not just doing well, but also doing good.

"Given the widening intergenerational wealth gap and the current generations focus on social values, it’s important to be transparent on not just the financial but also the longer-term environmental impact of money management."

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