CommBank announced today that it has invested $A30 million in the online shopping startup Little Birdie, bringing its pre-launch valuation to $A130 million.
Little Birdie claims that this is “potentially one of the largest pre-launch funding rounds in Australia.”
Little Birdie uses AI to collate a homepage of online shopping, with over 70 million products to choose from, updating price drops, sales offers and events in real time. In partnering with CBA, Little Birdie’s shopping content is set to be integrated overtime into the Commbank app, aligning with the company’s strategy to connect customers with great offers.
According to Jon Beros, the co-founder and CEO of Little Birdie, “Part of our growth strategy is to integrate major brands with Little Birdie’s shopping content to drive greater engagement and a seamless customer experience.”
Little Birdie says that they will use the capital raised to fast track their growth and international expansion as well as to bring enhancements to their platform.
“Retailers and brands are looking for new and better ways to connect and engage with shoppers. Consumers are bombarded with messages and options on a daily basis making shopping online an overwhelming experience for many, leading to abandoned shopping carts and customer churn,” says Beros.
“Little Birdie solves this problem with its pioneering retail model that provides shoppers with a smarter and more convenient way to shop. Retailers also take advantage of a new customer acquisition channel that delivers highly qualified customers. We believe that Little Birdie will become a daily habit for savvy shoppers.”
According to Angus Sullivan, Commonwealth Bank Group Executive, “This partnership marks a shift in the ecommerce landscape in Australia, seamlessly blending banking and shopping and bringing the experience together.”
The integration of Little Birdie’s platform onto the CommBank app will bring the startup access to 11 million of CBA’s Australian retail customer base.
“Customers appreciate the relationship between their banking and spending, and are increasingly looking to their bank to help them manage their money and save for their goals,” says Sullivan.
“We believe customers should have access to the world’s best digital experience and our partnership with Little Birdie will give customers access to exclusive industry leading deals via the CommBank app.”