Open banking start-up Basiq has concluded its Series A funding, securing investment from Salesforce Ventures, NAB Ventures and Westpac’s Reinventure.
The fintech platform provides access and insights into financial data that it says enables organisations to take advantage of open banking via a consent-driven model that can obtain customer consent at the point of data collection.
Basiq also provides a range of services that make it easier to draw insights from banking data, such as determining individuals income and expenses as well as the ability to detail an individual’s full financial health in one report.
Basiq started off with a focus on providing access to financial data from over 60 institutions. This data is used by developers and financial institutions in their financial products and services for end customers. Its customers include include UBank.
Once the open banking APIs become available in February 2020, the platform will be able to draw on more data. The company says its focus will shift from providing access to financial data to being able to obtain the best customer insights across an aggregated view of all their accounts.
“Basiq’s rapid growth since our initial investment in 2017 highlights the market demand for data and the customer insights it can provide. As the market matures and more use cases are realised, Basiq will play a central role in ensuring banking data is utilised effectively and securely,” said Rohen Sood, General Partner at Reinventure.
According to Basiq’s founder and CEO, Damir Cuca,”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.”
Clarification: An earlier version of this story stated and credit bureau Equifax was a customer of Basiq. It is a distribution partner.