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  • Open banking fintech Basiq sells to payments giant Cuscal

Open banking fintech Basiq sells to payments giant Cuscal

Payment platform Cuscal has acquired Consumer Data Right startup Basiq for an undisclosed sum.

The deal provides an exit for investors including NAB Ventures, Salesforce Ventures and Westpac’s Reinventure, as well as Visa. The Australian banks’ VC arms first backed Basiq in 2017, doubling down in a Series A in 2021.

Cuscal, owned by several local credit unions and building associations, takes a controlling interest in Braavos Corporation Pty Ltd, Basiq’s parent company, if the deal meets due diligence thresholds.

Basiq’s API platform provides data and open banking services to more than 150 companies, from major banks to fintechs.

CEO and founder Damir Cuca said to build a complete platform, it was inevitable that Basiq would have to improve its payment services.

“Cuscal is behind most innovative payment services in Australia and was the first to bring PayTo capabilities to market, making it possible to use the new payment services that offer real-time account-to-account payments,” he said.

Basiq will create a one-stop-shop for fintechs to roll out CDR services.

For Cuscal, the customer base of credit unions, mutuals and banks will have access to data services needed to enhance their open banking capabilities.

Cuscal CEO Craig Kennedy said he is impressed with Basiq’s ability to run and present complex services such as data in a simple and developer-friendly way.

“Basiq has taken the SaaS playbook to heart and ensured that their customers have the services they need to plug and play and bring their apps to market with relative ease,” he said.

“With the acquisition of Basiq, we can add the new data capabilities that will help them improve the delivery of their current services.”

Basiq continues to function independently.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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