Sydney fintech startup Kounta has today announced a partnership with the Commonwealth Bank which will see a range of payment and point-of-sale processes integrated into the bank’s EFTPOS tablet ‘Albert’.
Kounta will be offered to CommBank’s business customers as an additional POS app for the tablet, giving businesses the ability to accept payments, manage tables, take customer orders, split bills, and update inventory levels. Along with POS functions, Kounta on Albert will integrate with customer loyalty, accounting, inventory, rostering and payroll applications, bringing together multiple functions on the one device.
Said Nick Cloete, founder of Kounta, “As it stands, existing legacy POS systems limit the movement of retail and hospitality staff. They have to complete orders and payments at static computer and EFTPOS payment stations, a system that’s now extremely outdated and not suited to the modern customer.
“In contrast, businesses that adopt Kounta on Albert will have the freedom of completing transactions including checkout, table management and splitting bills on-the-go, as well as more easily managing stock levels. They’ll also have access to immediate business insights, reporting and assistance through our reconciliation function and CommBank’s Daily IQ service.”
Claire Roberts, executive general manager of local business banking at Commonwealth Bank, said that partnering with Kounta to bring a POS app to Albert is another great example of innovation brought to CommBank clients.
“Kounta on Albert brings together for the first time point-of-sale, payment and back-end processes on one device with a high-level of security and connectivity. Practically, it means staff can be interacting with customers in a more efficient and personable way because they don’t need to be using multiple systems or devices,” she said.
The partnership is just the latest in a long line for Kounta, which has also linked up with companies including MYOB, PayPal, Tyro, Collect Rewards, Swarm and Deputy in the past, while businesses including Sonoma Baking Co, Gelato Messina, Mecca, and Luxe use Kounta’s system. The partnership with MYOB saw the accounting giant also buy a minority stake in the startup for an undisclosed amount.
With users subscribing to a monthly payment plan for the service starting at $50 per month, tiered depending on the different functionality and plugins selected by businesses, Cloete said that the growth of the startup is based on the flexibility, scalability, and affordability of the cloud-based software.
“A business owner can access store figures and results in real time while sitting on the couch at home. And if internet connection is lost, Kounta will continue to operate and auto-update figures in the cloud once back online,” he said.
Kounta is just the latest fintech startup to link up with a bank or corporate over the last few months. Perth online lender Kikka Capital announced a partnership with Qantas through the airline’s Aquire rewards program earlier this month, while Melbourne fintech startup MoneyPlace launched a strategic partnership worth $60 million with Auswide Bank late last year.
The partnership also comes just a few months after CommBank launched a new Innovation Lab in Hong Kong and announced plans to open another in London later this year. Kelly Bayer Rosmarin, group executive of Institutional Banking and Markets at Commonwealth Bank, was also named as part of the Federal Government’s fintech advisory group last month.
Image: Nick Cloete. Source: Supplied.