Consumer Data Right startup Adatree has raised $1.2 million in a seed round co-founder Jill Berry says was nearly three-times oversubscribed.
Tyro Payment co-founder Peter Haig and the company’s chair, Kerry Roxburgh, led the round alongside Equity Seed, Kylie Frazer and Rachael Neumann of Eleanor Ventures, and bank executive Angus McBean.
Equity Seed’s Mark Hutchins is joining Adatree’s board.
Berry, Adatree’s CEO, was product lead on Tyro’s cash flow business lending product and a founding member of the neobank Volt before going off to found her CDR tech platform with Shane Doolan in 2019.
With CDR, often referred to as open banking, now seven months old in Australia, the duo are looking to ramp up Adatree, which helps fintechs gain access to open banking, offering of a scalable technology platform for companies to access and leverage data, accessible through a single API.
Berry said the seed funding will be used to further develop that tech.
“Adatree’s platform will enable data recipients to not only access data, but leverage, categorise, enrich, analyse and make it actionable,” she said.
“This is aligns to customer journeys to bring smoother and smarter use cases to life, still all through one API.”
Berry said open banking will irreversibly change the way the consumers expect to share data.
“If you’re looking for a new home loan, budgeting tool, credit check, the days of sharing statements or sharing online login credentials will be long gone,” she said
With CDR due to roll out into the energy and telco sectors in 2021, Berry is looking to position Adatree as the leading market solution for consumer data right ventures
“Adatree has a key strategy of accessing and leveraging data not just from banking, but across energy, telecommunications, insurance, superannuation and all future designated industries,” she said.
“This really accelerates personalisation for qualifications, offers and just decreasing someone’s life admin.”