Brisbane startup Biza.io, which help banks and others navigate the introduction of the Consumer Data Right (CDR) has promoted the company’s head of customer success, Jessica Booth, to the newly created role of chief operations officer (COO). Booth joined Biza in September 2023, having previously worked at cloud enterprise software startup Mastt, as well as holding… Read more »
Open banking facilitation startup Adatree has been acquired by Sydney small business payments provider Fat Zebra for an undisclosed sum. The Sydney regtech platform was the first early-stage startup approved to take part in Australia’s open banking system as Accredited Data Recipient (ADR) for the Consumer Data Right (CDR). Adatree helps fintechs gain access to… Read more »
Back in 2017, The Economist published a headline that became a meme. It said data had become the new oil. By that it meant that the world’s biggest and most profitable companies no longer worked with oil, as they had throughout the 20th century, but with data. By 2022, three of the world’s five most… Read more »
Anyone who has heard me speak over the year and a bit since I became the Minister will have heard me talk about scams. And in particular, we believe the Consumer Data Right can be used to make a real, lasting difference. Scammers are causing untold misery across the country. Conservative estimates tell us that… Read more »
South Australian customer retention fintech Sherlok has raised $3.4 million to help mortgage brokers get better home loan deals for their clients. The round was led by VC Rampersand, with participation from Investible and its Club Investible syndicate, supported by Paloma and Common Sense Ventures. A pioneering use case of open banking from the three-year-old… Read more »
Australia’s roll out of open banking under the consumer data right (CDR) is stalling ahead of the third anniversary of its introduction, with industry lobby groups and the fintech sector calling on the federal government to put in place a long sought-after roadmap for CDR implementation. FinTech Australia and the Financial Data and Technology Association… Read more »
Dear financial industry, I don’t know how to put this any more simply than; screen scraping for banking data is dead. It’s time to move over to Open Banking. This has been a long time coming, and for the fintech industry, this should not come as a surprise. Screen scraping, web connectivity, Digital Data Capture… Read more »
UK software startup TrueLayer has halted Australian operations just 18 months after its arrival. TrueLayer’s software is an intermediary for other startups looking to use the data available under the the Consumer Data Right (CDR) and open banking regime to develop new fintech products. While the British fintech unicorn’s API platform currently processes more than… Read more »
Queensland consumer data right startup Biza.io has raised $7.5 million in a Series A. The round led by OIF Ventures and Jelix Ventures in the first raise for the Brisbane fintech after five years of bootstrapping. Biza helps banks, financial institutions, energy retailers and others in the CDR space with Software-as-a-Service solutions for both data… Read more »
Complaints from the fintech sector that some major banks have been slow to get with the program when it comes to open banking have proved true with the competition watchdog slapping a $133,200 fine on the Bank of Queensland. The Australian Competition and Consumer Commission (ACCC) issued the penalty and infringement notice against BoQ for allegedly… Read more »
Federal treasurer Josh Frydenberg hands down his fourth and final budget before the federal election on Tuesday evening and the startup sector is hopeful that as it prepares to head to the polls, the Morrison government will address a range of issues facing tech. So what’s on the wish list? We spoke to a range… Read more »
Consultation on expansion of the Consumer Data Right (CDR) to open finance has been kicked off by the Australian government. A consultation paper released today calls for public input on datasets to be considered from non-bank lending providers, offering fintechs the chance to develop innovative consumer use cases. Earlier this year, the federal government announced… Read more »
With petrol prices rising, are you filling up on the best day of the week? Are you subscribing to too many streaming services? And how much are you actually spending on home delivery? An emerging breed of AI-driven fintechs can tell you all of this and more – simply by looking at your account and… Read more »
Legislation is never the fastest moving part of the technology sector, but when it does catch up, the industry should rethink the practices that have been addressed by a new law. One such example is screen scraping, a data collection practice that has been banned overseas and needs to be banned in Australia for its… Read more »
Open banking in Australia is the first train to leave the station under the Consumer Data Right (CDR). This past year has been critical in laying the tracks. We have 72 banks registered by the Australian Competition and Consumer Commission (ACCC) with the status of Data Holder, so they can now supply data. This covers… Read more »
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