Open banking fintech Basiq sells to payments giant Cuscal

- March 10, 2023 < 1 MIN READ
Cuscal MD Craig Kennedy and Basiq founder Damir Cuca
Cuscal MD Craig Kennedy and Basiq founder Damir Cuca
Payments platform Cuscal has acquiring 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 VC arms of the Australian banks first backed Basiq in 2017, doubling down in a Series A in 2021.

Cuscal, owned by multiple local credit unions and building societies, will take a controlling interest in Braavos Corporation Pty Ltd, the parent company of Basiq, if the deal meets its 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 that to build a complete platform, it was inevitable that Basiq would need to enhance its payment services.

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

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

For Cuscal, its client base of credit unions, mutuals, and banks will have access to data services required to improve their open banking capabilities.

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

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

“With the acquisition of Basiq, we will be able to add the new data capabilities that will enable them to enhance the delivery of their current services.”

Basiq will continue to function independently.