Sydney regtech startup Adatree has been approved to take part in Australia’s open banking system as Accredited Data Recipient (ADR) for the Consumer Data Right (CDR).
It’s the first early-stage startup accredited and the first ADR with a female CEO, Jill Berry.
Adatree 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.
In January, Adatree raised $1.2 million in a seed round as it prepared to push into the CDR space.
Berry said accreditation will enable Adatree to host the Open Banking platform in its own cloud environment, decreasing costs for customers, while increasing setup and maintenance speeds and simplifying the overall process. The startup also plans to bring its own B2B or B2C CDR-powered products and services to market.
“Adatree is proud to be the first startup to be accredited as a Data Recipient by the ACCC. Hopefully this is an inspiration to companies that have been wanting to do it,” she said.
“We see our small size as an advantage to work quickly, create and communicate processes and policies, and have a short feedback loop. Now Adatree can be a CDR intermediary to power the technical connections of Open Banking, helping to store, analyse and enrich data for customers too.
Berry said they’re also planning to launch a new product to specifically to cut weeks off the CDR application process within the next week.
“There are a lot of companies out there who just complain it is too hard to participate in the CDR. We’re here to show that it can be done quickly, easily and without needing a lot of resources,” she said.
“There are high standards for a regulated industry, but ultimately that’s what consumers will expect of those that handle their data.”