Westpac has launched a new venture capital fund targeting financial technology start ups
Westpac has launched a new venture capital fund targeting financial technology start ups. The venture will look to make between 12 and 20 investments and has up to $50million to invest. It has already made its first investment with a peer-peer lending business. Essentially a platform that allows borrowers and lenders to transact without the fee structure associated with having a bank involved ((VIEW LINK). The model of the Westpac venture is to outsource the R&D function that they already had inside the bank by taking small stakes in a number of businesses. Financial Technology or Fintech makes up a relatively small part of the global marketplace when it comes to investment, transactions and innovation. We have already seen the pace at which mobile payments technology has moved and by the look of this venture from Westpac there will be plenty more disruption and innovation to come. More here (VIEW LINK)
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