Payment giant Visa has made a strategic investment in Basiq – a Sydney-based start-up that captures bank data for fintechs – in a move that points to payments and broader data sources being combined to improve digital services across the economy.
Visa joins National Australia Bank and Westpac’s venture capital fund Reinventure Group, and big US software players Salesforce and Plaid, as investors in Basiq, which sits between more than 100 banks and around 200 fintechs.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
