Ben Heap to chair Commonwealth Bank tech venture

Commonwealth Bank has named venture capitalist Ben Heap to be the first independent chairman of x15ventures.

Commonwealth Bank CEO CEO Matt Comyn at last year’s X15venures launch. Picture: John Feder

Commonwealth Bank has ramped up its technology investment arm x15ventures, announcing two key appointments including fintech venture capitalist Ben Heap as the entity’s first non-executive, independent chairman.

Ahead of a CBA technology update on Thursday, when chief executive Matt Comyn will map out the bank’s plan to be global digital leader, x15 has also appointed entrepreneur Jane Martino as the fund’s first external portfolio adviser.

Ms Martino will provide recommendations to x15’s investment committee on the funding of new ventures.

Mr Heap, the co-founder in 2015 of the fintech venture fund H2 Ventures, which has invested in more than 50 fintech start-ups, said he looked forward to helping the nation’s innovators bring new solutions to the market.

Ben Heap.

CBA partnered with Microsoft and KPMG High Growth Ventures almost a year ago to use the bank’s balance sheet, franchise strength and security standards to create x15 and build stand-alone digital businesses which benefit CBA and its customers.

The entity, wholly-owed by CBA, is run by Toby Norton-Smith, and is funded from the bank’s $1bn annual technology budget.

Mr Comyn said at the time that the objective was to bring together “brilliant service with the best technology to deliver exceptional customer outcomes”.

“X15 will enable us to innovate more quickly, and continue to offer the best digital experience for our customers,” he said.

The first two businesses to emerge from x15 were Home-In, a digital home-buying concierge, and Vonto, a business insights aggregation tool.

The fund said it intended to launch at least 25 ventures in five years.

Mr Norton-Smith said Mr Heap had a “long and celebrated” career in financial services, as well as extensive experience in the start-up scene.

“(He) will help to deepen the board’s existing skills and expertise,” the x15 boss said.

Ms Martino, he said, brought a blend of successful entrepreneurial experience and a track record of scaling and growing business with venture capital, corporate investors and distribution partnerships.