Westpac will enter into collaboration with a Sydney-based venture capital firm, continuing the bank’s initiatives in fintech funding.
Among the major hurdles fintech start-ups face during their period of development is the search for adequate funding and ability to raise capital quickly. Westpac will show its support for the industry through a second VC partnership, which will see it work in conjunction with Sydney-based firm Reinventure to provide a $50M fund for fintechs.
Westpac will now aim to use the effort as a means to forge new partnerships with local entrepreneurs in the finance space and continue an in-house process of innovation to digitise the banking experience.
The positive step towards traditional and alternative finance collaboration indicated the thriving Australian innovation scene, which Westpac and Reinventure hope will encourage entrepreneurs and catch the eye of overseas investors.