NAB Ventures, a venture capital arm of National Australia Bank, along with Reinventure have provided seed funding to Basiq, an Australian-based start-up that offers open banking API platform.

However, the amount of funding received by the startup has not been disclosed.

Founded in early 2017, Basiq offers a platform for fintech companies to securely acquire authorised financial data on behalf of their customers.

This service helps fintech companies to develop innovative solutions for their customers around things such as personal finance management, wealth management and income verification.

The startup claims to offer a unique product in the Australian market, to provide easy integration and a pay-as-you-go pricing model.

Established in January 2016, NAB Ventures is the venture capital arm of National Australia Bank (NAB). It supports entrepreneurs in Australia and offshore in their endeavors to build technology companies.

Basiq founder Damir Cuca said: “Basiq’s fundamental mission is to enable innovation in the fintech space. By providing a platform that delivers core banking functionality through a set of secure and easy to use API services the opportunities and possibilities of what can be created are endless.”

“A key part of realising this vision is to work with existing financial institutions and fintechs and be the bridge between the two. The institutions provide the regulatory discipline and the core systems, and the fintechs provide the speed of innovation.”

Reinventure general partner Kara Frederick said: “Damir is a repeat founder with a unique ability to balance the sophisticated requirements of financial institutions with the pace and specialisation of fintechs. The result is that Basiq’s platform enables an ecosystem of tailored and secure solutions that banking customers want.

“Through this investment, Basiq will help to open up a world of fintech end-to-end solutions, some of which we anticipate – like the digitisation of the traditionally manual mortgage application process – and many of which are yet to be discovered.”

Image: NAB and Reinventure invest in financial start-up Basiq. Photo: Courtesy of National Australia Bank Limited.