Visa makes a strategic investment in Basiq

  • By Zilla Efrat

A strategic investment from Visa is set to help accelerate Basiq’s ability to meet growing API demand as the consumer data right and open banking plays out in the Australian market.

“As the world’s leader in digital payments, Visa has the trust, scale, and network capabilities to fast-track open banking adoption and drive fintech innovation domestically while also providing a global perspective from the onset,” says Damir Ćuća, CEO and founder of Basiq.

“Partnering with Visa will help accelerate our mission of providing the building blocks of financial services to businesses of all sizes.”

Basiq is an API platform that is currently used by over 200 banks and fintechs to create customer-centric experiences across segments such as lending, digital banking, investment, buy now pay later, payments and many others.

Visa and Basiq plan to work jointly on new products and services that take advantage of the open data economy and enable Australian fintechs and financial institutions to solve customer pain points and deliver new experiences.

“We’re excited to partner with Basiq on open data, an area where Visa sees great potential to drive innovation in financial services,” says Julian Potter, group country manager, Australia, New Zealand and South Pacific, Visa.

“Visa is known for money movement, but moving digital money is fundamentally about moving data. We’re extending our network capabilities and expertise into data movement, and our investment in Basiq is a great example of how we’re supporting the rise of the open data economy in Australia."