One of the big four banks in Australia has launched a new accelerator to support FinTech companies with solutions that could be integrated in the bank’s services.
Commonwealth Bank of Australia’s new initiative is named X15 Ventures. It is set up to enable startups to leverage the bank’s financial capacity and scale.
Microsoft and KPMG High Growth Ventures will support the startups in the accelerator with technology in the former’s case and with professional services like tax and accounting in the latter’s.
Commonwealth Bank of Australia will fund X15 Ventures with a part of the bank’s AU$1bn commitment to spend money technology, according to report by ZDNet.
X15 Ventures is set up to support roughly five startups per year over the next five years, starting with five ones in 2020.
In January, Commonwealth Bank of Australia supported buy now, pay later unicorn Klarna’s Australian launch with a US$200m investment.
Copyright © 2020 FinTech Global
