One of the four biggest Australian banks is considering tapping in to external sources of capital to boost its next fund aimed at FinTech startups.
Since Westpac’s venture capital fund Reinventure was launched in 2014, it has injected $150m into more than 25 FinTech startups.
Wespac has previously backed three of the investment body’s funds. Now co-founder Danny Gilligan has told the Brisbane Times that Reinventure is in talks with Westpac about “what the make-up of the next fund looks like, and whether that will continue with the bank as sole LP [limited partner] strategy, or whether we will look to external capital to make up part of the fund.
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