CBA appoints fintech partners to deliver new digital banking services

Commonwealth Bank of Australia (CBA) has partnered with Square Peg and Zetta Venture Partners to offer new digital banking services to its 15 million customers.

The bank has pledged $10m towards both the partners for sourcing, scaling and financing local fintechs, as well as developing upcoming artificial intelligence (AI) businesses in Australia.

The move overlaps with the launch of CBA’s X15 Ventures’ fourth new venture named Backr.

Backr provides digital guidance on starting a small business through a step-by-step process.

Venture capital fund Square Peg will partner with X15 on sourcing, scaling and financing of Australian fintechs.

On the other hand, American venture capital fund Zetta Venture Partners will continue investing in AI companies in Australia.

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Source: CBA appoints fintech partners to deliver new digital banking services