Fintechs gear up for open banking

A provider of data and analytics insights has acquired an Adelaide-based fintech as preparation for an open banking regime.

Formerly Dun & Bradstreet, analytics firm illion has acquired Proviso, a specialist in automated bank statement retrieval, analysis and categorisation solutions.

Proviso was founded in 2013 by Luke and Dallin Howes and counts major banks and non-bank lenders among its clients.

The timing was right for Proviso to tap into a wider network of customers, while also gaining access to illion’s extensive data analytics capabilities, Proviso chief executive Luke Howes said.

“Proviso has grown considerably since 2013, developing innovative products, forming great customer relationships and providing services to millions of consumers in Australia and New Zealand. We felt now was the right time to accelerate that growth and the illion deal enables us to do that,” Howes said.

Describing illion as an “established, trusted and reliable data and analytics company”, Howes added that Proviso’s mission to reduce friction in financial services fits perfectly with illion’s commitment to developing products and services that make life easier for businesses and consumers.

illion chief executive Simon Bligh said the acquisition of Proviso further builds on the business’ strategy of developing such products and services.

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Source: Fintechs gear up for open banking | Financial Standard