Identitii (ASX:ID8) subsidiary to receive $150,000 investment

Fintech company Identitii (ID8) has signed a memorandum of understanding with CBA New Digital Businesses, also known as x15ventures.

Under the terms of the MOU, x15ventures will make a direct investment of $150,000 into a newly incorporated Identitii subsidiary, Payble.

Identitii founded Payble in conjunction with Elliott Donazzan, the company’s Director of Innovation. The company owns 87.5 per cent of issued capital in Payble, while Elliott owns the remaining 12.5 per cent.

Payble is intended to be a more affordable alternative to the current direct debit process. The subsidiary will leverage new open banking technology, as well as Identitii’s participation in the ACCC’s Consumer Data Right ecosystem testing.

Payble will also monetise an investment which its parent company previously made in fully developed user-facing mobile and web applications.

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Source: Identitii (ASX:ID8) subsidiary to receive $150,000 investment – The Market Herald