Commonwealth Bank (CBA) announced two new strategic partnerships today to help deliver new digital banking services and X15 Ventures’ fourth new venture, Backr.
CBA has added $10 million in the most recent funds for Square Peg and Zetta Venture Partners to support the sourcing, scaling and financing of local fintechs, as well as the development of growing artificial intelligence businesses in Australia.
CBA’s X15 also announced its venture Backr. It offers digital, task-based approach to starting a small business, with a step-by-step guidance for business owners through the process, from registration for their business name and ABN, to creating a business plan and using simple tools to get them trading.
Commonwealth Bank CEO, Matt Comyn said:
Through Backr, we hope to help thousands of new digitally enabled small businesses get off the ground. This is now more important than ever given the need to drive the economic recovery. To support this initiative, CBA will deposit $500 into the account of any eligible business launched through Backr, until the end of 2020.