CBA welcomes Square Peg and Zetta as strategic partners for new digital service

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.

CBA welcomes Square Peg and Zetta as strategic partners for new digital service

Comyn added:

Matt Comyn, CBA

Matt Comyn

We’re also delighted to welcome Square Peg and Zetta as strategic partners and look forward to working with them to bring new solutions to our customers, harnessing the latest technologies, artificial intelligence, and machine learning models.

Venture capital fund Square Peg has backed a range of successful Australian ventures and will partner with X15 on the sourcing, scaling and financing of Australian fintechs. American-based venture capital fund Zetta Venture Partners invests purely in artificial intelligence companies.

CBA’s partnership with biggest digital payments provider Klarna also had some updates. Since its launch in the beginning of the year, the Klarna App has been downloaded by over 270,000 users and over 80 merchants are now live on the platform. Klarna’s lobal revenue has increased to $750 million for the first half of 2020 and Klarna has seen volume growth of up to 50% YoY during the coronavirus period.

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