Westpac Seals AU$50 Million Fund with VC Firm Reinventure

Sydney-based venture capital firm Reinventure has sealed a $50 million fund with the backing of Westpac in its quest to cherry-pick the most promising Australian Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups and foster partnerships to make the banking process smoother for customers.

It is the group’s second $50 million fund and sees Westpac double down on its support for the local fintech sector.

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Reinventure makes investments from seed through to Series A and up, with a particular focus on disruptive technologies that have a direct bearing on Westpac's core business or can be nurtured through a closer relationship with the Australian bank.

Reinventure's first $50 million fund was launched in 2014 and has since invested in ten Australian startups including Coinbase, PromisePay, Hey You, Auror and Data Republic.

Westpac chief strategy officer Gary Thursby said,"The Australian fintech industry is developing rapidly and we continue to be impressed by the quality of the talent, ideas and technology that exists in the start-ups. Our vision is to be one of the world's great services companies and we believe the adoption of new customer-focused technologies is an important step in achieving this goal."

A Rapidly Growing Sector

Reinventure’s first $50 million fund was launched in early 2014. Co-founder and managing director Danny Gilligan commented that the fintech sector today is almost unrecognisable from that time.

He said, “There’s been a huge change in both the quality and quantity of ventures in Australia over that timeframe. When we proposed our fund to Westpac in mid-2013 fintech wasn’t a word. Venture capital is a long game so it’s hard to measure when you’re a quarter of the way through the race but there are great signs and we’re confident with how it’s going”.

Australia has exhibited a highly bullish trend where venture capital is concerned in 2016 with many large funds having been announced and closed throughout the year.

This new AU$50 million Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term highlights the rate at which financial innovation is expanding in Australia, and is likely to do so in the foreseeable future.