NAB Invests in Fintech-Innovation

Todd Forest, NAB Ventures

Todd Forest, NAB Ventures

NAB Ventures, National Australia Bank’s innovation fund, has made its first investment, backing a technology startup.

The Melbourne headquartered National Australia Bank (NAB) has announced it is making its first investment in Sydney-based technology start-up Data Republic.

NAB Ventures, backed with $50 million, is one of three large corporate investors who have contributed a total $10.5 million in this Data Republic Series A funding round. NAB Ventures Managing Director Todd Forest, who joined the bank in April this year, said the deal was an exciting first step for the fund. Westpac and Qantas have also taken stakes.

Improving the Personal Experience

«Data Republic is doing some really innovative work to improve the personalisation experience for customers, this strategic equity partnership gives us a seat at the table to help develop Data Republic’s capabilities and ultimately improve the experience for NAB customers in the future,» Forest said.

Founded by Paul McCarney and Danny Gilligan, Data Republic is a platform for data exchange between platform partners and contributors with the aim of enhancing the personalised customer experience for those companies using the platform.

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