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The CBA launches X15 Ventures with KPMG and Microsoft Technologies

Author : Pankaj Singh | Published Date : 2020-02-03 

The Commonwealth Bank of Australia (CBA), a renowned Australian multinational bank with operations across the globe, reportedly announced its plans to launch 25 new fintech startups throughout the next five years. The company aims to fund disruptive and innovative companies through this move.  
For this new initiative, the bank, in collaboration with KPMG, a Netherlands based professional services network, and tech giant Microsoft, launched a new entity named X15 Ventures.
Chief Executive of CBA, Matt Comyn stated that the bank does not want to remain a passive equity investor and wants to collaborate with a number of different businesses throughout critical platforms, eco-systems, and customer experiences, as the industry evolves.
CBA stated that this new move, which comes followed by other banks initiating their venture capital investments, would bring in $1 billion in technology investments to fund fintech start-ups. Also, X15 would be completely owned by CBA.
CBA further stated that the businesses developed under X15 would have their dedicated management team and a delivery model. KPMG High Growth Ventures would work as an adviser for X15 whereas Microsoft would offer engineering and platform services. These services also include offering novel businesses with access to Microsoft’s artificial intelligence technologies.
X15 Ventures would compete with other innovation hubs like Stone & Chalk, where fintech start-ups are generally backed by venture capital, but would also offer a choice to exit for founders in those hubs planning to sell their businesses.
Several fintech firms struggle to grow since the banks are not willing to partner with them. Speaking on this, Mr. Comyn further stated that with the X15 launch, the bank expected contact from the regional community and was also willing to be flexible in it requirements.
Microsoft Australia Managing Director, Steven Worrall stated that the company believes that the forthcoming wave of key technology breakthroughs would come from collaborations like this, integrating the deep technical capabilities as well as absolute clarity regarding the business challenges that are required to be addressed.

Source credit: https://www.theage.com.au/business/banking-and-finance/cba-announces-new-push-to-fund-fintechs-20200203-p53x68.html
 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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