Afterpay-backed AP Ventures has invested $10 million in data capture company Basiq, in a bid to strengthen Afterpay’s ability to offer budgeting and savings tools for customers joining Afterpay Money, a new app that will provide transaction accounts through Westpac.
Former Westpac CEO Brian Hartzer has also invested in Basiq, along with US data giant Plaid, whose acquisition by Visa was blocked by the US Department of Justice in January.
Basiq and Plaid have a referral partnership to help fintechs access bank data in Australia and the United States.
Jim Davis, founder of renowned US investor Woodson Capital Management, and an Afterpay investor, has joined the board of AP Ventures to help the fund identify opportunities in the US market.
AP Ventures raised $20 million from Woodson in January, after a $50 million raise from existing investors last August, as it scouts start-ups focused on retail innovation, consumer finance and data.
