Commonwealth Bank of Australia (CBA) has partnered with Square Peg and Zetta Venture Partners to offer new digital banking services to its 15 million customers.

The bank has pledged $10m towards both the partners for sourcing, scaling and financing local fintechs, as well as developing upcoming artificial intelligence (AI) businesses in Australia.

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The move overlaps with the launch of CBA’s X15 Ventures’ fourth new venture named Backr.

Backr provides digital guidance on starting a small business through a step-by-step process.

Venture capital fund Square Peg will partner with X15 on sourcing, scaling and financing of Australian fintechs.

On the other hand, American venture capital fund Zetta Venture Partners will continue investing in AI companies in Australia.

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CBA CEO Matt Comyn said: “Through Backr, we hope to help thousands of new digitally-enabled small businesses get off the ground.

“To support this initiative, CBA will deposit $500 into the account of any eligible business launched through Backr, until the end of 2020.

“We are 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.”

CBA also partnered with digital payments provider Klarna, which has onboarded more than 270,000 Australians on its app since its launch in January.

CBA has recorded over 6.1 million CommBank app users this year; an increase of half a million customers since 2019.

The bank handles over $1.2bn in transactions through the app daily.

Its average daily logins have crossed 6.3 million and 10.2 million when combined with NetBank logins, even during the Covid-19 pandemic.

Comyn added: “Since the start of the pandemic, we have connected with more than 7 million customers through the CommBank App.”