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June 21, 2019updated 24 Jun 2019 6:28am

NAB allocates $2bn for Australia’s emerging technology firms

National Australia Bank (NAB) has committed $2bn for domestic technology start-ups.

The bank will make the investment over a period of five years.

The aim is to back technology innovators in the country and provide them loans.

The capital would be used to offer the start-ups access to capital markets as well as provide transactional banking and risk management support.

The move is said to address the economic challenges identified by the Australian National Outlook 2019.

The report highlighted technology investment as a key driver of industry shift in Australia.

NAB chief customer officer of business and private banking Anthony Healy said: “This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better.

“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.

“NAB can support technology companies at every stage of their development – from NAB Ventures which backs starts ups through to big business. This now includes a new team focussed purely on high-growth technology companies.”

NAB was in the limelight last month for its collaboration with Israel’s Bank Leumi and Canadian lender CIBC.

The partnership will launch an online portal to support collaboration with fintech firms.

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