Australian open banking API provider Basiq has received an undisclosed investment from payment giant Visa.

The investment will be used by Basiq to meet the growing API demand as consumer data right and open banking gains traction in the Australian market.

Founded in 2017, Basiq allows banks and fintech firms to gain access to financial data on behalf of their clients to develop financial solutions.

Basiq plans to leverage its partnership with Visa to develop new products and services while accelerating the adoption of open banking in the country.

Visa group country manager Australia, New Zealand and South Pacific Julian Potter said: “We’re excited to partner with Basiq on open data, an area where Visa sees great potential to drive innovation in financial services.

“We’re extending our network capabilities and expertise into data movement, and our investment in Basiq is a great example of how we’re supporting the rise of the open data economy in Australia.”

Basiq CEO and founder Damir Ćuća said: “As the world’s leader in digital payments, Visa has the trust, scale, and network capabilities to fast-track open banking adoption and drive fintech innovation domestically whilst also providing a global perspective from the onset.

“By partnering with Visa it will help accelerate our mission of providing the building blocks of financial services to businesses of all sizes.”

Notably, Basiq counts Salesforce Ventures, Reinventure, NAB Ventures, Plaid and Touch Ventures among its backers.