Australian banking major Westpac has infused another $50m into a second fund for fintech startups that will be managed by Reinventure Group.

The second fund will be managed by Simon Cant and Danny Gilligan, who are the co-founders of Reinventure and managers of the first fund.

Westpac chief strategy officer Gary Thursby said: "The Australian fintech industry is developing rapidly and we continue to be impressed by the quality of the talent, ideas and technology that exists in the start-ups.

“Our vision is to be one of the world's great services companies and we believe the adoption of new customer-focused technologies is an important step in achieving this goal."

Reinventure, a venture capital firm backed by Westpac, introduced its first $50m fund in 2014. Since then, the fund has invested in multiple startups in Australia, namely SocietyOne, Coinbase, Nabo, Zetaris, PromisePay, Hey You, Auror, Data Republic, Flare and Valiant.

Nearly 60% of the fund has been invested in the companies, while the rest will be held back for follow-on investments.

The investment by Westpac represents the latest development in Australia’s fintech landscape. Westpac’s rival National Australia Bank (NAB) too launched a $50m venture capital fund known as NAB Ventures in July 2015.