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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.