Basiq and Plaid to enable FinTechs to disrupt financial services

By Edil Corneille

Basiq, an Australian company providing FinTechs with access and insights into financial data, has partnered with San Francisco-based Plaid, a data network powering thousands of digital financial tools, to expand developers’ financial access and consumer access to open finance. Together, Basiq and Plaid enable their clients to expand into new markets and disrupt financial services on a global scale.

As COVID-19 pushes FinTech adoption to new heights globally, companies are looking for more global connectivity to financial institutions outside of their home markets. The partnership helps make it easier for FinTech developers to expand their products and services more quickly and meet growing consumer demand across the world.

“We’ve made it easier for global players to help Australians level up their financial management. This also means increased competition, but we have full faith that local players will rise to the occasion and this will ultimately drive innovation in Australia’s fintech ecosystem,” said Damir Cuca, CEO and founder of Basiq.

“Across the world, fintech companies, financial institutions, and companies outside of finance are reshaping how people interact with their money—and we want to support the developers building those experiences no matter where they are. Digital finance is evolving quickly and partnerships between companies like Plaid and Basiq will be critical to ensuring developers have the tools they need to deliver new apps and products in markets they want to serve,” said Keith Grose, head of international at Plaid.

Founded in 2016, Basiq is an open banking platform that helps people make smart financial decisions. Backed by NAB Ventures, Westpac Reinventure and Salesforce Ventures, Basiq powers financial services with access to secure and automated financial data.

Plaid powers FinTech tools that millions of consumers rely on to live healthier financial lives. Plaid is used by digital financial apps and services like Acorns, Betterment, Expensify, and Venmo, and by many of the banks to make it easy for consumers to connect their financial accounts with the apps and services they want to use. Plaid connects with over 11,000 financial institutions across the U.S, Canada and Europe. The company was founded in 2013 by Zach Perret and William Hockey.