Australian payments infrastructure provider Fat Zebra has acquired local open banking technology platform Adatree. Financial terms were not revealed.
Founded in 2019 by former Tyro Payments and Volt Bank staffers, Adatree has built a platform connected to 114 banking data sources, which covers 99.73% of the household banking market share, and 20 energy companies. Clients include banks and credit unions, comparison websites, energy firms, payments providers and lenders.
Fat Zebra says the acquisition puts it in a position to own the smart payment, action initiation space that will be powered by incoming regulations.
With Open Banking, data can be accessed and used for use cases, known as ‘read access’. Action initiation will allow accredited companies to initiate actions - enabling actions including initiating payments, opening and closing accounts, and updating customer information - all through the Consumer Data Right regulatory framework.
Pred Dragila, CEO, Fat Zebra, says: "Open data and open payments are the future of the financial landscape. This acquisition positions Fat Zebra to drive smarter, data-driven payments in Australia, offering enhanced services to our clients and partners."