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​NAB, Westpac, Qantas pony up for stake in data exchange provider

​NAB, Westpac, Qantas pony up for stake in data exchange provider

First round funding of $10.5 million to support Data Republic’s US expansion

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Qantas, National Australia Bank and Westpac are among the investors in data exchange platform provider Data Republic’s $10.5 million funding round.

In a major boost for the Sydney-based technology startup, Qantas Loyalty, NAB Ventures, and Westpac’s ReInventure Fund have become strategic equity partners as part of its Series A investment round.

The investment is supporting Data Republic’s expansion into the United States.

Data Republic – established in 2014 and based at Sydney’s fintech hub, Stone & Chalk – offers a marketplace for data exchange between organisations that want to improve their own customer insights.

The company has partnered with Westpac to create the world’s first data banking service.

The offering enables clients, who have obtained appropriate permissions from their customers, to securely separate and store customer information on dedicated bank-grade security infrastructure while authorising broader data insights for analysis and change.

Law firm Allens designed the governance framework that delivers best practice in terms of privacy and security.

Qantas Loyalty CEO Lesley Grant, said in a statement that the investment in Data Republic is the first of its kind in Qantas Group’s 95 year history.

“At Qantas, we’ve seen the benefit that customer-led innovation can provide to businesses and their customers,” Grant said. “Co-investing in Data Republic … provides a great opportunity to further innovation by allowing to gain a deeper understanding of what our customers want.

“We hold the privacy of our customers and their data with the highest respect, so the high level of governance and security that Data Republic applies is highly appealing.”

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Tags qantas loyaltyStone & ChalkData RepublicWestpac ReInventureNAB Ventures

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