Payments Provider Fat Zebra Steps Into Open Banking Through Adatree Acquisition
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Fat Zebra, a provider of payments infrastructure located in Sydney has acquired Adatree, an open banking technology platform that created headlines as a trailblazer in the industry. With this move, Fat Zebra has strengthened its position in the smart payments sector.
The financial details of the purchase remain hidden with Fat Zebra stating that it will utilize the potencies of both industries to create advanced solutions in the developing financial landscape’.
Purchasing Adatree Will Help Fat Zebra Provide Better Payments Service
Fat Zebra was established in 2012 and it is supported by Fiserv, a financial services technology firm listed on NASDAQ. It handles payments for over 30,000 ventures and says that expanding into payment services and open data will help the company prepare for upcoming financial transactions.
The firm also manages about 250 million yearly e-commerce dealings in Australia. This makes it a major competitor in the domestic payments sector.
The Chief Executive Officer and founder of Fat Zebra stated that the acquisition of Adatree will help the company to provide smarter, data-driven payments in Australia. The company is bent on providing improved services to customers and partners.
Tapping into the realm of open banking is a big leap forward for Fat Zebra’s future ambitions. The firm is aiming to seamlessly combine its payment solutions with Consumer Data Right-driven services.
Adatree, a fintech Sydney-based company established in 2019 by Jason Lamble, Shane Doolan, and Jill Berry, operates as a Consumer Data Right (CDR) intermediary platform utilized by various websites such as BankVic, iSelect, and Sherlock, a mortgage broker platform.
Adatree Aims To Enhance Financial Innovation Through Data Intermediary Services
Accredited by the ACCC as a data recipient, Adatree empowers firms to access consented and regulated data-sharing coverage for various purposes, including personal financial management, real-time broker portfolio tracking, energy and banking comparison, and loan assessment reporting.
Adatree has established communications with 114 banking data sources, which encompass 20 energy firms and 99.73% of the household banking market share.
The Chief Executive Officer of Adatree, Berry highlighted that the acquisition by Fat Zebra presents new opportunities for its business, team, and its product roadmap. He emphasized that teaming up with Fat Zebra enables them to expand their goal of advancing data-driven and open banking solutions.
Berry added that this initiative will enable the creation of innovative features to enhance payment services, demonstrating immediate synergies and benefiting the collaborating firms.
Adatree, which introduced the world’s inaugural open data marketplace the Adatree Exchange in 2022, stands out as the only regulated data intermediary to present open energy to its data platform. Last year November, the platform was active with Australian energy.
