Wednesday, 29 April 2020 09:30

Moneytree raises $45 million in funding round Featured

By
Paul Chapman, Moneytree CEO Paul Chapman, Moneytree CEO

Mobile banking and financial services app Moneytree has closed a Series C funding round with an issuance of new shares through third-party allotment including funds of Fidelity International, to bring total funding to $45 million since the company’s founding in 2012.

Moneytree, the parent company of Australian open banking vendor Financial Technology, says it will use the funds to further expand its open banking data platform, Moneytree LINK, in Japan as well as in Australia where it has been operating since 2017.

The Series C round follows strategic investment by Mitsubishi UFJ Innovation Partners, Sony Financial Ventures and NTT Data in March last year.

Chief executive and founder of Moneytree Paul Chapman said, “Our mission is to bring people, businesses and institutions closer together to help everybody be better off”.  

“Moneytree LINK, our financial data platform for individuals and businesses, was created with security, privacy, and transparency at its core and gives individuals full control of how, where and with whom their personal financial data is shared. 

“We now have 4.5 million platform users and over 60 enterprise partners, and with the implementation of the Consumer Data Right and Open Banking in Australia this year, we foresee a significant expansion of our business.”

As reported by iTWire, in September last year Moneytree launched Moneytree Grow, a paid service to designed to help users better manage their daily expenses and finances.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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