The Commonwealth Bank (CBA) is using venture capital firms Square Peg Capital and Zetta Venture Partners to invest in startups, putting US$10 million (A$14m) each into the latest funds from the two VCs.
Zetta is a US-based fund investing in artificial intelligence.
In an update on the bank’s innovation program this week, CBA CEO Matt Comyn announced that the bank had also invested in its fourth tech startup, Backr, through its own fund, X15 Ventures.
Backr is a web app to help someone launch a small business, taking through a step-by-step process. It’s the first venture developed outside the bank to receive funds from X15 Ventures, which launched in February 2020,. The other three are Vonto, Credit Savvy and Home-in.
The Backr app is set to launch in September 2020.