Westpac-owned VC fund Reinventure has bought a chunk of Doshii, the payments platform startup.
Westpac launched another $50m fund last year, to invest in Australian startups. The second fund will double Westpac’s exposure to fintech.
Doshii is a Melbourne-based fintech and spin-off of point of sale vendor Ipsos. It provides hospitality and retailers a “middleware" programme that rolls access to all their apps into a single platform. It aims to overcome a common problem in hospitality and retail where shops often require several different pieces of hardware to run their apps.
Doshii allows, for example, customers ordering food from their phones to have their orders sent straight to a restaurant’s POS, rather than to a separate terminal.
Reinventure’s buy in suggests both that banks are becoming more embedded in the technology systems of merchants. And illustrates a broader trend of established finance companies buying up fintech startups.
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