The Israeli crowdfunder hits Australia's beeches
NAB has made yet another fintech partnership, signaling the quick strides the banking major is taking.
“We know that our clients are looking globally for investment opportunities, and OurCrowd is an established global platform which offers a full service end-to-end solution,” said Christine Yates, NAB Private Executive General Manager.
The partnership, which will give NAB’s overwhelmingly Australian client base the opportunity to invest in overseas startups, signifies the increased emphasis the big four bank is placing on fintech.
Last week, NAB backed ZipMoney, a zero interest retail loan provider. In the same week it also invested in Wave, a Canadian cloud accounting software firm, Making the partnership with OurCrowd the third such fintech agreement NAB has announced in a fortnight.
For OurCrowd, marrying an Australian incumbent gives easier access to the Australian market as well as a springboard to Southeast Asia.
“We are excited about this venture with one of Australia’s leading Private Banks and sharing the very best of global technology investment with their deeply valued clients,” said Dan Bennett, Managing Director of OurCrowd Australia and Asia.
“The collaboration provides NAB Private clients a high quality globally focussed product with particular scope in USA, Israel and Asia-Pacific.”
OurCrowd has raised A$600 million for 120 startups internationally since its founding in West Jerusalem in 2013.
The platform provides equity crowdfunding for startups, which it vets for its investors who then receive equity. The company also provides post-investment support, often assigning mentors and taking board seats.