Cuscal’s acquisition of Basiq: A message from our CEO and Founder
Hello World. I have some exciting news: Cuscal Limited has successfully acquired Basiq! When you start a business, you dream of having a successful exit and retiring on a magical island. But in reality, it’s more like seeing your child grow up and leave home – a mix of sadness and pride, knowing it’s not goodbye but the start of a new chapter.
We always knew the time would come for our Series B funding round, and in light of the turbulent market conditions, we set out early to find the perfect investor. Our strategy has always been to look for someone who can offer more than just cash – an organisation that supports our plan, offers us distribution and growth opportunities, and someone we can align with in the future. This is particularly important in this ever-changing world of CDR, Open Banking, PayTo, and action initiation.
We’ve got the data expertise under control, but we also recognise the critical market shift taking place: the convergence of data and payments. Finally, two things that have long been separated and working in isolation are coming together.
It didn’t take us long to realise that Cuscal is the company powering many successful Australian payment providers – they are the true innovators who have been powering payments in Australia for over 50 years! They were also among the first to invest in the new payment rails and bring the new payment platform (NPP) services to the market, and also the company behind the successful exit of 86:400. So we knew this was a relationship we had to have.
So, like the beginnings of every great relationship, we found ourselves on opposite sides of the table, describing the same vision of where financial technology is heading: the unification of data and payments, using data to drive payment services. We call this the “Smart payment” revolution.
And, as you can probably guess, Series B quickly turned into discussions about an acquisition, what it could look like, and how we could work together to deliver the innovation Australia has been demanding.
So, I’m super thrilled, honoured, proud, and over the moon to be joining forces with the Cuscal team.
Cuscal has committed to ensuring that Basiq operates independently and continues to support its wonderful customers. They are also backing our future plans, ensuring that Basiq has all the tools it needs to continue to grow its market successfully. Resulting in a stronger, smarter and more competitive organisation.
We are absolutely delighted about this coming together. We couldn’t have found a better organisation to do this with.
Over the coming years, I’m excited to continue to support Australian businesses and introduce new services to the market that will lead to greater competition and provide consumers with more choices in managing and engaging with their finances.
Read the Media release here