Basiq, an Australia-based provider of open banking application programming interface (API) platform, has received seed funding from NAB Ventures and Westpac’s VC fund Reinventure.

The companies have not disclosed the funding amount.

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Basiq, which was set up in early 2017, allows fintech firms to acquire authorised financial data on behalf of their clients to develop solutions for personal finance management, wealth management and income verification, among other areas.

The startup currently has 40 fintechs available on its platform, with more in the pipeline.

Basiq founder Damir Cuca said: “Basiq’s fundamental mission is to enable innovation in the fintech space. By providing a platform that delivers core banking functionality through a set of secure and easy to use API services the opportunities and possibilities of what can be created are endless.

“A key part of realising this vision is to work with existing financial institutions and fintechs and be the bridge between the two. The institutions provide the regulatory discipline and the core systems, and the fintechs provide the speed of innovation.”

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NAB Ventures managing director Todd Forest added: “We can see that open data is coming and we want to be on the front foot. Basiq could play a role in that evolving landscape and provide a secure platform. This is coming, and the best way to solve for it in a positive, collaborative way. This is a bigger play than just access to data. This is about ‘banking as a platform’, where middleware like Basiq can enable new, innovative services for our customers.”