Experian A/NZ acquires Australian fintech Look Who’s Charging
Experian Australia & New Zealand has acquired Look Who’s Charging, an Australian fintech start-up that uncovers unrecognised bank transactions by providing instant clarification on the merchant behind a transaction.
Look Who’s Charging is integrated with a number of Australian banks, with their data available to millions of Australians directly within existing digital banking applications.
Following the recent legislation of open banking as the first stage of the Consumer Data Right (CDR), the deal will create a market leading open data platform in the Australian market that will have wide ranging benefits for consumers, businesses and financial institutions.
Andrew Black, Managing Director of Experian A/NZ comments: “If a transaction is unable to be categorised accurately, it is often classed as ‘unknown’ which can result in decisions impacting consumers being based on limited data. This can have a big knock on effect if, for example, banks are using one platform to help a customer understand their own income and expenditure, and another to decide what loan they can afford.”
Over 1 billion transactions are enriched every single month through Look Who’s Charging’s platform to provide Australian consumers complete clarity on their spending.
Ben Elliott, CEO of Experian APAC states: “The acquisition – our sixth investment in Asia Pacific since 2017 (following venture investments in Grab, Jirnexu, C88 Financial Technologies, BankBazaar.com and CompareAsiaGroup) – demonstrates our ongoing commitment to investing in this region and using our advanced data and analytics expertise to remove complexity from the lending process.”
Experian’s present open data solution, built in the UK, facilitates 40% of all UK open banking API requests.