Fat Zebra, an Australian payments infrastructure provider, acquired Adatree, a local open banking technology platform. The details of the finances were not disclosed.
Adatree, founded in 2019 by former employees of Tyro Payments and Volt Bank, has developed a platform linked to 20 energy companies and 114 banking data sources, accounting for 99.73% of the household banking market share. Banks, credit unions, comparison websites, energy companies, payment processors, and lenders are among the clients.
According to Fat Zebra, the acquisition positions the company to lead the smart payment and action initiation market, which is expected to be driven by new regulations. “Read access” refers to the ability to access and use data for use cases with Open Banking.