Australian Consumer Data Right platform Adatree has closed their $1.2M Seed funding round, which was nearly three-times oversubscribed.
Investors joining this round are Tyro Payment co-founder Peter Haig and Kerry Roxburgh, the longtime Tyro Chairman and Ramsay Health Care Director and current Chairman of Eclipx.
Private investor Equity Seed, Kylie Frazer & Rachael Neumann of Eleanor Ventures, and bank executive Angus McBean also join the share register. Mark Hutchins from Equity Seed has been appointed as a Board Director.
Adatree is led by co-founders Jill Berry and Shane Doolan, who have helped build two new fully licensed Australian banks, Tyro and Volt Bank, together. Jill was also the product lead in creating Tyro’s award-winning cash flow lending product, Tyro Business Loan.
Adatree was built as a scalable technology platform for companies to access and leverage data, all accessible through one API. Jill and Shane took their bank building experiences and extended them to the Consumer Data Right to remove the ongoing complexities of keeping up with the challenging technical requirements.
This funding will first and foremost be used to further develop that tech.
“Adatree’s platform will enable Data Recipients to not only access data, but leverage, categorise, enrich, analyse and make it actionable,” says Jill. “This aligns to customer journeys to bring smoother and smarter use cases to life, still all through one API.”
ADATREE PLATFORM a catalyst for better consumer outcomes
While companies in all industries are transforming their digital customer experience and product offerings, participating in the CDR will be a key part to that journey. The Consumer Data Right will irreversibly change the way the consumers expect to share data.
If you’re looking for a new home loan, budgeting tool, credit check, the days of sharing statements or sharing online login credentials will be long gone, says Jill.
“People should be asking why they have to share their username and passwords with companies just to share data. Who stores this? Is this being sold? What happens with the data?”
Before Open Banking, screen scraping was the only viable method used to digitally share data. But with the Consumer Data Right, manifested as a more secure and modernised alternative, consumers can now make a change that better reflects their needs.
“Adatree has a key strategy of accessing and leveraging data not just from banking, but across energy, telecommunications, insurance, superannuation and all future designated industries,” Jill said.
“This really accelerates personalisation for qualifications, offers and just decreasing someone’s life admin.”