Fat Zebra bolsters CDR capabilties with acquisition of Aussie open data platform Adatree
Australian payments processor Fat Zebra has acquired Sydney-based Adatree in pursuit of combining open payments with open data.
Fat Zebra acquires Adatree to tap CDR
Founded in 2019, Adatree operates an intermediary platform for the Australian Consumer Data Right (CDR), enabling companies across the banking, financial, telecoms and energy sectors to access and leverage open data in delivering more personalised and targeted services.
With this, the fintech is accredited as a data recipient by the Australian Competition and Consumer Commission (ACCC).
For Fat Zebra, the acquisition will combine its payments platform, which it claims services 250 million e-commerce transactions annually for 30,000 merchants across Australia, with Adatree’s CDR-compliant open data capabilities, as part of what it describes as an effort to “enhance our payment services” and afford businesses greater insight into their payments and customers.
The acquisition was completed in December and will see the entire Adatree workforce join Fat Zebra. The financial details of the deal have not been disclosed.
“Open data and open payments are the future of the financial landscape,” explains Pred Dragila, CEO and founder of Fat Zebra, adding that the platform is now in a position to “drive smarter, data-driven payments in Australia”.
The move is also in anticipation of CDR’s latest development, Action Initiation, which is due to enable businesses to move beyond read-only data access to write access data, where services and data can be modified through an API interface to enable the likes of payment initiation and account openings.
Jill Berry, CEO and co-founder of Adatree, adds that the acquisition will “enable the development of features to make payments smarter, showing immediate synergies and benefits with the companies joining.”
