Experian Invests in Yet Another Data Startup in Asia Pacific, Look Who’s Chargingby Fintech News Singapore August 22, 2019
Experian today announced its acquisition of Look Who’s Charging, the Australian fintech startup which has solved the everyday frustrating problem of 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.
The move will combine Experian’s global open data solutions with Look Who’s Charging’s advanced enrichment capabilities. 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.
Experian’s present open data solution, built in the UK, facilitates 40% of all UK Open Banking application program interface (API) requests.
Ben Elliott, CEO of Experian APAC commented:
“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. Bringing Look Who’s Charging and our innovative solutions together will help Australian organisations, and ultimately consumers, as Open Banking standards are adopted in Australia.”
Founder of Look Who’s Charging, Stuart Grover, said: ”
We are extremely excited to combine the technology and data we have built to support the Australian banks with Experian’s market leading open data technology. We are very proud to have built Look Who’s Charging from an idea, born from the frustration of unrecognised transactions to a product which helps millions of Australian consumers, in under 4 years.
With Experian’s scale, we have an opportunity to help solve more of the immediate problems faced by Australian consumers and financial institutions, whilst the Look Who’s Charging solution is also rolled out to other key markets around the world.”