Australian Firm Fat Zebra Acquires Adatree

Australian payments infrastructure provider, Fat Zebra, has announced the acquisition of local open banking technology platform, Adatree. The financial details of the acquisition have not been disclosed.

Adatree’s Impact on the Market

Adatree, established in 2019 by former Tyro Payments and Volt Bank employees, has developed a platform linked to 114 banking data sources. These sources cover 99.73% of the household banking market share and 20 energy companies. Their clients range from banks and credit unions to comparison websites, energy firms, payment providers, and lenders.

Fat Zebra’s Future Prospects with Adatree

The acquisition of Adatree places Fat Zebra in a position to dominate the smart payment and action initiation space, which is expected to be influenced by forthcoming regulations. Through Open Banking, data can be accessed and used for various use cases. The action initiation feature allows accredited companies to initiate actions such as initiating payments, opening and closing accounts, and updating customer information. All of these actions are facilitated through the Consumer Data Right regulatory framework.

CEO’s Vision for Fat Zebra

Pred Dragila, CEO of Fat Zebra, expressed enthusiasm about the future of the company following the acquisition. Dragila stated that open data and open payments are the future of the financial landscape. He believes that this acquisition will enable Fat Zebra to drive smarter, data-driven payments in Australia, providing enhanced services to its clients and partners.