Westpac will acquire money management app MoneyBrilliant from AMP and management shareholders, in a deal that will boost the bank's tech stack.
The acquisition is set to be completed by next month "subject to various customer closing condition".
The terms of the acquisition have not been disclosed.
MoneyBrilliant is a cash flow and budgeting tool that allows customers to mange their money and display the information on one dashboard.
Westpac said it would integrate MoneyBrillitant's technology into its digital banking app.
Westpac chief executive consumer & business banking Chris de Bruin said the deal was an important step for the bank's digital strategy.
"In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances,” he said.
“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers."
Ann: AMP Investor Day Presentation 2021, page-251
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