Payments Firm Fat Zebra Acquires Open Banking Outfit Adatree

Australian payments infrastructure provider Fat Zebra has acquired local open banking technology platform Adatree. Financial terms were not revealed.

Adatree was ounded in 2019 by former Tyro Payments and Volt Bank staffers. Fat Zebra says the acquisition puts it in a position to own the smart payment, action initiation space that will be powered by incoming regulations.

With Open Banking, data can be accessed and used for use cases, known as 'read access'. Action initiation will allow accredited companies to initiate actions - enabling actions including initiating payments, opening and closing accounts, and updating customer information - all through the Consumer Data Right regulatory framework.

Pred Dragila, CEO, Fat Zebra, says, "Open data and open payments are the future of the financial landscape. This acquisition positions Fat Zebra to drive smarter, data-driven payments in Australia, offering enhanced services to our clients and partners."

(Source: Finextra)