What Basiq does

Basiq Pty Ltd is an Australian Open Banking API platform that aggregates consumer financial data from 135+ financial institutions across Australia and New Zealand — covering an estimated 99% of the AU & NZ population — via two access rails: the government-mandated Consumer Data Right (CDR) and Digital Data Capture (DDC / web connectors). The platform is built on cloud-native infrastructure hosted in AWS Sydney and Melbourne, with the core product suite organised around three pillars (Data aggregation, Insights / affordability reporting, and a Data Holder compliance offering) and supplemented by modular capabilities including transaction enrichment (machine-learning categorisation across 500+ merchant categories), identity verification, bank-statement generation, consent UI/management, real-time webhooks, Smart Payments initiation, and an MCP server for AI coding-agent integration. Basiq operates as an ACCC Active Accredited Data Recipient (Accreditation #ADRBNK000208) and holds SOC 1/2/3, ISO 27001, PCI DSS Level 1, FISMA Moderate and SOX-aligned certifications, positioning the platform as compliance-grade infrastructure for regulated financial workflows.

The company serves nine vertical use cases — Lending, Buy Now Pay Later, Wealth & Investing, Proptech, Personal Finance Management, Crypto, Collections, Salary Advance, and Not For Profit — with named customers spanning Tier-1 Australian institutions (Great Southern Bank, Australian Military Bank, TelstraSuper, Zurich Australia, Cash Converters) and high-profile fintechs (PocketSmith, Sharesies). Go-to-market combines self-serve developer onboarding via dashboard.basiq.io with a partner program (90+ CDR Representatives) and direct enterprise sales; revenue is generated primarily through usage-based API pricing plus professional services. Basiq raised capital from NAB Ventures, Reinventure, Salesforce Ventures and Touch Ventures (approximately A$7.66M in April 2021) and received a strategic corporate investment from Visa in November 2021. The company was acquired by Cuscal Limited in March 2023 and now operates as a wholly-owned subsidiary of the Australian payments and data infrastructure provider.

Name

Basiq

Legal name

Basiq Pty Ltd

Website

https://basiq.io

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Basiq is an ACCC-accredited Australian Open Banking API platform aggregating financial data from 135+ institutions across Australia and New Zealand, serving fintechs, lenders, and financial institutions across lending, BNPL, wealth, and other verticals.

Ownership category

akta.pro rank

Product category

Open Banking API Platform

NAICS

Computer Systems Design and Related Services (54151)

SIC

Finance Services (6199)

akta.pro primary industry

Open Banking APIs & Connectivity (FSAMAFAA)

akta.pro secondary industries

Identity & Authentication for Open Banking (SCA support, token exchange) (FSAGACAF), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Open banking API
• Financial data aggregation
• Account verification services
• Affordability reporting
• CDR compliance platform

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations

Revenue model

1. API Usage/Subscription Fees: Basiq generates revenue through API usage-based pricing and subscription fees. Developers and partners access the platform via API keys and pay based on usage volume. The platform offers tiered pricing with different access levels.
2. Professional Services: Custom development and implementation support, particularly through development partners like Flying Donkey for custom SaaS solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Basiq is an Open Banking API platform providing secure access to financial data from 135+ institutions across Australia and New Zealand, supporting both CDR/Open Banking and DDC web connector access methods. The platform delivers core products (Data, Insights, Data Holder) and modular APIs (Enrich, Identity, Statements, Affordability Reports, Consent UI, Smart Payments) for lending decisioning, KYC/AML verification, transaction enrichment, and affordability analytics. The offering is delivered to banks, fintechs, and lenders via RESTful APIs with sandbox environments, developer documentation, and a partner program.

Product overview

Basiq is an Open Banking API Platform providing a unified suite of financial data and analytics products. The core platform consists of Data (financial data aggregation from 135+ institutions), Insights (affordability reporting), and Data Holder (CDR compliance). These are supplemented by modular capabilities: Enrich (transaction enrichment), Identity (identity verification), Statements (bank statement generation), Consent UI/Management (consent lifecycle), Smart Payments (payment initiation), and Webhooks (event notifications). Developer tooling includes PFM Demo App, Starter Kits, and MCP Server for AI integration. All products support both Consumer Data Right (CDR/Open Banking) and Digital Data Capture (DDC) access methods, with availability via API and Dashboard interfaces.

Differentiator

Problem solved

Functional benefit

Products and services

• Data Core financial data aggregation API product providing secure access to customer financial data from 135+ financial institutions in Australia and New Zealand. Enables retrieval of account information and transaction history data through both Open Banking (CDR) and Digital Data Capture (DDC) web connector methods, used by banks, fintechs, and lenders for customer financial views.
• Insights Financial analytics and reporting product that generates affordability reports including income, expense, and affordability assessments. Provides comprehensive financial position understanding for lenders, BNPL providers, and wealth platforms through advanced reporting capabilities.
• Data Holder CDR-compliant data holder solution enabling organisations to meet their Consumer Data Right obligations. Encompasses authorisation, compliance, consent management, security, and continuous reporting requirements.
• Identity Identity verification API that enables developers to retrieve identity information associated with users' bank accounts. Supports KYC processes, identity verification services, and retrieval of account holder identity details across financial institutions.
• Enrich Transaction data enrichment service that enhances bank transaction descriptions with merchant information (business name, website, ABN), location details, and industry-standard categorisation using a 4-level hierarchy. Includes automatic tagging for card transactions, government payments, income, liabilities, and expense categories.
• Statements Bank statement generation API that creates comprehensive summaries of financial transactions and account activity. Supports JSON and PDF export formats for lending, brokerage, and credit assessment use cases, with configurable date ranges and account filtering.
• Consumer Affordability Report Comprehensive consumer financial assessment API providing lenders with affordability insights including income analysis (salary stability), expense categorisation (discretionary/non-discretionary), financial commitments, government benefits, and risk flags. Accesses over 12 months of transaction data across multiple institutions.
• Business Affordability Report Business financial health assessment API designed for B2B lending and credit decisioning. Provides balance history trends, categorised income and expenses, financial ratios, liquidity indicators, and risk profiling metrics. Supports sole traders to large enterprises with access to up to 2 years of transaction data.
• Smart Payments Real-time payment initiation capability enabling fund disbursement. Part of Basiq's expansion from data-only services to data and payments combined offerings for the Australian fintech ecosystem.
• Consent UI Out-of-the-box consent management user interface for CDR compliance. Allows users to create, manage, extend, update, and revoke data sharing consents. Supports customisable branding, colours, fonts, and buttons. Includes consent history tracking and multiple connection management.
• MCP Server Model Context Protocol server enabling AI-powered code editors (Cursor, Windsurf, VSCode) and Claude Desktop to interact with Basiq API and documentation. Provides direct API access, documentation search, and code generation assistance for Basiq integrations.
• PFM Demo App and Starter Kits Pre-built Personal Finance Management demonstration application and developer starter kits showcasing Basiq API capabilities. Includes Account Verification Starter Kit for CDR-compliant onboarding, account aggregation, spending analysis, transaction viewing, and financial dashboards. Built in partnership with Flying Donkey as reference implementations following Basiq best practices.

Quantifiable outcome

• Reduces bad debt and contributes to bottom line savings in the order of tens of thousands of dollars annually according to Campbell Nicoll, Chief Risk Officer
• +3 more outcomes

Named customers8 records

Segments9 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability10 records

Feature9 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Flying DonkeyminorImplementation/ SI/ Consulting PartnerDevelopment partner that collaborated with Basiq to create the PFM Demo Application and Starter Kits. Flying Donkey creates custom SaaS solutions and has deep knowledge of the Basiq API.
• Basiq.io DOO (Serbia)minorOthersRelated company based in Serbia providing various technical support services in relation to the Basiq API Platform. This is a group entity for technical operations.
• AWS (Amazon Web Services)coreTechnology or IntegrationBasiq's physical infrastructure is hosted and managed in AWS data centres located in Sydney and Melbourne. AWS is SOC 1, SOC 2, SOC 3, PCI Level 1, FISMA Moderate and SOX certified.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Plaid: Plaid is the dominant global open banking / financial data aggregation API platform, primarily in the US and UK. It is the most direct global analogue to Basiq's open banking API aggregation and enrichment business, though at vastly larger scale and geographic scope.
• Yodlee (Envestnet): Yodlee is a long-established financial data aggregation platform owned by Envestnet, serving banks and fintechs globally. Overlaps with Basiq's data aggregation, enrichment, and analytics offerings, but at significantly larger scale and broader geographic reach.
• Finicity (Mastercard): Finicity, acquired by Mastercard, provides open banking and financial data APIs with strong lending and verification focus. Competes with Basiq in the financial data connectivity and credit decisioning space, with greater geographic and balance-sheet reach.
• Illion (Australia): Illion is a major Australian credit bureau and data analytics provider offering consumer and commercial credit reporting, open data, and verification services. It is an established incumbent in the Australian credit data space where Basiq also competes for lending decisioning use cases.

Emerging players

• Codat: Codat is a B2B data platform providing consented access to business financial, accounting, and commerce data. Listed as an OSP of Basiq, Codat competes in adjacent B2B financial data connectivity, particularly for business lending and underwriting.
• Credit Kudos: Credit Kudos is a UK-based open banking credit reference and affordability analytics API. Competes with Basiq's Consumer and Business Affordability Reports for lending decisioning, though focused on the UK credit market.

Direct peers

• MX Technologies: MX is a US-based financial data platform providing account aggregation, data enrichment, and analytics APIs to banks, fintechs, and lenders. Closely comparable to Basiq's Data, Enrich, and Insights products serving similar developer and FI customers.
• Tink (Visa-owned): Tink is a European open banking platform owned by Visa providing account aggregation, PFM, and payment initiation APIs. It is the most direct Visa-aligned peer to Basiq, and Visa's prior investment in Basiq creates an interesting competitive dynamic.

Regional players

• Data Republic: Data Republic is an Australian data sharing and collaboration platform. While not a direct competitor in open banking APIs, it operates in the broader Australian data infrastructure space and has overlapping talent pool (Basiq's CTO previously worked there).
• Verifier Australia / ConnectID (Australian Payments Plus): ConnectID is an Australian identity verification and open banking-adjacent service operated by Australian Payments Plus. It overlaps with Basiq's Identity and KYC/AML account verification capabilities in the Australian market, and represents a payments-ecosystem-led alternative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/basiqio
• LinkedInlinkedin.com/company/basiq-i-o

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Basiq