- Fintech company Identitii (ID8) has signed a memorandum of understanding with CBA New Digital Businesses, also known as x15ventures
- Under the MOU, x15ventures will invest $150,000 directly into a new subsidiary of Identitii, Payble
- Payble, which will leverage new open banking technology, is a more affordable alternative to the direct debit process
- The x15ventures investment will accelerate Payble’s launch and help complete the company’s participation in an existing commercial trial
- Identitii closed 3.13 per cent in the red for 15.5 cents per share
Fintech company Identitii (ID8) has signed a memorandum of understanding with CBA New Digital Businesses, also known as x15ventures.
Under the terms of the MOU, x15ventures will make a direct investment of $150,000 into a newly incorporated Identitii subsidiary, Payble.
Identitii founded Payble in conjunction with Elliott Donazzan, the company’s Director of Innovation. The company owns 87.5 per cent of issued capital in Payble, while Elliott owns the remaining 12.5 per cent.
Payble is intended to be a more affordable alternative to the current direct debit process. The subsidiary will leverage new open banking technology, as well as Identitii’s participation in the ACCC’s Consumer Data Right ecosystem testing.
Payble will also monetise an investment which its parent company previously made in fully developed user-facing mobile and web applications.
The $150,000 investment from x15ventures will help to accelerate the launch of Payble, by providing funds to conduct a proof-of-concept and further develop the venture. Additionally, the investment will also help Identitii to complete its participation in an existing commercial trial.
Identitii’s CEO, John Rayment, commented on the company’s creation of Payble, and on the $150,000 investment from x15ventures.
“Elliott recognised a market opportunity that leveraged existing Identitii assets, and we are delighted to have founded Payble together with him,” he said.
“Equally, we are excited to be working with x15ventures, to leverage their dynamic venture-building capabilities and capitalise on their unmatched customer base and distribution networks to bring Payble to life,” he added.
Identitii closed 3.13 per cent in the red for 15.5 cents per share.