ANZ backs data analytics fintech

ANZ has made an investment in Auckland-based fintech Aider to enable small-to-medium enterprises (SME) to gain data-driven insights into their cash flow, staffing and accounting needs.

The major bank has made the investment through ANZi Ventures, the bank’s venture capital arm, which it said would support growth and allow Aider to develop its two early-stage products.

These include the Aider application, which provides insights into SME cash flow and integrates weather and news data, and the Advisory Intelligence Portal, which provides bookkeepers and accountants with key financial data.

ANZi Ventures is a part of ANZi’s innovation and investments team that makes investments with a focus on four key areas: home ownership, trade and capital flows, SMEs and open data.

Commenting on the investment, ANZi Ventures managing director Ron Spector said: “Aider’s instant insights and accounting software integrations will save business owners valuable time, so they can focus on other important elements to help them grow.

“This investment aligns with our focus on building relationships with emerging growth companies that can support our customers. We look forward to continuing to develop our relationship with Aider and hope to offer their innovative solutions to our customers in the near future.”

Aider CEO and founder Brendan Roberts said the investment formed a “two-way” relationship for his team.

“In addition to helping Aider grow, ANZ’s support means we will be able to offer enhanced products and services to our business customers and accountants,” Mr Roberts said.

“Together, Aider and ANZ will innovate solutions that address SME cash flow problems and enhance the relationships businesses have with their advisers.”