Australian bank Westpac has agreed terms to buy money management app MoneyBrilliant. Financial details were not disclosed.
MoneyBrilliant is a budgeting and cashflow tool that helps users manage their money by providing practical insights and displaying their financial accounts in the one place.
The firm’s technology will ultimately be integrated into Westpac’s own app.
Chris de Bruin, chief executive, consumer and business banking, Westpac, says: The acquisition of MoneyBrilliant is another important step in Westpac’s digital strategy. In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances.
“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”
The bank is buying the app from AMP Limited and management shareholders, with the deal slated to be closed next month.