Westpac to boost digital offering with acquisition of MoneyBrilliant
7 December 2021
Westpac has today announced that it has agreed terms to acquire money management app, MoneyBrilliant from AMP Limited and management shareholders.
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.
MoneyBrilliant’s technology will ultimately be integrated into Westpac’s digital banking app.
“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,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers,” said Mr de Bruin.
The acquisition of MoneyBrilliant is expected to be completed by next month, subject to various customary closing conditions. The terms of the acquisition have not been disclosed.