Fat Zebra has acquired Adatree, an accredited data recipient transforming data solutions within the Consumer Data Right (CDR) framework. Fat Zebra will collaborate with Adatree to enhance its payment services. The acquisition will enable it to provide open data and payment services, further enhancing it’s offerings to benefit our valued customers.
Pred Dragila, CEO, and founder of Fat Zebra, said: “Open data and open payments are the future of the financial landscape. This acquisition positions Fat Zebra to drive smarter, data-driven payments in Australia, offering enhanced services to our clients and partners.”
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Fat Zebra, known for processing payments for over 30,000 SME and enterprise Australian merchants, has a customer base including PayPal, Macquarie Bank, Aussie Broadband, MYOB and Zip. The company handles over 250 million e-commerce transactions annually in Australia.
Entering into the world of Open Banking signifies an important step for the future of Fat Zebra, aiming to integrate Consumer Data Right powered services alongside its payment solutions.
Adatree team members join Fat Zebra
Jill Berry, CEO and co-founder of Adatree, expressed her excitement about the acquisition, stating, “We are thrilled about this opportunity and what it means for our team, company, and product roadmap. Joining forces with Fat Zebra allows us to accelerate our mission of advancing Open Banking and data-driven solutions. This will enable the development of features to make payments smarter, showing immediate synergies and benefits with the companies joining.”
The acquisition aligns with the rapid progress of Open Banking, bridging synergies between data and payment companies. This collaboration sets the stage for a dynamic product roadmap, harnessing the strengths of both organizations to create innovative solutions in the evolving financial landscape. Currently, Adatree is connected to 114 data sources, which covers 99.73% of the household banking market share. Open Energy has recently gone live with Australian energy companies in November 2023.
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By GlobalDataAll Adatree team members have joined Fat Zebra. The transaction completed in December 2023. The financial details remain undisclosed.
