Westpac acquires money management app MoneyBrilliant

Australian banking heavyweight Westpac has agreed terms to acquire money management app MoneyBrilliant from AMP Limited and management shareholders.

MoneyBrilliant acquired by Westpac

The terms of the acquisition have not been disclosed. The deal is expected to close in the next month.

Launched ten years ago, Sydney-based MoneyBrilliant is a budgeting and cashflow tool that helps users manage their money by providing insights and displaying their financial accounts in one place.

MoneyBrilliant’s technology will ultimately be integrated into Westpac’s digital banking app.

Chris de Bruin, Westpac’s chief executive, consumer and business banking, describes the deal as “an important step” in the bank’s digital strategy.

“In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances,” he says.