Money management software MoneyBrilliant will be acquired by Westpac from AMP and management shareholders. The acquisition’s financial specifics were not disclosed, but the deal is expected to be finalized in January 2022.
MoneyBrilliant gives customers access to budgeting and cash flow tools to help them manage their money. Westpac stated that it plans to incorporate MoneyBrilliant’s features into its digital banking app.
“The purchase of Money Brilliant is another crucial step in Westpac’s digital strategy,” said Chris de Bruin, Westpac’s chief executive consumer and business banking.
“In recent years, we’ve witnessed a rise in demand for easy and practical digital solutions to assist clients in managing their personal money,” said De Bruin. “We are excited to expand on MoneyBrilliant’s existing capabilities and make them available to our clients.”
MoneyBrilliant, located in Sydney, is presently owned by its CEO Peter Lalor and AMP through its AMP New Ventures subsidiary. AMP first bought the app in 2016 after a $1.5 million investment, with the purchase meant to improve AMP’s client experience.
In a statement, AMP stated it “will continue to offer personal financial solutions to its clients through its whole-of-wealth My AMP app.”
“There will be no immediate changes to the service for MoneyBrilliant clients,” the company stated. “The purchase is not financially significant for AMP and is scheduled to close next month, subject to regulatory approval.”
