Westpac will acquire money management app MoneyBrilliant from AMP and management shareholders.
Financial terms of the acquisition were not disclosed, however the deal is set to be finalised in January 2022.
MoneyBrilliant allows users to access budgeting and cashflow tools to assist with money management.
Westpac said it intends to integrate MoneyBrilliant’s capabilities into its own digital banking app.
Westpac chief executive consumer and business banking Chris de Bruin said 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,” De Bruin said.
“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”
The Sydney-based MoneyBrilliant is currently owned by its CEO Peter Lalor and AMP via its AMP New Ventures subsidiary.
AMP initially acquired the app in 2016 following a $1.5 million investment with the buyout intended to strengthen AMP’s customer experience.
AMP said in a statement it “will continue to offer personal finance solutions for its clients through its whole-of-wealth My AMP app.”
“There is no immediate change to the service for MoneyBrilliant customers," it said.
“The transaction is not financially material for AMP and is expected to be completed by next month, subject to regulatory approval.”
