CommBank’s innovation arm, x15ventures, has declared Pairtree Intelligence the winner of its 2023 Xccelerate program.
Revealed during the bank’s tech and innovation update in Sydney, the collaboration will see Pairtree working closely with CommBank to enhance and reshape its offerings within the agricultural sector. Established in 2018, Pairtree simplifies data management for farmers by integrating information from over 100 AgTech sources, providing a comprehensive view of farm operations and supply chains.
The collaboration aims to leverage Pairtree’s expertise to better understand agribusinesses, using farm data to inform product and service improvements. This partnership aligns with Australia’s focus on AgTech adoption for sustainable and resilient agricultural practices. The initiative will contribute to refining lending processes, enhancing risk decision-making, and supporting the transition to a net-zero future.
About Xccelerate 2023
Xccelerate, now in its fourth year, serves as a platform for early-stage founders to explore partnerships with CommBank. This year’s program, focused on startups facilitating Australia’s move towards net zero, attracted applications from over 70 teams—an impressive 40% increase from the previous year. The Xccelerate winner not only receives investment from x15 but also gains mentorship and resources to navigate a partnership agreement with CommBank.
As part of x15, CommBank’s venture scaler, x15ventures was founded in 2020 to build, buy, and invest in startups that could enhance the lives of the bank’s 15 million customers. The overarching goal is to reimagine existing products and services, extending the bank’s relationship and relevance by embracing innovative solutions beyond traditional finance offerings.
Toby Norton-Smith, Managing Director, said: “Reaching net-zero will require trillions of dollars of lending and investment – plus a step change in how consumers and businesses meaningfully understand and address this challenge. Banks have a big role to play in that transition, and this year’s Xccelerate has been a great way for early-stage ventures to explore the enterprise opportunity.”
“While we had a record number of applications for this year’s Xccelerate, we were particularly impressed with Pairtree’s macro solution that doesn’t ‘pick winners’ in the AgTech space, but rather focuses on how the influx of data created by the burgeoning world of IoT and digital services can help farmers – and banks that lend to them – make smarter decisions.”
“I’m pleased to say that almost all of our Xccelerate finalists are in ongoing conversations with different parts of the bank”
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