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Westpac invests A$50M into venture capital fund

Westpac Banking Corp. invested an additional A$50 million into a third fund from its corporate venture capital arm Reinventure Group, The Australian Financial Review reported May 15.

The investment brings the bank's total commitment to early-stage financial technology firms to A$150 million. Westpac Banking had previously made investments of A$100 million into Reinventure's first two funds.

The third fund will allow for more investments in overseas startups. Westpac reportedly wanted to reinvest after some of the companies gave insights on emerging technologies.