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KPMG has teamed up with the major bank to provide advisory services to budding technology and innovation entrepreneurs.
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KPMG partners with CBA in venture building entity launch
04 February 2020
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The Commonwealth Bank of Australia (CBA) has announced the launch of X15 Ventures, an Australian technology venture building entity that will leverage CBA’s franchise strength, security standards and balance sheet to build standalone digital businesses.
The bank will partner with Microsoft and KPMG, with the former set to bring its platform and engineering capability to the X15 Ventures initiative while the big four firm will provide advisory services.
KPMG will support X15 Ventures across their life cycle, including through strategy development; business and operating model design and execution; technology, fintech and digital advisory services; the provision of accounting, tax, risk, compliance and regulatory consulting; and personal and professional growth support for Australian founders.
“We look forward to working with X15 Ventures to build the ecosystem of support these new ventures need,” KPMG head of high growth ventures Amanda Price said. “From founder programs designed to unlock sustained high performance to business and strategy solutions for high-growth ventures, there will be a wealth of smart tools at their disposal to help them overcome the challenge of scaling at speed.”
X15 will be headed by managing director Toby Norton-Smith, and will be a wholly owned subsidiary of CBA, with funding provided from CBA’s $1 billion annual technology investment envelope.
“X15 allows us to open the door and partner more easily with entrepreneurs than ever before. Under its umbrella, we will create an environment for new businesses to flourish, we’ll empower Australia’s innovators and bring new solutions to market designed to empower customers as never before,” Mr Norton-Smith said.
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“X15 businesses will be nurtured and developed as start-ups but will have the scale and reach of CBA behind them to achieve rapid growth.”
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