Australia’s tech startups will get a much needed funding boost as the National Australia Bank (NAB) pledges to lend or invest $2 billion of funding over the next five years.
The fund will give the nation’s tech innovators access to loans, facilitate access to capital markets and support companies with transactional banking and risk management.
Anthony Healy NAB Chief Customer Officer Business and Private Banking, said supporting startups at this critical stage of their life cycle would allow NAB to play a part in boosting productivity in Australia’s technology sector.
“This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” he said.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow. NAB can support technology companies at every stage of their development – from NAB Ventures which backs starts ups through to big business.”
The NAB pledge goes to the issues identified this week in the Australian National Outlook 2019, a collaboration with CSIRO, NAB and 20 other non-government organisations.
The report recommends five key shifts the nation needs to make to ensure its ongoing prosperity. The industry shift called for innovation and investment in growth sectors, including technology.
“We have used the insights of the Australian National Outlook 2019 report to take action,” Healy said.
“This $2 billion commitment is further demonstration that we are listening to our customers and supporting their needs today.”
You can read the Australian National Outlook report here.