Westpac to acquire money management app

Australian bank Westpac has agreed to acquire money management app MoneyBrilliant, in what it called an “important step” in its digital strategy.

Westpac has agreed terms to buy the budgeting and cashflow tool from AMP Limited and management shareholders.

Following completion of the deal, MoneyBrilliant’s technology will be integrated into Westpac’s digital banking app.

The acquisition is expected to be completed by next month, subject to various customary closing conditions, Westpac confirmed.

The terms of the deal have not been disclosed.

Chris de Bruin, Westpac chief executive consumer and business banking, 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.”

He added: “We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”