The acquisition will combine Experian’s global open data solutions with Look Who’s Charging enrichment capabilities to create an open data platform in Australia, following the recent open banking legislation.
Who’s Charging provides clarity on bank transactions for more than 8 million Australians through the apps of its banking partners, including NAB and ANZ.
According to Experian the deal will have wide ranging benefits for consumers, businesses and financial institutions.
“If a transaction is unable to be categorised accurately, it is often classed as ‘unknown’ which can result in decisions impacting consumers being based on limited data,” Black said.
“This can have a big knock on effect if, for example, banks are using one platform to help a customer understand their own income and expenditure, and another to decide what loan they can afford.
“With Look Who’s Charging’s enriched data integrated into our open data platform, we will be able to provide a uniquely accurate and comprehensive solution for the Australian market. This will help our customers lend more responsibly while enhancing their fraud checks and reducing their call centre traffic for unrecognised transaction queries, as well as ensuring consumers have a greater understanding of their financial situation.”
Black said over one billion transactions are enriched every single month through Look Who’s Charging’s platform to provide Australian consumers complete clarity on their spending.
“Look Who’s Charging’s forward-looking and problem-solving nature is aligned with our business and approach to innovation,” Black said.
“We share the aim to help businesses and consumers make better and more informed decisions, and we are delighted to be working with a company who is truly having a positive impact on not only our financial services industry but Australian consumers too.”
Founder of Look Who’s Charging, Stuart Grover, said: "We are extremely excited to combine the technology and data we have built to support the Australian banks with Experian's market leading open data technology”.
“We are very proud to have built Look Who’s Charging from an idea, born from the frustration of unrecognised transactions to a product which helps millions of Australian consumers, in under 4 years.
“With Experian's scale, we have an opportunity to help solve more of the immediate problems faced by Australian consumers and financial institutions, whilst the Look Who's Charging solution is also rolled out to other key markets around the world.”