Cuscal invests in open banking platform Basiq

Independent provider of payments, banking and regulated data services Cuscal has been advised on its strategic investment in Basiq.

Jerome Doraisamy • 15 March 2023 • Big Law

Firm: Johnson Winter Slattery (Cuscal)

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Deal: Cuscal has invested in Basiq, in a transaction that remains subject to customary conditions. As part of the transaction, Cuscal has entered into a binding agreement to acquire a material controlling interest in Braavos Corporation, the parent company of Basiq.

Area: Banking and finance

Value: Undisclosed

Key players: The JWS team was led by partner Marko Komadina, who was assisted by special counsel Kate Gardner, partners Jennifer Dean, Jan Dransfield and Ravi de Fonseka.

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Deal significance: Mr Komadina said: “The open banking and CDR industry is a complex and rapidly evolving space, and we are delighted to have assisted Cuscal on all aspects of getting this strategic acquisition over the line.

“It is particularly pleasing to have worked with Cuscal to strengthen its position as a leading provider of payments and regulated data services in Australia, and we look forward to seeing what further developments the business can introduce with Basiq as part of the group.”

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Jerome Doraisamy

Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.

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