CBA's X15 Ventures marked its first year anniversary with the acquisition of Doshii, a "middleware cloud platform" for the hospitality industry.
Doshii approached X15 with ambitions to expand its current offerings and become a utility in the hospitality space and help solve the digitisation of hospitality beginning to emerge.
Doshii integrates venues’ food ordering, business management, data and customer loyalty program apps and point of sale (POS) functions into a single system.
Its acquisition is the fifth for X15 which also counts Credit Savvy, Home-in and Vonto among its ventures.
X15 Ventures managing director Toby Norton-Smith said CBA's scale and investment and X15's "agility" could benefit Doshii.
With the fintech officially acquired on December 21 last year, Doshii's chief commercial officer Josh Franklin said the first month working with X15 has been an “exciting” time for the company.
“For us to be able to really grow and serve the industry, we need to really build out our ecosystem," he said.
“Once we've [done that], it gives us a lot more ability to go and really help hospitality businesses to save a lot of money, be a lot more efficient in the way they drive their businesses, and to run their businesses more effectively.
“It's all about helping hospitality businesses, and so bigger the ecosystem, the more businesses we can help at the end of the day."
Speaking on Thursday, CBA’s CEO Matt Comyn said Australia’s appetite for digital offerings such as Doshii has grown exponentially over the course of 2020, accelerated by Covid-19.
“I think if you look at food services, both domestically and internationally, it's a really good example of a business that was fundamentally changed during the course of 2020," Comyn said.
“What really struck me is how much complexity is inherent in a food business, particularly when they were really forced to move to much more of an online delivery and fulfillment [model]."