The Commonwealth Bank's venture-scaling arm X15ventures has invested in digital property management fintech :Different.
The bank will take a minority stake in :Different alongside early stage venture capitalists, Antler.
:Different managed to raise $25 million through a Series B funding round led by X15ventures and Antler.
The Australian fintech aims to digitise aspects of property management to “remove and reduce pain points, paperwork, admin and time consuming manual tasks faced by property owners, investors and renters”.
According to CBA, :Different will be made available to CBA customers within the CommBank app “over time”.
It will sit alongside CBA’s Home Buying Hub and X15’s other investment, digital home loan conveyancing platform Home-In.
:Different is X15’s second strategic investment this year after Payble, which was announced in April this year.
During a virtual CBA meeting, CBA group executive of retail banking services Angus Sullivan said the bank’s focus on homebuying is “huge” and a "really exciting and new way of helping investors manage their investment properties".
“This is a pain point for so many of our customers who have investment properties and work with different management constructs," he said.
X15ventures managing director Toby Norton-Smith said that X15 is evolving into a "vehicle that can test, evolve, and scale out new propositions that can bring customer experience to life."
Norton-Smith will sit on the Board of :Different.