ANZ separates ventures unit
ANZ announced its intention to separate its ANZi Ventures and incubator business and create a stand-alone entity to help accelerate growth and deliver new digital solutions for ANZ customers.
The new business, called 1835i, will operate as a separate entity to ANZ so it can act quickly as it develops a pipeline of investments aligned with ANZ’s strategy of helping customers buy a home, start and grow a business, or move capital and goods around the region.
Establishing 1835i independently will enable it to operate more like a startup, without the same regulatory requirements that ANZ has as an Authorised Deposit-taking Institution. ANZ will continue to fund 1835i’s investments and oversee its governance. Ron Spector, currently ANZi Managing Director, will continue to lead the team under the new 1835i structure and has appointed three partners with backgrounds across ANZ and the start-up community to assist him.
In the three years since its creation, ANZi has launched three new companies, including the digital home loan distribution platform OneTwo Finance, theOneSpot and Propps. It also holds eight investments in emerging growth companies, including foreign exchange provider Airwallex and the digital home loan origination platform The Lendi Group. ANZi has invested about $275 million to date.
