We’re excited to announce that Figured has entered into a strategic partnership that sees BNZ (a subsidiary of NAB Australia) acquire a cornerstone 17% shareholding.
This partnership will further bolster our rapidly growing customer base, while supporting growth throughout New Zealand and Australia.
Working with BNZ will enable us to further develop a product that meets the needs of the farming team (accountant, farmer, banker). As part of the investment we will be working with BNZ to build out functionality to ease the flow of information between accountants and bankers.
We have a plan in place to integrate Figured budgets directly into credit memos, and automate banking actuals vs budget reporting. This should speed-up the process of credit reviews and credit applications, saving time and money for all involved.
Additionally, we will accelerate the development of our longer term scenario/what-if planning tools, which we aim to have to market mid-year.
Having BNZ as both an investor and customer is a strong endorsement for Figured. We view this partnership as a positive development for Australasian agribusiness, giving more farmers access to tools to help manage their budgeting and production planning. This is becoming increasingly important with the on-going volatility farmers face from climate and commodity price cycles.
BNZ has also acquired a number of Figured software licences which will be distributed to its customers free of charge, commencing June 2016.
While we are delighted to be working with BNZ, we continue to work closely with other banks, and in particular ASB remain an important strategic partner for us.
For further information, contact us via the green bubble at the bottom of your screen, or view the full media release here.