L: Commonwealth Bank Group Executive Angus Sullivan
R: Jon Beros, co-founder and CEO, Little Birdie
Commonwealth Bank of Australia has invested $30 million into e-commerce platform Little Birdie, before the startup has official launched.
Little Birdie is set to officially launch mid-June this year, with CBA’s investmentvaluing the company at $130 million.
Little Birdie is an AI-driven online shopping site with over 70 million products consumers can track, search and compare.
Through the investment, CBA will integrate selected shopping content from Little Birdie into the CommBank app to strengthen its strategic plans to improve its digital offerings for customers.
Little Birdie will also be given access to the bank’s 11 million customers.
The investment shows a change in the e-commerce space, “seamlessly blending banking and shopping and bringing the experience together,” said CBA group executive Angus Sullivan.
“Customers appreciate the relationship between their banking and spending, and are increasingly looking to their bank to help them manage their money and save for their goals,” Sullivan said.
“We believe customers should have access to the world’s best digital experience and our partnership with Little Birdie will give customers access to exclusive industry-leading deals via the CommBank app.”
Little Birdie co-founder and CEO Jon Beros said CBA’s investment reflects the shift in consumer demands.
“Retailers and brands are looking for new and better ways to connect and engage with shoppers,” said Beros.
“Consumers are bombarded with messages and options on a daily basis, making shopping online an overwhelming experience for many, leading to abandoned shopping carts and customer churn.
“We believe that Little Birdie will become a daily habit for savvy shoppers.”