ANZ will shut down its venture capital arm 1835i, officially closing the book on a five-year experiment that saw the bank invest about $500 million in startups including Cashrewards and Airwallex, the bank confirmed Wednesday.
All staff at 1835i Group have been made redundant. It currently lists 14 staff members on its website.
“Since the creation of 1835i, ANZ has continued to evolve its approach to innovation and investment,” an ANZ spokesperson told Capital Brief.
“ANZ has since established a non-operating holding company structure which provides much of the structural and regulatory flexibility to undertake investment activities without having to engage an external investment management company.”
