ANZ’s move to close its venture arm and shut down its cashback business aims to simplify the bank and refocus on core operations but it risks scrapping a platform that insiders say was close to breaking even and designed to boost long term customer value rather than short term profit.
ANZ’s new leadership steps in with a clear mandate to streamline the bank, unwind legacy projects and concentrate capital on areas seen as more strategic. That shift sweeps up 1835i, the bank’s venture capital arm created under the previous chief executive, which bought cashback platform Cashrewards in 2022 as part of a broader play to build a digital ecosystem around personal banking customers.
As part of the review, ANZ closes 1835i, winds down its subsidiaries including Cashrewards and rolls some remaining investments into its non bank portfolio, while also dialling back plans for separate digital brand ANZ Plus. The bank frames the cashback unit as underperforming, but Cashrewards’ leadership pushes back, arguing the platform is doing what it was designed to do, driving engagement and value for digital customers rather than operating as a standalone profit engine. They also point to interest from more than 20 potential buyers and question why a sale was not explored more thoroughly before the shutdown announcement.
The decision looks like a clear break from the previous strategy of building a broader ecosystem around everyday banking and it seems to leave value on the table for customers who used the cashback model as well as for investors who backed the original growth plan. Some staff accept that a new chief executive must answer to shareholders and reshape the portfolio, but others describe a period of uncertainty, stalled marketing and funding limbo that highlights how abrupt strategic pivots can unsettle teams and potentially derail businesses that appear to be tracking toward profitability.
