The archive · Money & Fintech · Strategic decision · 2020-2025
Frollo's Consumer Data Right bet: open banking now reaches 13% of Australian brokers
Frollo built broker software on Australia's CDR from day one; by 2025, 13% of mortgage brokers used it and 32,000+ consumers shared data through it.
Frollo
What the business is
Frollo is an open banking platform for Australia's Consumer Data Right: B2B software and APIs that let mortgage brokers, lenders and employers pull verified bank data with customer consent, plus a consumer money management app.
How it started
Frollo, a Sydney-based fintech led by founder and CEO Gareth Gumbley, went live at the launch of Australia's Consumer Data Right in 2020 as one of only two approved data recipients and the only fintech accredited under the regime.
What happened
Frollo's pitch was to help banks, neobanks, lenders and employers turn CDR into a competitive advantage, and it shipped an AI engine that enriched and categorised open banking transactions. By August 2025 its State of Open Banking 2025 report claimed 1.88 billion API calls across the ecosystem in twelve months — double the prior year — with 13% of Australian mortgage brokers using Frollo's solution, double the prior year, 32,000+ consumers using Frollo with their broker in the past year, and broker data delivered in an average of seven minutes.
How it ended up
Still live and expanding: Frollo's broker channel doubled year over year and major banks CBA, NAB and Westpac have integrated open banking, though nearly 30% of consent authorisations still fail at the banks.
Background
Australia's Consumer Data Right made bank account data shareable by law, and Frollo, a Sydney-based fintech led by founder and CEO Gareth Gumbley, went live at the regime's 2020 launch as one of only two approved data recipients — the only fintech accredited under the rules.
Frollo's bet was that the regime would become a business workflow, not just a consumer right. It built B2B open banking software so banks, neobanks, lenders and employers could pull verified data with consent, added an AI engine to enrich transaction data, and targeted mortgage brokers, who handle more than two-thirds of Australian home loans and spend hours chasing documents.
By August 2025 the bet was showing measurable adoption: Frollo's State of Open Banking 2025 report, covered by Broker Daily and Open Banking Expo, put ecosystem API calls at 1.88 billion in twelve months — double the prior year — with 13% of Australian mortgage brokers using Frollo's open banking solution, double the prior year, and more than 32,000 consumers using it with their broker in the past year.
The same report was candid about friction: almost 30% of consent authorisations fail at the banks, and a screen-scraping ban proposed in 2022 remains unenacted, leaving what Frollo calls a grey zone. Frollo says it is working with the Treasury on policy and integrating agentic AI into its product.
What has to be true
- Frollo staked the company on CDR rather than on an app: being the only fintech accredited at launch made its B2B offer credible to the banks, lenders and new recipients that followed.
- Mortgage brokers handle over two-thirds of Australian home loans and live with document chasing — a workflow open banking replaces with verified data delivered in about seven minutes.
- Ecosystem metrics back the pitch: 1.88 billion API calls in a year and money app users saving an average of $330 a month.
- Frollo treats the remaining friction — failed consents and the unenacted screen-scraping ban — as policy work with the Treasury, pushing CDR as the secure default channel.
What can be applied
A regulator-built data regime only becomes a business when someone rebuilds an existing workflow on it: Frollo's wedge was the mortgage broker's painful statement chase.
Aftermath
As of its August 2025 report, Frollo continues to operate with adoption growing: 13% of Australian mortgage brokers use its open banking solution, CBA, NAB and Westpac have integrated the technology, and the company says it is working on agentic AI and engaging the government on policy. The formal CDR reset led by the Treasury has expanded the regime toward non-bank lenders, the next regulatory opening Frollo expects to serve, while the unresolved screen-scraping ban keeps part of the market in a grey zone it says undermines the CDR's security promise.
Sources
- Open banking adoption growing but challenges remain
- Frollo: Report finds growing momentum behind Open Banking in Australia
- Frollo goes live today with access to data from Australia's new Consumer Data Right (CDR) system
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