P2P pioneers banking on bigger piece of market pie
As lending records are beaten on a daily basis, the nation’s biggest peer to peer (P2P) lenders are hopeful the relatively new industry will this year hit that much heralded mark: a tipping point. But Matt Symons, the chief of SocietyOne, isn’t getting “carried away” given the strong growth is off a low base. Nor has he wavered from his firm belief that the best outcome for his business — and the industry — is measured and disciplined expansion, as opposed to chasing rapid growth and writing bad loans that blow up. Indeed, three years after opening, Society One it yet to turn a profit, as ongoing investment, compliance and […]
PROADVISER PRESS RELEASE
Goal Focused Investing App Launched By Graduates In 3 Months Obtaining investment advice is a laborious endeavour in Australia – compliance burdens and clunky software makes the advice process inefficient and expensive at around $2,500 for an investment strategy. As a result, fintech (financial technology) has been in the spotlight over the past 18 months. Firms such as NAB, AMP, Yellow Brick Road & a couple of startups have all launched or are about to launch online services where consumers can get low-cost & hassle free investment advice. ProAdviser joins this mix of online services but tackles the problem by providing an end-to-end solution to its customer problems. Founded by Nikhil Sreedhar […]
MINT PAYMENTS PRESS RELEASE
MINT PAYMENTS SIGNS AGREEMENT WITH AWARD WINNING TRAVEL AGENCY SOFTWARE SOLUTION PROVIDER PROCESSING $4 BILLION IN TRAVEL SPEND Sydney, 1 February 2016: Payments processing technology provider, Mint Payments (ASX: MNW) (Mint or the Company) has partnered with multi award winning travel agency software solution provider Tramada Systems (Tramada), signing a three year licence and distribution agreement to deliver its fully integrated online payments processing service “Minternet”. Through the use of Minternet’s Application Programming Interface (API) software, Tramada has developed an integrated credit card module (tramada® Payment Gateway) that will be offered to all of its customers as a core product offering within Tramada’s suite of travel agency software solutions. Mint […]
Software moguls back Australian SaaS start-up Practice Ignition
Australian Software as a Service (SaaS) start-up Practice Ignition has signed on major investor Adrian Di Marco, founder of Australia’s most successful enterprise software company TechnologyOne, in its latest round of funding. Mr Di Marco joins existing investors MYOB co-founder Craig Winkler, Canadian-based Real Ventures and a high level executive from US startup unicorn Gusto (formerly Zen Payroll), signifying growing confidence in the strength of the accounting software provider. Practice Ignition supports accountants in embracing cloud-based software, enabling accountants to establish a virtual CFO relationship with their small business owner clients and deliver them an exceptional client experience. This frictionless engagement between accountants and their clients streamlines processes and removes […]
DirectMoney eyes $32bn card debt as it targets $100m in loans
Recently-listed marketplace lender DirectMoney is targeting $100 million in loans a year as it goes after the banks’ $32 billion in revolving credit card debt. Chief executive Peter Beaumont said it was surprising that so many people were paying up to 20 per cent interest rates on credit card balances when there are much lower personal loan rates available, including DirectMoney’s, which averages 13.2 per cent. The firm’s lending rates range from 8.5 per cent to 18.5 per cent based on the risk of the borrower. “The age of rolling balances on credit cards is coming to an end,” he told Fairfax Media. “There’s about $32 billion being rolled over […]
NAB’s Visa digital wallet helps block Apple
NAB’s first digital wallet out on Monday is backed by Visa, making it the first Australian bank to use a new mobile security system that fights Apple’s bid for a share of the $2.5 billion in fees for credit card transactions. NAB’s new digital wallet, NAB Pay, will allow customers to use an Android smartphone or other mobile device to make payments via the NAB mobile app with a virtual Visa card. It will later allow credit cards to be used as well. Most of the banks, including Commonwealth, Westpac and numerous regional banks and mutual lenders, already offer similar wallets, but NAB’s is the first to use Visa’s new […]
Fintech funds are drying up, but some local players welcome the drought
Aris Allegos, the founder of online small business lender Moula, was an entrepreneur in the dotcom era and an investment banker during the global financial crisis, so he has seen first hand the havoc a speculative frenzy can create. But as the torrent of capital from US funds backing start-ups in the burgeoning fintech industry slows, instead of panicking, this time around Allegos and his rivals are more relaxed. Although less capital will mean not all start-ups will survive, a more rational approach by investors will ensure money isn’t wasted, local fintech players say. “Before the [dotcom bust] an IPO document would say ‘This business gets X number of eyeballs’ […]
‘EY Fintech Adoption Index’ – out today
Ernst & Young have now released their ‘EY Fintech Adoption Index’ which outlines how quickly the market is taking up FinTech products. While we are a market leader in the adoption of credit card contactless payment technologies we are slow to take up FinTech products. As our market matures this is sure to change. Exploring a new financial services landscape Driven by innovative startups and major technology players, the booming FinTech industry is capturing traditional market share by offering customers easy-to-use and compelling products and services. We surveyed more than 10,000 digitally active people in Australia, Canada, Hong Kong, Singapore, the United Kingdom and the United States to better understand […]
