Property crowdfunding start-up CrowdfundUP closes funding round and eyes China
Property crowdfunding platform CrowdfundUP has closed a $2.1 million capital raise to build its team and grow its market presence locally and in China. The funding comes as the property sector faces disruption from increasing numbers of new entrants with disruptive business models such as Purplebricks Australia, PropertyNow and BRICKX. The investment in CrowdfundUP has been led by asset development and management firm Positive Investment Enterprise, which has a focus on property development, venture capital and funds management throughout Australia, China and the US.Professional services firm BDO also participated. CrowdfundUP founder and managing director, Jack Quigley, said the business would expand rapidly in the next year, with plans in place […]
ANZ, Wells Fargo test blockchain for cross-border payments
Blockchain technology promises to reduce the time and cost of transferring funds and increase access to liquidity, according to ANZ Banking Group and Wells Fargo. The companies made the comments following the completion of a six-month project that built and tested a distributed ledger for reconciling and settling payments between the two banks. In a recent report on their “proof on concept” the banks said blockchain could “add real value to both the customer experience and the efficiency” of correspondent banking relationships, which refers to deals between global banks over access to local payment systems. “Cross-border payments and correspondent banking are ripe for rejuvenation,” ANZ and Wells Fargo said, pointing […]
InvestmentLink provides Midwinter advisers with real-time access to client data
InvestmentLink, Australia’s largest independent financial data source, today announced Midwinter as the first financial planning software company to use the new RealTime (ILRT) data service. ILRT has been specifically developed for the growing fintech sector, providing advisers with enhanced access to client data via their software providers. ILRT extends the range of data feeds that Midwinter can access, adding client- authorised feeds to the existing 600 direct data feeds already available on the InvestmentLink platform. The expanded data offering, delivered directly into Midwinter’s applications, will allow the Company to offer more holistic and engaging software solutions to its clients. InvestmentLink Chief Technology Officer Wayne Robinson said: “We are very pleased […]
How can I better manage my portfolio?
Managing your own portfolio means you can minimise fees and maximise returns, but if you’re not using the right tools, you could be creating more work for yourself. Here are some handy ways to make investing easier. If you’re a retail investor in Australia and you’re not using technology, you are probably missing out. There are plenty of new investing tools that are out there for the DIY investor that can make life easier. Whether it’s using an online broker to execute your trades instead of a full service stockbroker or using one of the many portfolio management tools to help you work out your investment position, it’s becoming easier […]
Fintech SME lender GetCapital heads to New Zealand
The Australian lender is now able to service New Zealand SMEs through a Lending as a Service partnership. GetCapital, a leading Australian fintech lender that specialises in small- to medium-sized businesses, is expanding internationally through a strategic partnership. The partnership with New Zealand lender Avanti Finance will see the licensing of GetCapital’s technology and underwriting via a Lending as a Service (LaaS) model. This is believed to be a first for an Australian lender. GetCapital‘s CEO Jamie Osborn said expanding into the New Zealand market was the next logical step. “With the large number of SMEs in New Zealand facing the same challenges as the Australian market, we are excited […]
Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
Pushpay ASX float is a leap of faith
It used to involve putting cash into the collection plate but now giving to a church can happen with a few taps on a mobile phone. The co-founder of Pushpay, which will list on the Australian Securities Exchange on Wednesday, says the fintech’s revenue will triple and its cash flow become positive by the end of 2017, driven by more members of religious congregations in the United States making donations through smartphones. Pushpay, which offers a payments application to individual churches throughout the US, completed a $54 million placement to local institutions through Ord Minnett last week in a bookbuild at $2.09 a share. The offer was revealed by Street […]
KPMG unveils fintech collaboration successes
KPMG is continuing to promote fintech collaboration opportunities, with its corporate fintech accelerator program, mLabs, continuing to deliver strong results since its August launch. The mLabs program, which connects Authorised Deposit-taking Institutions (ADIs) with Australian fintech start-ups, aims to help mutuals work closely to create new alternative finance prototype services, solutions and products. Included in the first-round ADIs were IMB Bank, Teachers Mutual Bank, CUA and Police Bank, part of a total seven banks and credit unions engaging with the program. According to KPMG head of innovate, James Mabbott, the program is a necessary welcome for the industry, as ADIs are increasingly left struggling while disrupters pull ahead. He said: […]
