Ethereum, rival to bitcoin, gains traction
With a rising market value and a roster of high-profile patrons, Ethereum in recent months has become the next hot thing in cryptocurrencies. Ethereum is an open software platform, comprising a currency called ether, a public “blockchain” ledger for keeping track of transactions and tools for building so-called smart contracts that automatically make payments when their terms are fulfilled. Anyone can develop new applications that make use of its code. More ambitiously, the currency’s inventors and users are revolting against the growing centralisation of the internet under big companies like Google and Facebook by creating financial structures that can run themselves. Much like its older cousin bitcoin, however, ether is […]
Crowdfunding and real estate align on Sydney development
Online crowdfunding platform VentureCrowd has raised more than $900,000 for a Western Sydney residential project, with most of the money coming from self-managed super fund investors. Investors put between $10,000 and $80,000 each into the 35-lot development in Riverstone East, acquiring a 49 per cent equity stake in the $10 million project. The developer, ClearState, has invested the remaining equity, totalling $1.81 million with the rest of the funding coming from mezzanine and senior bank debt. Returns in of more than 100 per cent on the equity invested are anticipated upon completion of the development in mid-2017, which is forecasting $13.1 million in net revenue with 22 of the 35 […]
Loans flood in for fintechs
Non-bank business lenders are receiving more than $1.1 billion of loan applications every month as awareness of new fintech operators and other alternative providers accelerates, according to a new survey. Providing insight into the level of demand for loans outside traditional banks, the survey by online business lending aggregator eBroker found non-banks were attracting at least 11,676 loan applications a month, worth $1.13bn. Non-banks are alternative lenders that don’t take deposits, sidestepping the need for a full banking licence and oversight by the Australian Prudential Regulation Authority. The survey, conducted with marketing company WebBuzz, took place in early May and included the chief executives of 29 non-bank business lenders, including […]
Waddle secures first round funding to support $30 million in new loans
Waddle, a leading online provider of revolving credit lines to businesses, today announced it has secured its first round of debt funding lead by an Australian private investment group to facilitate $30 million dollars in new loan volume over the next 12 months. The funding round marks the first external debt raising since launching in 2014. Waddle has pioneered a new wave of invoice financing as Australia’s first fully online, cloud-based platform enabling business owners to obtain automatic approvals and ongoing revolving credit lines based on outstanding invoices held in their online accounting packages. Thanks to the seamless integration with cloud accounting providers, a two-way data exchange enables Waddle to […]
Huddle Money raises $6m to create peer-to-peer bank
Sydney-based fintech start-up Huddle Money will emerge from so-called stealth mode this week after securing $6 million backing for its bid to take on traditional banking services with peer-to-peer offers. The company, founded by expat Brits Jonathan Buck and Jason Wilby has been self-funded for the last year, but has closed its first funding round, which was led by Hollard Australia managing director Richard Enthoven. Huddle Money is the latest in a growing band of fintech start-ups to set their sights on opening up new options for consumers in a market that had previously been dominated by large institutions. It says it will do this by challenging existing business models […]
OFX launches new online seller service
OzForex Limited trading as OFX (OFX), one of the world’s largest international payment businesses, has today announced the launch of OFX for Online Sellers, a new online merchant solution that streamlines payments from international marketplaces such as Ebay and Amazon into bank accounts in USA, Canada, UK, Eurozone, Hong Kong, and Australia. The new product will offer a faster, more competitively priced transfer option to the millions of merchants that sell on global E-Commerce marketplaces in North America, Asia and Europe. Forty-five percent of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay. Selling on international marketplaces means merchants can lose up […]
Fintech startup Clover becomes the first robo-advice platform in Australia to secure MDA licence
Clover, a fintech company reinventing investing for the digital generation, has become the first robo-advice platform in Australia to secure an Australian Financial Services licence (AFSL) with Managed Discretionary Account (MDA) capability. Set to launch shortly, Melbourne-based Clover is a uniquely goals-based automated investment service designed to help Australians achieve specific lifestyle goals, whether it’s planning a dream wedding, saving for a deposit on a property or planning a major trip overseas. Gaining the ability to operate an MDA service is one of the most difficult Australian Financial Service licences to secure from the Australian Securities and Investments Commission (ASIC). This is believed to be the first time a robo-advice […]
Deposits lift on Apple Pay, says ANZ Bank
Almost two months after it signed a deal to provide Apple Pay, ANZ Bank says teaming up with the technology giant is prompting more customers to open accounts, or start using credit cards that had been lying dormant. ANZ became the first major bank to offer Apple Pay in late April, breaking ranks with rivals, which are negotiating over how millions of dollars in fee revenue would be shared if they were to also provide the service. While Australian consumers have generally been reluctant to use “digital wallets” ANZ says the move is having a real impact on its sales of transaction accounts, especially digital sales. Matt Boss, managing director […]
