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’ […]
Gruden to list after reverse takeover of Exoma Energy
Digital marketing and app development firm Gruden will list on the ASX as early as this week through a reverse takeover of Exoma Energy, in a deal worth $7 million. Gruden itself is a collection of specialist technology companies with offices in Sydney, China and Malaysia and its self-proclaimed “jewel in the crown” is MobileDen, a mobile payments platform used by the likes of Starbucks, Woolworths, Red Rooster, Oporto and Donut King. The federal and NSW state governments are also clients. MobileDen offers a number of white-labelled mobile services such as digital loyalty, mobile ordering, digital wallets and targeted advertising as consumers continue to ditch physical cards and replace them […]
‘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 […]
How an Aussie fintech startup is connecting major brands to Chinese customers
Its always great to see Australian FinTech companies leading the way in international markets. Its hard to believe that such a market leader could remain under the radar for so many years. SmartTrans, a payments startup whose board is chaired by Australia’s former ambassador to Beijing has just posted its fourth consecutive $1m-plus month of revenue from its Chinese customer base. The fintech company’s share price has rallied this week after it posted a record revenue of $3.69 million in China during Q2. That’s an increase of 59% on the previous quarter’s revenue of $2.27 million and an increase of 620% on revenue for Q2 in FY2015. The company acts […]
Rise in data theft opens door for fintech
The ability to protect sensitive client information will be an integral driver for fintech companies, argues Midwinter managing director Julian Plummer. In a statement, the head of the financial planning software provider said companies that can secure high volumes of confidential data will become particularly important to the financial services industry in the coming years. “Ensuring the safety of all sensitive client data for our advisory clients has become a top priority for Midwinter, and we have taken extreme actions to ensure that information is managed and stored securely, so as to continue Midwinter’s clean slate of zero security breaches.” Zirilio executive managing director Tom Dole said he has seen […]
