Fintech ChimpChange has $15m IPO
It’s the latest fintech outfit looking to list on the local bourse, but ChimpChange’s founder and chief Ash Shilkin reckons he has the right mix of executive talent and runs on the board to ensure a smooth landing on the stock exchange. The company, founded in 2012, lets users transfer money instantly between accounts using mobile phone numbers and the MasterCard network. It boasts former Westpac chief operating officer Peter Clare as chairman and is focused on the US market where local banks charge high fees for transferring money electronically. With a $15 million IPO in the offing, ChimpChange’s immediate focus is on spreading the message as far and wide […]
Crowd-funder CoAssets seeking ASX listing and raising
Perth and Singapore-based fintech player CoAssets has announced plans to list on the ASX in July alongside a capital raise of between $5 million and $10m. CoAssets, which describes itself as the biggest crowd-funding player in Southeast Asia, listed on the National Stock Exchange in July last year and is now seeking an ASX listing to push further into Australia and Asia. CEO Getty Goh said his company focused on the “sweet spot” of funding, addressing the $100,000-$5m range, a gap that was too small for banks to look at. “Unlike Kickstarter, the projects that we do are business projects, they’re not products or trinkets,” Mr Goh said. Mr Goh […]
Former Macquarie boss Allan Moss an investor in fintech ChimpChange
Former Macquarie Group chief and Reserve Bank of Australia board member Allan Moss has emerged as a backer of IPO hopeful ChimpChange, sources told Street Talk. Australian “digital bank” start-up ChimpChange has chosen to disrupt US banks, given their high fees for transferring money, but the company is back at home and seeking to raise circa $15 million with a planned listing on the Australian Securities Exchange. Moss’s support may provide ChimpChange’s sponsor brokers with extra momentum as they test the appetite of potential investors. He most recently threw his weight behind online consulting start-up Expert360, which also counts former Commonwealth Bank and Westpac chief information officer Bob McKinnon among […]
DigitalX announces deal with global telco Telefónica
ASX ANNOUNCEMENT: DigitalX Limited (ASX:DCC and “the Company”) is pleased to announce that Telefónica Internacional S.A.U. (“Telefónica”) is the Company’s first strategic partner in Latin America following the successful integration of the DigitalX AirPocket App into Telefónica’s network. The mobile phone giant signed a marketing, distribution and sales agreement with DigitalX, which was announced to the market via the ASX on 17 February 2016, that will give Telefónica’s Latin American customers access to DigitalX’s unique value transfer and remittance application, AirPocket. Telefónica, which has nearly 232 million telecommunication access points in Latin America, is one of the largest telcos in the region and is among the top five biggest telecommunications […]
OpenMarkets adds XPLAN integration in major expansion of its third-party network
OpenMarkets clients can now enjoy full integration with financial planning software XPLAN, as Australia’s independent technology stockbroker takes another step towards becoming the sector’s most connected broker. The integration allows advisers trading through OpenMarkets the ability to access client transactions and holding information directly from XPLAN, removing the hassle of keying in the data themselves. OpenMarkets sees the integration as a natural step in broadening the company’s offering to independent advisers, and is part of its overall drive to expand its third-party network and bring greater efficiency to users. OpenMarkets CEO Rick Klink said, “The development with XPLAN is a natural evolution for OpenMarkets, as we continue to gain market […]
Sydney Stock Exchange’s blockchain system targets venture capital funds, commodities
Two-year-old Sydney Stock Exchange is building a blockchain settlement system to avoid high ASX fees and build a market for venture capital funds to exit their investments and commodities markets. The distributed ledger will initially only be used to settle trades in private companies, but once regulatory approval is gained, it will settle trades in publicly listed stocks. SSX will promote the new settlement system as a low cost alternative to the ASX to try to attract private equity funds to exit their investments by listing on the SSX. Settlement instantaneous Once complete in early 2018, SSX hopes to sell versions of its system – which is being built with […]
IPOs getting bigger, but small caps still outperform, OnMarket BookBuilds says
Initial public offerings on the ASX are getting bigger and small cap floats and private equity exits are the best performers, according to data compiled by OnMarket BookBuilds. The fintech company’s managing director Tim Eisenhauer said the past five years have seen a changing of the guard, as the end of the resources boom resulted in the number of mining company floats falling, while more technology companies sought to grow their fledgling businesses through listings. OnMarket BookBuilds’ research takes in the first quarter of 2016, but the trend is already evident in the second quarter, where high-profile listings, including WiseTech Global, Afterpay and Monday’s Redbubble float, are all well over […]
DirectMoney unable to fully fund loan demand
Australia’s only listed P2P lender, DirectMoney, says it is unable to fully fund its loans and is asking borrowers if it can refer them to another lender. Chairman Stephen Porges said it is still looking for institutional funders beyond the one it has – Macquarie Bank – to fund the loan demand it has.Until it gets more institutional money he said it does not have enough cash to lend to all the borrowers applying for loans via its website. “The company remains intensely focused on progressing loan sales to institutions and development of a funding warehouse. At the same time we are rolling out a strong marketing program for [its […]
