Macquarie takes stake in fintech minnow
It’s a positive sign to see Macquarie Group investing more in the Australian FinTech sector. They seem to be getting very active very quickly. It will be interesting to see which of the other big banks will follow suit… Macquarie Group has waded deeper into the fintech sector with an equity agreement with listed marketplace lender DirectMoney to assist in the development of what the minnow claimed would be a new securitisation funding market. In a boost after a bumpy listing in July, DirectMoney yesterday said it had sold $5 million of personal loans to Macquarie and secured the investment bank as an adviser to assist access to funding, […]
Fintech sector rejects crowdfunding bill
The fintech sector has taken aim at the government’s proposed legislation on equity crowdfunding, with particular ire focused on the requirement for crowdfunders to become unlisted public companies. The government has received 21 submissions on the Corporations Amendment (Crowd-sourced Funding) Bill 2015 [Provisions], with a number of fintech firms pointing to the bill’s shortcomings. VentureCrowd’s was one of a number of respondents to argue against the requirement that equity crowdfunding recipients be public unlisted companies. “This bill’s requirement that an equity crowdfunding start-up first becomes a public company imposes a significant (and unnecessary) regulatory, administrative and compliance burden on those start-ups,” said the VentureCrowd submission. It went on to point […]
Aussie Start-up helps you beat the Mortgage market
An Australian Fintech Startup may be the next Uber in the mortgage industry. The mortgage industry is in for a David and Goliath show down, with LoanDolphin stepping in to create a much more competitive market place. In summary LoanDolphin is a free online auction marketplace where lenders (brokers and banks) fight for customer’s business. Since its launch in December last year the platform has had $20 Million worth of loan auctions posted. The proud co-founder of LoanDolphin shared with us that 100% of the customers who had posted an Auction to refinance have received a quoted rate which was well below their current rate. On average customers had receive […]
Global fintech giant Spotcap secures $50 million investment as it looks to expand presence in Australia
Global online lending platform Spotcap has closed a $50 million funding round and will be using some of the capital injection to grow its operations in Australia. Spotcap’s third funding round was led by international private equity firm Finstar Financial Group and brings the fintech startup’s total funds raised to more than $80 million. The online lender opened an office in Sydney in May last year, and managing director of Spotcap Australia Lachlan Heussler says the startup has been expanding rapidly in Australia. “Our growth has exceeded our internal expectations,” Heussler tells StartupSmart. “The month-on-month growth has been extremely high, to the point that January was a record month for […]
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 […]
New fintech platform to ‘take business from brokers’
A former major bank executive will launch a new fintech business this year to compete directly with the third-party channel on prime mortgages. Mark Bevan, who spent 25 years at CBA and six with Westpac, is the co-founder of Joust, an online platform that allows lenders to compete for home loan deals through a live digital auction process. The platform involves a panel of lenders bidding (or jousting) to be the provider of a customer’s home loan. The Adelaide-based fintech business aims to target prime mortgage customers with good credit ratings, good jobs and equity in their homes. Source: New fintech platform to ‘take business from brokers’ – Mortgage Business
Australia’s top 32 start-up tech successes and why they matter
Want to start the next billion-dollar tech company? You need to be male, in your mid-30s and only two or three years into running a start-up. Not-for-profit organisation StartupAus has compiled a list of Australia’s tech successes over the past 13 years, featuring businesses with valuations in excess of $100 million. The list of 32 companies, which forms part of a report compiled with the University of Technology, Sydney which is due to be released early next year, features known successes Atlassian, Campaign Monitor and Catch Group, but also a number of lesser-known companies which are on track to become the next success stories, or “unicorns”. Lesser-known businesses such as […]
Two FinTech disruptors hit the ASX
Two new Diversified Financial offerings listing on the ASX have the potential to shake things up for money lenders in both the consumer and commercial space. The companies are Directmoney (DM1) – a Peer to Peer (P2P) lender with a twist; and zipMoney (ZML) – a unique online credit provider for consumers and businesses. Both are prime examples of one of the hot long-term trends in technology – FinTech, or financial technology. FinTech companies are disrupting traditional financial services with the use of software and online platforms. In truth, disruptive activity in financial services pre-dates the Internet and the extensive use of sophisticated financial software. Dealing with traditional banks for […]
