Australian FinTech company BankVault selected in the Top 3 Fintech startups world wide
Australian FinTech company BankVault have been selected in the Top 3 Fintech startups world wide, and Top 24 overall. Next week BankVault competes for the World Cup Tech Challenge in Silicon Valley at the Microsoft Campus. Currently they are the front runner in the Fintech category and they’re trying to get as many votes as possible as these are added to the judges’ final score. BankVault are the only Australian startup to make the finals. Support an Australian FinTech company and vote for BankVault. Here’s the link to the challenge: http://www.worldcuptech.com/categories-2016/fintech/
Fintech lender Spotcap provides $11 million of finance to small businesses in first year
In just one year online lender Spotcap has issued more than $11 million of credit lines to micro, small and medium-sized businesses in Australia. Spotcap exists to address the financing needs of small businesses which often struggle to secure funding from traditional financial institutions because of their size or lack of credit history. Since launching in Australia one year ago, the business has shown an average monthly growth rate of 30 per cent. Spotcap has rapidly expanded its local presence, growing from one to 10 staff members, to meet increasing demand for alternative finance. Lachlan Heussler, Managing Director of Spotcap Australia: “Since we launched we’ve gone from strength to strength […]
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 […]
Banking faces massive disruption by fintech says IBM
A new study argues that as the traditional functions of banks become commoditised, value is moving from transactions to relationships. Unfortunately for banks, they face competition from small start-ups and enormous, cashed-up tech giants inserting themselves directly into the relationship with their customers. IBM’s Institute for Business Value has released a fintech report called “Banking at the Brink”, which identifies the finance industry as sitting square in the centre of a perfect disruptive storm. The Institute calls out three challenges. Banks are still struggling with sluggish profits in the aftermath of the Great Recession. A new type of customer, easily dissatisfied and disillusioned, has ever-growing expectations of engagement and improved […]
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 […]
Big banks face big risk of losing customers
Australia’s big banks face a huge risk of losing their most valuable customers to their fintech rivals, new research has shown. According to an analysis conducted by Centre for Social Economics and Roy Morgan Research, the big bank customers most likely to churn, instead turning to tech-savvy fintech providers, are their “most valuable customers”. The fintech phenomenon, according to Roy Morgan, taps into a new consumer mindset – called the Desire Economy – where 64% would prefer never to go into a traditional bank branch. Ever again. Consumers in the Desire Economy are younger, well educated, tech-adopting, urban dwellers. Forty percent are early adopters of technology compared to only 5% […]
Craig Steven Wright is not Satoshi Nakamoto – Maybe, the Leader of the Team
Have you already bought into the idea of Craig Steven Wright being Satoshi Nakamoto? There is a growing voice saying not so fast! Indeed, the shadow of doubt is growing every passing moment as members of the Bitcoin community pour over the evidence that he has put on the table. This can be witnessed on various Bitcoin forums, such as the Bitcoin subReddit, where some enthusiasts are expressing their disbelief. They could be wrong. They could right. Who knows at this point? Andreas M. Antonopoulos is one of those who have come out to question the validity of Craig Steven Wright’s claims. The author of Mastering Bitcoin, a Bitcoin security […]
Australian FinTech Opens up Vast Opportunities for ICT Companies
Sydney, Australia, 23 May 2016 – Australia’s development as a leader in Fintech innovation will require concerted effort from government agencies and established financial institutions and will involve partnerships and research collaboration between banks and startups. It will also present many diverse and lucrative growth and development opportunities for ICT companies that will help form the necessary ecosystem for a leading Fintech market. Data and connection security will be the most significant challenge for Fintech companies in Australia; largely because mobile payments make up the majority of the revenues of all the Fintech segments. Reliable security will be a key issue and an important selling point to ensure success as […]
