FinTech

Jun
17

How fintech has given invoice financing new legs to stand on

Is invoice financing the way to secure the future of online SME lending? Online fintech financier Skippr talks to finder.com.au. Invoice financing may be soon gaining steam with small businesses thanks to a fintech makeover. Skippr is an innovative cash management platform that offers invoice financing and cash flow forecasting. For businesses looking for an invoice financing solution, Skippr’s latest product could be what they need. Fintech, or financial technology, has always been an enabler. Whether it’s been opening the door for risk-based rates in Australia, giving savers a way to earn high rates on relatively low-risk investments, or letting small- to medium-sized enterprises (SMEs) access capital that they previously […]

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Jun
17

New platform makes switching easier for SMSFs

Term deposits are the latest sector of finance to feel the push of digitisation with the launch of Cashwerkz’ platform, which offers a quick and simple way for investors to manage term deposits. Cashwerkz chief executive, John Edginton, said that cutting the time that is spent on switching and managing deposits was the key for attracting self-managed superannuation fund (SMSF) customers and advisers. “The time and paperwork required to open or switch term deposits was a major disincentive and prevents many investors from achieving the best market return,” he said. “Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits.” The […]

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Jun
16

PromisePay has raised $14 million to boost global expansion

PromisePay, a payments platform, has just closed a $14 million funding round. The raising was lead by Carsales.com Limited, Australian tech VC Rampersand, Westpac-backed Reinventure, US fintech fund Cultivation Capital, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh. The cash will go towards the fintech startup’s global expansion, taking advantage of its position as the only fully managed payments solution for the platform economy. This includes escrow, fraud and risk management, chargeback protection, dispute resolution and identity verifications. Since its launch — just 18 months ago — the startup has grown from just providing payments solutions for marketplaces, to other multi-merchant environments, including on-demand and sharing platforms, crowdfunding, […]

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Jun
16

Fintech MoneyMe progresses diversified lending platform, entering phase ‘2.0’

Consumer fintech startup, MoneyMe, has announced it’s launch into what they’re calling ‘MoneyMe 2.0’, with the release of a new $10,000 loan product, expanding it’s portfolio of all-purpose consumer loan products designed for the tech- savvy, convenience-driven millennial market. The product expansion signals MoneyMe’s transition from being a simple small loans provider, to a diversified consumer lending fintech driven by an advanced in-house technology platform that automates loan application approvals and reduces interest costs through intelligent customer profiling algorithms. “MoneyMe’s ultimate objective has never been to remain in one segment of the lending market, rather from day one we envisaged using technology to revolutionise the way finance is delivered to […]

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Jun
16

Say no to IPO lockout for retail investors – OnMarket BookBuilds

Have you seen the recent articles in the media responding to proposed ASX listing rules changes reducing the requirement to just 100 shareholders for large IPOs? Currently, ASX rules require each IPO to have 300-400 shareholders. OnMarket BookBuilds believe that this is a major reason that retail investors get some (but in our view, not enough) access to IPOs. OnMarket BookBuilds think the proposed changes will mean that you receive fewer IPO offers. In contrast, Hong Kong and Singapore rules require that 25-40% of all IPOs are reserved for retail investors. If you support the idea of broader, fairer access to IPOs, then make sure your opinion is heard! Click […]

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Jun
16

Fintech investment surges in Q1 but does that mean the Kodak moment nears for banks?

There was a resurgence of activity in the financial technology (fintech) universe in the first quarter of the year after signs of potential rapid deflation at the end of 2015. According to KPMG’s latest The Pulse of Fintech report, the March quarter saw funding to the fintech sector rebound with total investment in fintech companies hitting US$5.7 billion. Globally, Venture Capital-backed fintech companies drew $US4.9 billion in funding, rising from just $US1.9 billion in the fourth quarter of 2015. The report identified larger deals, concentrated in Asia, played a major role in the rebound with 13 $US50 million+ rounds to VC-backed fintech companies, a slight rise from 10 such deals in […]

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Jun
16

Samsung Pay takes on Apple over tap and go

In an approach that distinguishes it from Apple in the contactless payment market, Samsung says banks are welcome to join its digital wallet and it doesn’t want any of their interchange fees or data. Samsung launched Samsung Pay in Australia on Wednesday. The service is live in South Korea, the United States, China and Spain. In Australia, it is available only for holders of Citi and American Express-issued cards. But Prasad Gokhale, vice-president of the mobile division for Samsung in Australia, is confident that each of the big four banks will embrace the platform in the coming months. He said the world’s largest consumer electronics company did “not want to […]

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Jun
15

Bitcoin hits two-year high

The price of the digital currency bitcoin hit a two-year high yesterday, trading above $US700 for the first time since 2014, after it jumped 21 per cent over the weekend. The surge came days before an unusual event called the “halving”, an adjustment to bitcoin’s protocol designed to control the creation of new coins. The last time the currency traded at this level — as high as $US719 yesterday, according to data provider CoinDesk — was February 2014, when it was coming down from its December 2013 high of $US1147. Bitcoin, launched in 2009, is a digital currency that runs on a decentralised network of computers and isn’t backed or […]

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