Fintech adoption tipped to double in 2016
The level of fintech adoption among consumers is set to grow significantly in the next 12 months, new research has revealed. EY’s inaugural FinTech Adoption Index – a survey of 10,131 digitally-active consumers in Australia, Canada, Hong Kong, Singapore, the UK and the US – found that 15.5 per cent had used at least two fintech services (financial services products developed by non-bank, non-insurance, online companies) in the past six months. It also suggested that adoption rates among digitally active consumers could double within the next 12 months. EY Australia’s fintech leader, Anita Kimber, said it is a change that will require traditional financial services companies to revisit their product, […]
KPMG buys fintech company Markets IT
Professional services giant KPMG has acquired fin-tech company Markets IT for an undisclosed sum, in an effort to expand its “big data” capability and help banking clients grapple with a barrage of regulatory change. It comes as global regulators step up their efforts in relation to trader surveillance. KPMG chief executive Gary Wingrove referred to the merger as a “timely and strategic” acquisition. It is the firm’s eleventh bolt-on acquisition in two years, as Big Four accountancy firms attempt to diversify their consulting services to align with the big gnarly problems facing the C-suite. Markets IT bills itself as the dominant supplier of Murex software in Australia- a trading platform […]
Blockchain and how it will change everything
In May, British billionaire Richard Branson invited a select posse of entrepreneurs, venture capitalists and technology advisers to his Caribbean residence for an exclusive pow wow on an issue occupying some of the top markets minds in the world. The topic for discussion on the picturesque Necker Island was the “blockchain”. “Every now and then, something comes along that might just change everything. And this is one of those moments,” ASX chief executive Elmer Funke Kupper. In case you’re one of the many yet to wrap your head around the promising technology, blockchain, on a simple level, uses computer code to engender trust in digital-economy transactions. One of the attendees […]
ANZ Bank boss Shayne Elliott tells Melbourne Fintech Meetup he’s ready to invest
New ANZ Bank boss Shayne Elliott is recruiting for a head of digital banking, who will be told to partner with start-up technology companies that can teach the 180 year old bank how to improve its customer service. The bank is set to acquire and invest in emerging companies with technology that is disrupting the financial services sector, but more critically Mr Elliott wants to forge partnerships to improve ANZ’s in-house capabilities. “Investing in start-ups is not hard for banks, we have lots of money to write cheques, the difficult thing is figuring out how we can internalise that intellectual capital,” he said. “We are currently recruiting for a newly […]
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 […]
PROADVISER PRESS RELEASE
Goal Focused Investing App Launched By Graduates In 3 Months Obtaining investment advice is a laborious endeavour in Australia – compliance burdens and clunky software makes the advice process inefficient and expensive at around $2,500 for an investment strategy. As a result, fintech (financial technology) has been in the spotlight over the past 18 months. Firms such as NAB, AMP, Yellow Brick Road & a couple of startups have all launched or are about to launch online services where consumers can get low-cost & hassle free investment advice. ProAdviser joins this mix of online services but tackles the problem by providing an end-to-end solution to its customer problems. Founded by Nikhil Sreedhar […]
MINT PAYMENTS PRESS RELEASE
MINT PAYMENTS SIGNS AGREEMENT WITH AWARD WINNING TRAVEL AGENCY SOFTWARE SOLUTION PROVIDER PROCESSING $4 BILLION IN TRAVEL SPEND Sydney, 1 February 2016: Payments processing technology provider, Mint Payments (ASX: MNW) (Mint or the Company) has partnered with multi award winning travel agency software solution provider Tramada Systems (Tramada), signing a three year licence and distribution agreement to deliver its fully integrated online payments processing service “Minternet”. Through the use of Minternet’s Application Programming Interface (API) software, Tramada has developed an integrated credit card module (tramada® Payment Gateway) that will be offered to all of its customers as a core product offering within Tramada’s suite of travel agency software solutions. Mint […]
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 […]
