Fintech raises over $500,000 as it gears up for advice service expansion
Australian fintech and wealth manager, BigFuture, has completed a $520,000 capital raising as it looks to build its service capabilities. Co-founded by Michael Clancy, chief executive of Qantas Super, BigFuture’s cloud-based application allows users to view a “one page snapshot” of their financial position, improve their financial literacy and plan for their financial future. The app’s stochastic Monte Carlo simulation enables members to plan how they want to spend their wealth and then provides an analysis regarding the likelihood of this lifestyle being funded, allowing users to manage risk and see how it affects their personal retirement and savings. According to BigFuture’s chief executive, Donald Hellyer, all new investors in […]
Hopes high innovation statement can lift fintech
The financial technology community is eager to see if financial services will be called out in the innovation statement, reflecting the current surge in investment and activity in fintech start-ups and their potential to enhance customer service and reduce costs. The government has set itself a high bar to hurdle as it releases its innovation statement on Monday: the package will be “a complete game-changer for our country”, Assistant Innovation Minister Wyatt Roy has said, while Prime Minister Malcolm Turnbull has promised it will contain “a very large number of substantial measures”. Tax reform for start-up investors seems likely to receive bipartisan support, after Labor pledged on Friday to give […]
Fintech’s advantages: financial technology revolution is a boon for investors
There are definitely a lot of exciting new opportunities for investors to get involved in FinTech. Whether its investing capital in the products that are offered by new FinTech companies or direct investment in these companies now is the time. We are starting to see more and more articles about the opportunities in main stream media and we must surely be about to reach the tipping point. In my own experience the mention of FinTech is drawing fewer and fewer blank stares today than it was even a few months ago. A ‘Financial Revolution’ is a great way to describe our current position. We would love to hear your thoughts […]
Why Australian fintech Tyro aims to become a bank | Business Insider
Congratulations Tyro. Taking on the big banks with an agile model that allows the best new FinTech solutions should see you quickly become a front runner in banking. I know we will be doing as much of our business as possible with you and we look forward to seeing your success. The company boasts 14,000 small businesses as customers, and processes more than $8 billion a year through its payment terminals. In August it received permission to become an “Authorised Deposit-taking Institution”, or ADI. Tyro can’t call itself a bank, but is allowed to take deposits from customers.With $50 million in its coffers from the capital raising – the rest […]
Fintech start-ups thrive in Australia as the nation enjoys effortless banking services
With the banks now showing their support of Australian FinTech hopefully the regulators will start to implement the changes to policy that has seen such growth in the London FinTech Market. As referenced here there is a growing number of companies looking to support the industry with Silver Flacon one such leader. Australia is shaping up to be a destination for financial technology or fintech start-ups. As local banks are gradually opening up to the fintech industry, Australia is in a position to be the fintech hub of the Asia Pacific region. While Australia has relative strength in financial services enough to lead the fintech industry in Asia, right policy environment and […]
OzForex co-founder’s big winner from Western Union bid
OzForex co-founder Matthew Gilmour expects other bidders to emerge for the company after global payments giant Western Union made a stunning $888 million takeover offer bid for the company. As revealed by Street Talk Online on Wednesday, Western Union has offered to buy the online foreign exchange company for as much as $3.70 a share, which is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. Mr Gilmour stands to reap more than $34 million if Western Union buys it at the top of its offer range of $3.70 a share, which values the company at $888 million.OzForex […]
Western Union bids up to $888m for OzForex
Global payments giant Western Union has offered to buy online foreign exchange company OzForex Group for as much as $3.70 a share, implying a value of about $888 million, as revealed by Street Talk on Wednesday. The New York Stock Exchange-listed company is taking its counsel from Gresham Partners. The offer is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. OzForex’s shares have climbed 28 per cent since touching a 52-week low of $2.03 on July 16. The proposed takeover price compares with the $480 million the company was valued two years ago when its shares first […]
Why fintech is high on the radar for this London Stock Exchange-listed company
Financial technology, or fintech, is finally getting the recognition it deserves as funding pours in and investors begin to warm up to its risky nature. Solving the technological shortcomings of banking institutions and easing payment processes while increasing consumer protection, companies under the segment have been quite instrumental in improving the quality of financial services for both customers and entrepreneurs. Following the success of Lending Club, WePay and Kabbage, dozens of fintech start-ups have entered the fray, and it didn’t take venture capitalists long to flirt with the idea of betting on them. According to the Economic Times, the industry is now worth US$4.7 trillion (AU$6.6 trillion), and have raked […]
