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, […]
What are Robo Advisers?
Robo adviser has become the catch-all phrase for any advice service that employs technology to create efficiencies in the delivery of investment advice and/or management. I had dinner with a mate the other night who works at one of the major banks. As an industry participant, he has a keen interest in the development of robo advice, and the impact it will have on the industry. He asked a surprising question: “So, is it a robot that actually creates the advice?” I thought, ‘Well if he doesn’t understand robo advice, how will the rest of the world make sense of it?’ The important thing here is to understand that robo […]
Sydney roboadvice startup ProAdviser is a cheaper way for millennials to get investment advice
When finding good financial advice is outside your budget, important questions about goals and risks can become hard to manage and execute. Buying based on recommendation means that your needs are met through a wider range of more realistic choices, and a realistic assessment of what your money can do gives you more protection and certainty, but like most things it comes at a price. Sydney startup ProAdviser aims to slash the hefty price of financial advice with an online fund manager and investment adviser. The online platform manages all the trades, investment, and administration for the client. “What we’ve essentially brought to the market is a quicker, cheaper and […]
A big US fintech startup just launched in Australia that turns pocket change into investments
US fintech startup Acorns Grow, which turns small change into an investment portfolio, launches in Australia today after a successful trial period with 22,000 people. The service’s aim is to be an inexpensive, easy way to get into the sharemarket and is targeted at people younger than 35, of which 75% made up its trail customer base in Australia. It allows users, whether on through the website or mobile app to add their bank account so that it can see their spendings, round up daily purchases, and automatically invest the change into diversified portfolios of index funds. It can be anything from a $3.50 coffee which gets round up to […]
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 […]
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 […]
