zipMoney has grabbed fintech Pocketbook in a $7.5 million deal
Digital retail finance and payment industry player zipMoney has bought personal finance management app maker Pocketbook. The deal includes $6 million upfront and another $1.5 million, depending on a set of milestones. The acquisition strengthens zipMoney’s position in Australia’s fintech sector. A short time ago, zipMoney shares were up 5.7% to $0.74. All Pocketbook staff will be retained including the founders, Alvin Singh and Bosco Tan. zipMoney will gain valuable data analytics on consumer behavior from Pocketbook’s large and growing user base, further enhancing its proprietary credit and fraud decision technology. Click link below to read more Source: zipMoney has grabbed fintech Pocketbook in a $7.5 million deal | […]
ASX-Listed Australian FinTech company zipMoney – Full Year Results
zipMoney are pleased to announce today their FY16 Annual Results, the first set of accounts as an ASX-listed Company. Some of the key highlights: Transaction volume of $51.5 million, up 962% Loan book (receivables) of $40.7 million, up 1,296% Company revenues of $4.3 million, up 976% More than 50,000 customers and 2,000 merchants Omni-channel strategy delivering volume growth Bad debts of 1.1%, below industry standards FY16 saw a number of very pleasing achievements for the Company. This included strong growth in transaction volume, with more than $50 million processed on the zipMoney payments platform. This was supported by close to 2,000 merchants across their target sectors and a number of […]
ANZ Apple Pay users hit 250,000
Around a quarter of a million ANZ Banking Group customers are understood to be using Apple Pay, a number that exceeds the bank’s expectations four months after the service was launched. It’s also a number that’s set to rise, with ANZ to announce on Tuesday that its Mastercard customers are also able to load their credit cards into Apple’s digital wallet. Apple has restricted ANZ’s reporting of the number of cards that have been loaded onto Apple Pay since it jumped ahead of its rivals at the end of April and struck a deal with the tech giant to allow ANZ Visa and American Express cards to be loaded onto […]
Just don’t call us payday lenders
More than 20,000 Australian small business owners have trouble accessing finance (Deloitte Access Economics). Are they denied access because they aren’t good candidates for loans? Yes, in some cases. However, a significant number (37%) of these businesses are denied finance because they don’t have collateral (be it a home or considerable assets) to secure a loan against. Interestingly more than 40 per cent of rejected applications examined by the NSW Business Chamber were for amounts less than $100,000 – it seems traditional providers aren’t interested in small loans, or small business. Archaic systems and processes which serve the interests of incumbent big business are being dismantled in the current global […]
Banks to develop new digital cash unit for settlement
Four of the world’s biggest banks have teamed up to develop a new form of digital cash they believe will become an industry standard to clear and settle financial trades using blockchain, the technology underpinning bitcoin. UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon – as well as the broker ICAP – to pitch the idea to central banks, aiming for its commercial launch by early 2018. The move is the first example of a group of leading banks coming together to co-operate on a specific blockchain technology to harness the power of decentralised computer networks and […]
Big banks are closing their ranks to fintech
Australia’s largest financial institutions are turning away from the fintech scene they have worked hard to embrace. Australia’s largest banks have been turning their backs away from fintech in recent weeks, with the issue of data sharing again causing a rift between the established institutions and their tech counterparts. A tumultuous few weeks fighting over Apple Pay has culminated in one of the Big Four turning its attention back to a different area of fintech. The Apple Pay saga At the end of July three of the Big Four banks – Commonwealth Bank, NAB and Westpac – along with Bendigo Bank and Adelaide Bank applied to the Australian Competition and […]
Coles backs Westpac, CommBank, NAB, and Bendigo and Adelaide Bank in Apple Pay fight
Retailers including Coles have thrown their support behind a push by several big banks to put their rivalry aside and negotiate as a bloc with Apple over its digital payments service. Apple’s current constraints on “digital wallets” provided on the iPhone threaten to stifle innovation and competition, the retail industry’s peak body told the competition watchdog. In what the banks say is a world first, Westpac, Commonwealth Bank, National Australia Bank, and Bendigo and Adelaide Bank are seeking an exemption from competition laws so they can negotiate as one, and launch a collective boycott of Apple Pay. The move, if approved, is intended to pressure the technology giant to allow […]
PayPal ‘miles ahead’, welcomes rivals to the ecosystem
PayPal’s global head of product, Bill Ready, is confident his company’s dominance in digital payments is set to continue, declaring PayPal is just scratching the surface of its potential as it enters the Fortune 500 for the first time. Mr Ready, who remains responsible for PayPal’s Braintree unit after it was acquired in 2013 and runs PayPal’s engineering operations, said the company was miles ahead of the competition. “This is something we can solve better than anyone else in the world,” he said. “We can control the process end to end, in a way that consumers don’t have to do any extra work and the merchants don’t either.” According to […]
