Australians are using P2P loans to consolidate debt
New data from P2P lender RateSetter shows an average loan of $20,666. Peer-to-peer (P2P) lending, while having first been introduced in 2012, is still a new concept to many Australians. However, the idea seems to be catching on. The P2P lending space is becoming more competitive, with new lenders being announced all the time, and more Australians are starting to take advantage of the competitive rates on offer. According to new data, these rates are being utilised by borrowers looking to reduce the interest they’re paying on current debts. P2P lender RateSetter has released an update of its loan book data, which contains details of every loan originated since 2014. Previous […]
Morgan Stanley’s Jeffrey McMillan says collaboration is key in fintech
It makes more sense for a global banking giant such as Morgan Stanley to collaborate with innovative fintech start-ups than to try to be innovative itself, according to the bank’s chief analytics and data officer, Jeffrey McMillan. “Probably 75 per cent of our technology that we build is coming from the fintech sector,” Mr McMillan told The Economist’s Finance Disrupted conference in New York. “We don’t really want to be innovators — that’s not what we’re really good at. “We have $US2 trillion ($2.8 trillion) of assets, 2.2 million customers, 16,000 advisers and that’s our intellectual capital. But we’re not known for being nimble and quick. ”But the bank wants […]
Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
La Trobe Financial unveils new fintech offering
Specialist lender La Trobe Financial has announced it is making its investment opportunities more accessible through the launch of a new investment platform. Launched this week, La Trobe Direct is a digital platform aimed at giving La Trobe clients greater control over and access to their investment portfolio. La Trobe Direct currently operates across La Trobe’s Classic 48 Hour and 12 Month Term investment accounts and investors with a real time overview and control over their portfolios. “La Trobe Direct allows investors to enjoy competitive investment rates, view investment transactions, set up a regular savings plan, view account balances and manage interest distribution flows on a 24/7 basis,” La Trobe […]
SocietyOne shuffles senior ranks as volumes accelerate
Peer-to-peer lender SocietyOne is looking for a new chief marketing officer following the departure of star recruit Mitch Harad while co-founder Matt Symons has been shifted to non-executive director, as the high-profile fintech upgrades its lending forecasts and attracts more institutional capital on to its internet platform. Mr Harad was hired with fanfare mid-last year after guiding Lending Club, also a P2P lender, to a public listing in the US. It is understood his departure is amicable and he will stay in Australia to establish his own start-up. Mr Harad was lured to SocietyOne by co-founder Matt Symons, who will relinquish his executive duties and move to the boardroom as a non-executive director. His management role will be taken up by former […]
RateSetter announces partnership with Purplebricks
This week we were very pleased to announce an exciting new partnership with disruptive real-estate agency Purplebricks. Having launched in Australia this week, Purplebricks lets homeowners sell their property for a flat fee of just $4,500, including professional photography, marketing costs and the services of a Local Property Expert to guide them through the sale process. Purplebricks is now the the fastest-growing real estate agency in the UK and their low-cost offering is expected to similarly shake up the Australian real-estate market and put end to three decades of commission-based remuneration for real estate agents. As part of its innovative offering, Purplebricks has partnered with RateSetter to offer customers the opportunity […]
Australian FinTech, Media Partner for LendIt Europe
Australian FinTech is delighted to be a Media Partner for the upcoming LendIt Europe conference, taking place on October 10-11, 2016 in London. We’re very excited to be part of this event and encourage you to attend if you have not already registered. As a LendIt Europe media partner, we are able to offer you an exclusive discount on LendIt Europe 2016 passes. Use the promo code AF16VIP when registering to receive 15% off your ticket. Register Now: http://bit.ly/29ZSvTm Partnered with the P2P Finance Association, LendIt Europe is Europe’s largest conference for the online lending community, with 1000 attendees expected in 2016. Confirmed speakers include: […]
Property crowdfunder CoAssets lists on the ASX
The alternative lending space continues to gain momentum as Singapore-based real estate crowdfunding specialist CoAssets lists on the Australian Securities Exchange on Monday morning. The company with an $85 million market capitalisation has raised $6.55 million at 40¢ a share ahead of the listing. The peer-to-peer crowdfund facilitator specialises in funding of up to $5 million and has raised $S45 million ($43.7 million) in residential and small business projects since it started in 2013 in Singapore, mainly in south-east Asia. It was looking to replicate its business in Australia where demand for residential development funding was burgeoning after local banks clamped down on lending to smaller and lesser known developers. […]
