Property crowdfunding start-up CrowdfundUP closes funding round and eyes China
Property crowdfunding platform CrowdfundUP has closed a $2.1 million capital raise to build its team and grow its market presence locally and in China. The funding comes as the property sector faces disruption from increasing numbers of new entrants with disruptive business models such as Purplebricks Australia, PropertyNow and BRICKX. The investment in CrowdfundUP has been led by asset development and management firm Positive Investment Enterprise, which has a focus on property development, venture capital and funds management throughout Australia, China and the US.Professional services firm BDO also participated. CrowdfundUP founder and managing director, Jack Quigley, said the business would expand rapidly in the next year, with plans in place […]
Pushpay ASX float is a leap of faith
It used to involve putting cash into the collection plate but now giving to a church can happen with a few taps on a mobile phone. The co-founder of Pushpay, which will list on the Australian Securities Exchange on Wednesday, says the fintech’s revenue will triple and its cash flow become positive by the end of 2017, driven by more members of religious congregations in the United States making donations through smartphones. Pushpay, which offers a payments application to individual churches throughout the US, completed a $54 million placement to local institutions through Ord Minnett last week in a bookbuild at $2.09 a share. The offer was revealed by Street […]
NAB is opening its data vaults for fintechs
NAB chief executive Andrew Thorburn says he will support moves to require banks to share customer data, a key requirement for fintechs to compete with the big players. “We welcome competition,” he told the House of Representatives economics committee. “That’s how this bank has survived and competed for 150 years. “And now we’ve got new competition, fintechs that are coming at us and we welcome that too. You have to lift and get better and that’s good for customers.” Thorburn also supports greater account portability, where a customer could more easily move to a new bank without having to change automatic payments. In the UK, the Competition and Markets Authority […]
This $55 million ASX fintech fund is Australia’s first listed venture company
Seed funding venture capital specialists Ben and Tony Heap today launched H2Ocean, an ASX-listed vehicle to raise up to $55 million for the fintech startup market. The prospectus, offering $1.10 shares to raise between $27.5 million and $55 million, is now live and is being led by Ord Minnett and Shaw and Partners. The float, due to list around October 19, was launched by treasurer Scott Morrison. Joining the brothers on the board are financial journalist David Koch, former federal MP Wyatt Roy and Anne O’Donnell, a former CEO of Australian Ethical Investment. Ben, the chairman, told Business Insider the company is a first to list on the ASX. “This is […]
Wyatt Roy joins Sunrise’s David Koch in fintech fund H2Ocean
Former assistant minister for innovation Wyatt Roy has taken his first jobpost-politics, joining Sunrise host David Koch as an independent director of a proposed $55 million publicly listed fintech fund. Mr Roy, who was dumped from his seat of Longman in the last election, settled on a role with H2Ocean where he’ll be paid $60,000 per year, and will hold 10,000 shares at the offer’s completion. According to H2Ocean’s prospectus Mr Roy will join David Koch and Beyond Bank Australia chair Anne O’Donnell at the fund co-founded by Ben and Toby Heap, which will be offering a “diversified global portfolio of early and growth stage financial technology companies”. The fund […]
Australia gets its first listed fintech investment fund – H2Ocean
H2Ocean is seeking to raise at least $22,500,000 to focus on developing an early and growth stage venture capital portfolio. H2 Ventures, a dedicated accelerator and fintech investment firm, has launched H2Ocean, Australia’s first listed venture company. H2 Ventures, which also happens to be Australia’s first dedicated fintech accelerator, is already very active in the fintech space but aims to expand this with its latest venture. Co-founders Ben and Tony Heap aim to raise between $22,500,000 and $55,000,000 to deliver capital growth to investors and provide an investment alternative to traditional equities through a diversified portfolio. “H2Ocean Shareholders will gain investment exposure to early and growth stage Fintech Ventures that […]
Australia recognised for embracing fintech startups
Australia is establishing hubs and improving business conditions for fintechs. Despite tough market conditions and a global drop in investments, Australia has been praised as a forward-thinking, cultivator of venture-capital (VC) backed fintech startups. KPMG and CB Insights analysed the global status and outlook of fintech venture funding in their Pulse of Fintech Q2 2016 report and found VC-backed fintech companies raised $2.5 billion through 195 deals, a 12% decline in volume compared with Q1 2016. However, funding is on pace to exceed 2015 investment levels. The report says that while some jurisdictions are fighting to advance regulatory changes related to fintech, Australia is establishing hubs and improving conditions for […]
The Pulse of Fintech
‘ The Pulse of Fintech ’ is a quarterly report created by KPMG along with KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) which launched on August 17th, 2016. The series analyses the latest global trends in venture capital investment data on the fintech sector. Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG and CB Insights are partnering to bring you the pulse on fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges around the world, in addition to key […]
