Former Macquarie boss Allan Moss an investor in fintech ChimpChange

Former Macquarie Group chief and Reserve Bank of Australia board member Allan Moss has emerged as a backer of IPO hopeful ChimpChange, sources told Street Talk.

Australian “digital bank” start-up ChimpChange has chosen to disrupt US banks, given their high fees for transferring money, but the company is back at home and seeking to raise circa $15 million with a planned listing on the Australian Securities Exchange.

Moss’s support may provide ChimpChange’s sponsor brokers with extra momentum as they test the appetite of potential investors.

He most recently threw his weight behind online consulting start-up Expert360, which also counts former Commonwealth Bank and Westpac chief information officer Bob McKinnon among its high profile backers.

ChimpChange provides a way to transfer money instantly between accounts using mobile phone numbers and emails as identifiers and the MasterCard network. It takes the settlement risk along the way, and some of the card network’s interchange fee – which would normally go to the banks.

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Source: Former Macquarie boss Allan Moss an investor in fintech ChimpChange | afr.com