Xero Passes Quarter Billion Annualised Revenue
Managing to cash flow break-even with cash on hand Trillion dollars of transactions recorded on Xero platform in last 12 months Performance highlights (All figures in NZ$) Strong global revenue and subscriber growth Paid subscribers hit 717,000 globally, with 242,000 subscribers added in the 12 months to 31 March 2016 Annualised committed monthly revenue of $257.9 million, a year-on-year increase of 62% Operating revenues of $207.1 million, an increase of 67% on FY15 Global year-on-year revenue growth of 95% in international markets, and 57% in Australia and New Zealand Improvement in operating metrics Gross margin increased by 6 points year-on-year to 76% Net loss of $82.5 million for the year, […]
Globalisation of FinTech: Are we learning from our neighbours?
Most areas in the fintech space are hotly contested. Anyone watching the fintech space can feel overwhelmed by the sheer volume of perspectives that emerge when a new product is launched, an article is written or a tweet is sent. And that is largely because fintech is global. Fintech companies may operate in their own local markets and compete with, or “disrupt”, local banks, but financial technology as a whole is a global dealing. Any discussion of fintech needs to have this perspective. This is not just a matter of having the correct frame of reference for discussion and debate, it ensures we find the right way to […]
DirectMoney Releases Updated Personal Loan Fund
DirectMoney Limited (ACN 004 661 205 ASX: DM1) (DirectMoney) and One Managed Investment Funds Limited (ACN 117 400 987, AFSL 297042) (One Investment Group or OMIFL) are pleased to announce the release of an updated Product Disclosure Statement (PDS) for the DirectMoney Personal Loan Fund (ARSN 602 325 608) (Fund) as at 29 April 2016. Key features of the Fund now include: Lowering the minimum investment amount to $10,000 Weekly acceptance of investor applications Allowing re-investment of monthly distributions Expanded reporting Since the initial launch in May 2015 until mid-April 2016 the Fund has achieved a return of 7.18% after fees and provisions. The Fund aims to deliver a consistent […]
Ignition Wealth Teams’ integration as easy as 123
Following the April 14 launch of Ignition Wealth Teams the effortless integration process has ensured an enthusiastic response from professional financial businesses including advice practices and accountancy firms. “We are committed to building real partnerships with businesses in the professional financial industry. For clients adopting the off the shelf version of Ignition Wealth Teams we have made the integration process absolutely effortless. There is no upfront cost to the business and integration can be completed in as little as 24 hours. For businesses daunted by trialling automated advice this is the solution simple, fast and costfree.” Mark Fordree, CEO, Ignition Wealth. With three simple steps the Ignition Wealth […]
Trov announces $25.5 million funding, launches world’s first on-demand insurance for single items
With $39M total funding to date, Trov will help people around the world insure just what they want – exactly when they want – entirely from their phone MEDIA RELEASE – APRIL 27, 2016 – Trov, a technology company reinventing insurance for the mobile generation, today announced that it has closed $25.5 million in Series C funding led by Oak HC/FT, bringing its total funding to $39M. Other prominent investors in the round include leading Australian insurer, Suncorp Group (ASX:SUN), insurance technology provider, Guidewire (NYSE:GWRE), and fintech venture capital firm, Anthemis Group. In addition to the funding, Trov is announcing its upcoming launch of the world’s first on-demand insurance platform, […]
Fintech threatens Australia’s biggest banks – Roy Morgan Research
The global fintech phenomenon threatens Australia’s traditional banks by stealing their most valuable customers. This new digital market is growing exponentially leaving traditional banks looking dangerously like commodity utilities. According to Accenture investment in fintech grew globally by 201% in 2014. [1] Australia has the fifth highest rate of fintech use in the world. [2] Fintech is the digital, often peer-to-peer, channel enabling tech-savvy consumers to borrow or invest without ever having to deal with a traditional bank. In early April Australian peer-to-peer start-up SocietyOne reportedly reached $100m of loans on its digital platform. The burning question for the traditional Australian banks is, which of their customers are most at […]
Peer-to-peer SocietyOne completes $25m raising
Peer-to-peer lender SocietyOne has completed a $25 million round of funding, which was supported by its leading shareholders. SocietyOne, now led by former senior Westpac executive Jason Yetton, announced yesterday that its loan book had shot through the symbolically important $100m barrier in the first week of April. This came after strong growth from the beginning of the year, with personal loans and agribusiness finance jumping by $30m. While the funding round has been under way for several months, its completion is a show of faith in SocietyOne’s direction under Yetton, who was appointed early last month, and the lender’s growth trajectory. The company took six quarters until the second […]
Invoice2go launches mobile payments feature in Australia
SYDNEY, April 12th, 2016: Invoice2go, the App Store’s leading invoicing app, has today launched its highly anticipated mobile payments feature allowing small businesses to receive debit and credit card payments, without having to invest in EFTPOS infrastructure. The launch supports Invoice2go’s vision to make it possible for people to run their own business by providing the simplest way to look professional, track their time, improve cash flow and untangle themselves from paperwork. With more than $1 billion invoiced per month globally, and $200 million per month in Australia alone, the new payments feature, powered by Stripe Connect, is positioned to immediately help Australian business owners across all industries get paid […]
