Fintech Cheq has raised $1.75 million in debt and equity as part of its plan to take on the payday lender market with a cheaper cash-on-demand service. The raise includes $1.4 million in equity and a $350,000 debt facility from investors including Sydney’s VFS Group, with Cheq CEO and co-founder Tarek Ayoub saying they’d received… Read more »
The fintech sector has the potential to deliver up to $16 billion in efficiencies to the financial industry via artificial intelligence, new research commissioned by the ACS reveals. The IT sector professional body recently presented the research by AI analytics firm Faethm to a Senate Select Committee investigating fintech and regtech ACS CEO Andrew Johnson… Read more »
British banking multinational Standard Chartered is launching a joint venture company with fintech Assembly Payments to develop next generation payment solutions for the US$29 trillion e-commerce sector. The deal is a major coup for Assembly Payments, which launched in Melbourne in 2014, began providing online payment solutions with escrow services for marketplaces and platforms, before… Read more »
Personal lender MoneyMe (ASX: MME) made a spectacular debut on the ASX on Thursday as the latest fintech to list in 2019. The Sydney app-based lender raised $45 million in its heavily over-subscribed IPO at $1.25 per share. The float gave the business a market capitalisation of $211.8 million and enterprise value of $175.3 million.… Read more »
SME payments fintech Tyro listed on ASX today after raising $287.2 million – $34 million more than planned in a “multiple times” oversubscribed IPO – at $2.75 a share, entering the unicorn club with a market cap of more than $1.37 billion. Tyro shares (ASX: TYR) began trading at noon today (AEDT), jumping as high as… Read more »
The success of leading Australian fintechs such as Judo Bank, MoneyMe, Airwallex and Afterpay has landed the country in the top 10 nations for fintechs according to a new global ranking of the ecosystem. Australia ranked eighth in the Global Fintech Index City Rankings 2020, which evaluates fintech ecosystems in more than 230 cities across… Read more »
Payright co-founders Piers Redward and Myles Redward. Photo: supplied Australian payment plan fintech Payright is launching its buy now, pay later service in New Zealand in its first offshore foray. The buy now, pay later (BNPL) startup, typically for products prices between around $1,000 and up to $20,000, will start across the Tasman with direct… Read more »
Liven co-founder Grace Wong The Australian Senate’s Select Committee on Financial Technology and Regulatory Technology released an issues paper this week ahead of its inquiry into the sector. The committee will look at the size and scope of the opportunity for Australian consumers and business arising from financial technology (fintech) and regulatory technology (regtech); barriers… Read more »
The 2019 EY FinTech Australia Census reveals the Hayne Financial Services Royal Commission was good for the local fintech sector 42% of fintechs say relationships with existing financial institutions improved over the past year 77% of fintechs are now post-revenue and median revenue has grown 80% from 2018 Nearly half report a stronger uptake of… Read more »
Shares in ASX-listed buy now, pay later (BNPL) fintech companies have plummeted in the last 24 hours after investment bank UBS placing a sell rating on market darling Afterpay and rival Zip. Afterpay’s share price hit a record high of $37.30 on Tuesday, up more than 200% on its $12 start to 2019. But… Read more »
The traditional banking sector has well and truly been disrupted. In a recent PwC report on how fintech is shaping financial services, it estimates the cumulative global investment in the space could exceed 150 billion over the next few years. So, what exactly is it that fintech is bringing to the table to warrant all… Read more »
Properlytics, a new proptech platform for property owners to keep track of the value of their investments has been released by Brisbane fintech developer Brodie Haupt. Designed so investors can manage and track the performance of their real estate portfolio and keep all the information at their fingertips, Properlytics saves hours in record-keeping and staying… Read more »
The most recent trends in fintech investment in Australia will be debated by some of the investors at the forefront of the sector a special Techboard Roundtable in Melbourne this Friday, October 18. Presented in association with Fintech Australia and the Intersekt Festival, the Techboard roundtable discussion will focus on the future of funding for… Read more »
As WeWork began its ill-fated IPO attempt a few months ago, NYU Stern School of Business Professor Scott Galloway delivered several devastating assessments of the business, which many of his predictions coming to pass. In the wake of WeWork’s plumment, Prof Galloway has turned his attention to the fintech startup darlings offering buy now pay… Read more »
Paul Walshe, CEO of Fair Go Finance Perth-based fintech startup Fair Go Finance, has a new owner with Skybound Capital Australia buying a 60% in the business from European parent company MyBucks SA as part of a $20 million investment. Skybound Capital is a global wealth management business, with around AU$1.5 billion in funds under… Read more »
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