Commonwealth Bank-backed Swedish bank and payments fintech Klarna has raised US$1 billion (A$1.3bn) in a fresh equity round from new and existing investors that gives values the business at an astonishing US$31 billion (A$40bn). That new valuation is a 200% jump on just six months ago, and a rise of nearly 500% on the US$5.5bn… Read more »
The skies above Earth are going to become as busy as peak hour traffic in the next few years as companies such as Elon Musk’s SpaceX, as well as Amazon, filling the heavens with tens of thousands of satellites. And all that traffic is going to create issues with avoiding collisions, which is where Australian… Read more »
Xinja is no longer a neobank. Despite last minute efforts by a group of the company’s shareholders pushing for the fintech to keep its banking licence, after it was the startup’s most valuable asset, the financial regulator, the Australian Prudential Regulation Authority (APRA) revoked Xinja’s licence as an authorised deposit-taking institution (ADI) on Friday. The… Read more »
Business etiquette has one golden rule: treat others with respect and care. The same is true for encouraging cyber safety at work, on everything from password security to keeping valuable information like tax file numbers safe. But how can you encourage cyber-safe behaviour at work without becoming the office grouch? The trick, as it often… Read more »
Queensland tech startup Fireball International’s bushfire detection satellite will head into orbit in 2022 thanks to an all-Australian deal that includes in-space transportation provider, Space Machines Company, and rocket company Gilmour Space Technologies. Space Machines Co.’s ‘space taxi’, Optimus-1, carries passenger satellites to orbit around Earth, or potentially to higher bodies like the Moon or Mars.… Read more »
Technology developed in South Australia to remotely measure vital signs is being used at universities and workplaces in the United States to help detect COVID-19 cases. The University of South Australia (UniSA) technology uses algorithms and artificial intelligence to measures heart rate, breathing rate, temperature, movement and blood oxygen saturation. It was developed to be… Read more »
Digital lending and payments provider WLTH has opened $5 million seed funding round. The Brisbane-based fintech will use the funds to accelerate the growth of its proprietary technology platforms, ahead of the upcoming launches of its B2C payments app ‘WLTH Pay’ and loyalty program ‘WLTH + Loyalty’, as well as make key hires for its… Read more »
Afterpay (ASX:APT) shares are being smashed today after returning to trade today in a bad end to the month for tech stocks. The buy-now-pay-later fintech called a trading halt to its shares yesterday ahead of releasing its half-yearly results, which included a $79 million loss, despite analyst expectations of a maiden half-year profit, and plans… Read more »
BNPL market leader Afterpay (ASX:APT) posted a loss of $79.2 million in the second half of 2020, despite doubling revenue and sales, as well as its net transaction margin. Some analysts were expecting (perhaps hoping?) for a maiden half year profit, but the $79.2m loss after tax came from a net loss on potential liabilities… Read more »
Originations grew 265.3% from 4Q20 to 1Q21 and a further 25.9% from 1Q21 to 2Q21 NZ originations surpassed $100m in total loans H1 FY21 loan originations of $180.7m below pre-pandemic levels Revenue (before transaction costs) of $55.7m, down 26.4% H1 FY21 EBITDA of $4.1 million Lending by small business fintech Prospa Group remains below pandemic… Read more »
What’s the difference between Google and Facebook? One difference is that last week Google agreed to pay Australian news outlets for their content in the face of a threat of government action to force it to. Facebook did not, temporarily removing Australian news sources from its feeds, a decision it only reversed after winning a… Read more »
A NSW parliamentary inquiry looking into the death of five food delivery riders within two months last year has unearthed fraught details about the state of the industry. Riders from Uber Eats, Door Dash and Hungry Panda died within two months of each other, prompting the parliamentary inquiry, which yesterday heard from the HR manager… Read more »
Online design platform Canva is bolstering its capacity in the artificial intelligence (AI) and automation space with the acquisition of two European design startups. The Australian unicorn has bought Austrian AI platform Kaleido.ai, which built the popular background removal tool remove.bg and Unscreen, as well as Czech-based product mockup generator Smartmockups. The acquisition costs were not disclosed.… Read more »
Facebook’s hostage standoff with Australian government and media will end in the next few days after the company struck a deal with the Morrison government over its controversial News Media Bargaining Code. Intense negotiations with the government in the wake of Facebook blocking hundreds of media sites on its platform last Thursday, saw the warring… Read more »
Andrew Bassat will step down as MD and CEO of Seek, the online jobs site he co-foundered with his brother, Paul, at the end of the financial year, with former CBA boss Ian Narev taking over from July 1. Narev joined seek as COO and chief executive of its Asia Pacific and Americas division in… Read more »
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