ATO signs up as first client for fintech start-up Mainframe Cloud
Fintech start-up Mainframe Cloud (“MfC”) has signed a contract with the Australian Taxation Office (“ATO”) to deliver a suite of mainframe modernisation solutions to the Australian Government’s major revenue collection agency.
The contract follows an extensive and successful Beta testing exercise in 2016 and the achievement of a minimum viable product by MfC.
Based at the Stone & Chalk fintech hub in Sydney, MfC simplifies mainframe operations by providing applications that focus on improving productivity and efficiency.
The global application development market for mainframes is estimated to be US$23 billion per annum. Mainframes process approximately 80% of the world’s data and are at the core of most of the world’s large government organisations, banks, airlines, retail and insurance companies.
Mainframe Cloud’s technology is set to transform the mainframe software industry by dramatically reducing the release cycle for new applications, providing real-time access to mainframe data and allowing mainframe applications to be built by non-specialist developer resources.
The MfC Platform will allow organisations like the ATO to build feature-rich applications more quickly and more efficiently utilising the skills of their Gen Y developers.
“Mainframe Cloud’s contract with the ATO provides an opportunity for us to scale at a sustainable rate and provide a level of service commensurate with the ATO’s expectations,” said Co-founder and CEO Ben Pearson.
Mainframe Cloud is currently undertaking a fund raising to finalise its product development. A larger capital raising is envisaged over the next 12-18 months to fully leverage the on-boarding of clients and revenues forecast for this time. The proceeds of funding are then intended to be used to facilitate growth and entry into the global mainframe software market.