Australians trust Cashwerkz with $1.1 billion currently waiting to mature

Australians trust Cashwerkz with $1.1 billion currently waiting to mature

Cashwerkz has confirmed reaching $1.1 billion in active funds (waiting to mature) in January 2020, with the total number of investments placed increasing 107% over the 2019 calendar year. As a result of its focus on partnerships, Cashwerkz now offers solutions for At Call and Term Deposit cash investing from 51 traditional and neo banks plus credit unions in Australia’s online leading cash marketplace.

Key Highlights:

  • 107% increase in the number of investments made in 2019. More than doubling from 2045 as at 31 December 2018 to 4245 as at 31 December 2019.
  • Steady customer loyalty with 79% of customers reinvesting on the platform up from 72% customer loyalty in the previous quarter.
  • 125% growth from direct customers on the platform from 2018 to 2019.
  • Active balance is $1.1 billion in Jan 2020, following a solid Q2 2019.
  • Retail investors can earn up to an additional 55 bps (.55%) on their investment, whilst wholesale investors can earn up to an additional 104 bps (1.04%) at times.

Executive Chairman for Cashwerkz, John Nantes commented: “With the RBA rate reductions and The Banking Royal Commission, Cashwerkz has become a necessary solution for the industry. Cashwerkz operates effectively in all market types, but especially in a low rate environment.”

“Cashwerkz provides competitive and at times above market rates that are significantly well above the RBA cash rate.  Australian banks need deposits and Cashwerkz is a solution for the banks to solve their deposit needs. Cashwerkz has also created a competitive marketplace for investors and advisers of investors seeking competitive rates in one place, wanting; the government guarantee, transparency, efficiency, reporting and a secure environment to invest within 3-clicks.”

A major opportunity which Cashwerkz is capitalising on is the hunt for capital reserves to support the growth of neo banks. Volt Bank, Judo Bank, :86400 and other neo banks will require billions of dollars in the near future.

Nantes continued: “With competitive interest rates available in the Cashwerkz marketplace, our neo bank partners are experiencing a very promising take up of new customers. To date Cashwerkz has already provided one neo bank with $40m in deposits in a short period of time.

The Cashwerkz unique yield curve for investors

Cashwerkz identified significant spread in deposit rates and consistently offered higher rates from its partners over the quarter. An example of this opportunity for investors is the current offer from Judo Bank providing Australians with the opportunity to invest cash for 12 months at 2.35%per annum.

With 51 bank, neo bank and credit union partners here in Australia, the focus in 2020 will turn towards growing its alliances with international banks to service institutional customers.

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