Australian startups selected for Accenture’s FinTech Innovation Lab
Eight leading fintech companies have been selected for the fifth annual FinTech Innovation Lab Asia-Pacific, a 12-week mentorship program created by Accenture. The 2018 program received a record number of applications, from more than 160 companies, and comes at a time when investments into the sector are soaring. According to an Accenture analysis of data from CB Insights, global investment in fintech ventures reached another all-time high in 2017, of US$27 billion, with continued growth in 2018. Launched in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific has received nearly 600 applications since its inception, with 33 companies participating to date. Alumni companies from the Lab have raised US$288 […]
WA Fintech business doubles following major acquisition
WA Fintech Fair Go Finance doubled in size from 1 July following the acquisition of Capfin Money, to create one of the largest non-bank personal loan lenders in the Australian small loan market. Fundco Pty Ltd which trades as CapFin Money (previously Spot Loans) was purchased by Fair Go Finance, providing an exciting opportunity to scale the Australian operations and access a wealth of data. The combined operations of Fair Go and Capfin now establishes the business as one of the largest non-bank personal loan lenders in the Australian small loan market. With this scale there are significant advantages as Artificial Intelligence (AI) becomes a reality in the risk management […]
Victorian Government signs on as FinTech conference major sponsor for two years
FinTech Australia announce that the Victorian Government will increase its support for the startup and FinTech communities by signing on to be the major sponsor of Intersekt for both 2018 and 2019, as tickets for this year’s event go on sale today. FinTech Australia Chief Executive Officer, Brad Kitschke said, “The Victorian Government and Minister Dalidakis continue to demonstrate their leadership and support for startups and the FinTech ecosystem, through the sponsorship of this important conference for the next two years. Intersekt is a must-attend for anyone involved in FinTech and we are extremely excited that our partnership with Minister Dalidakis and the Andrew’s Government will Melbourne the home of […]
Xinja selects SAP to power its digital bank
SAP SE today announced that Xinja has selected SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile. Aiming to revolutionise customers’ banking experience, Xinja is partnering with SAP to implement its SAP Cloud for Banking platform to drive a simple, agile solution that delivers rapid customer onboarding and real time risk and financial assessment, as well as enabling open banking capabilities. This SAP core banking solution will underpin Xinja’s journey to become licensed as one of Australia’s first independent start-up neobanks. Seeking to make banking quick, easy, helpful and even fun – allowing customers to make more out of their money […]
OnDeck passes US$9 billion benchmark globally in online lending
Australian FinTech adoption outpacing most global markets; sector reaching maturity faster than US experience Development of quality online lending industry key to growing Australia’s small business sector; closing credit gap The OnDeck Group, representing the subsidiaries of the US-listed OnDeck Capital Inc., has announced that it has lent more than US$9 billion to more than 80,000 small business customers in just over ten years of lending. This figure includes the Group’s businesses in the US, Canada and Australia. Comparatively, the Australian market is estimated to reach over A$2 billion in annual originations by 2020. According to Mr Cameron Poolman, Chief Executive Officer OnDeck Australia, while Australia has been a relatively […]
InLoop has made the 2018 AFR Most Innovative Companies List
InLoop Group was honoured to be recognised as one of Australia and New Zealand’s most innovative companies. The prestigious annual list, published by The Australian Financial Review, is based on a rigorous assessment process managed by Australia’s leading innovation consultancy, Inventium, in conjunction with a panel of industry expert judges. InLoop ranked #25 on the overall list, from over 1000 nominated organisations across Australia and New Zealand. The full Top 100 list can be viewed here. The assessment measures a top innovation implemented in the past twelve months. Specifically, the judges look at how valuable the problem is that the innovation is solving, the quality and uniqueness of the solution, […]
Raiz chooses Versive’s AI-powered cybersecurity solution to strengthen financial security and compliance
Versive, Inc., an award-winning AI-based cybersecurity company based in Seattle, U.S, today announced that Raiz Invest, a mobile first micro-investment platform based in Australia, is using the Versive Security Engine (VSE) to help protect sensitive customer data and comply with financial regulations. Raiz provides customers an easy way to regularly invest either small or large amounts in one of six portfolios of varying risk levels. The company has 164,000 active customers in Australia, and approximately $200 million in funds under management, growing at over 20 percent each quarter. As a fast-growing financial company, Raiz wanted to increase its level of security. The company already offers bank-level security to consumers through […]
Xplora invests US$1m into BLOCKLOAN
Xplora Capital has announced the purchase of USD $1 million (AUD $1.35 million) worth of tokens from BLOCKLOAN – a new blockchain peer-to-peer lending marketplace. Blockchain and crypto are triggering a societal and economic shift before our eyes. Financial institutions are failing to address the market needs. It’s time for a new solution to old problems. Mark Finch, Managing Director of Xplora Capital stated, “As an early investor into BLOCKLOAN and working in the Financial Services space for 20 years we believe in Co Founder’s Michael and Bill’s vision and roadmap for providing the ability for people to access credit on a global scale and better rates than the banks. […]
