BOQ and River City Labs hackathon to spur innovation in Queensland
The Bank of Queensland has joined forces with technology startup hub River City Labs to host the inaugural BOQ Hackathon 2016 on June 10-12. The hackathon is a creative, problem-solving event specifically focused on new technology-based banking solutions, and converting those ideas into concepts and prototypes within 52 hours. The event will provide a platform for participants, including BOQ employees and partners, startups, and students, to collaborate and disrupt the business banking and financial technology industries. It will comprise of four competition tracks with participants forming teams of between two and six people. Participants will have a chance to pitch their new business to a panel […]
Fintech platform helps brokers tackle business lending
A new online marketplace for business loans can help brokers tackle the growing commercial lending space. Launched in November 2015, Valiant Finance is a comparison website which compares and matches business loans, debtor finance and equipment finance to small businesses. But unlike other comparison websites which largely focus on home loans or personal lending, Valiant co-founder Alex Molloy said it fills a gap in the complex business lending space. “[Small businesses] can go to their business banker – who they might have had three of in the last two years – who will ask them if they have residential security and then say they can’t help them if they don’t,” […]
Brisbane to play host to Google-powered FinTech startup weekend
In early July, Suncorp’s offices in Brisbane Square will throw open their doors to aspiring entrepreneurs and anyone interested in the fintech industry for a weekend of idea development, teamwork, and financial innovation. Created with the goal of fostering exciting new developments within the financial services industry, startup weekends are “a great way for financial services product owners and innovators to hand some hands on experience creating new and exciting financial products and services” according to co-organiser Adrian Juarez. “There’s never been a better time to be in Financial Services and FinTech. It’s Australia’s largest and fastest growing industry. The scale and speed of disruption is unprecedented and […]
zipMoney proposes Pocketbook acquisition
zipMoney has also announced that it has entered into a non-binding indicative term sheet to acquire Pocketbook, which is subject to zipMoney completing satisfactory due diligence and the Pocketbook founders and other Pocketbook shareholders agreeing to and entering into transaction documents necessary to give effect to the acquisition. The zipMoney Board may as a result of its due diligence decide not to proceed with the acquisition. The total consideration is A$7.5 million, comprised of A$6 million upfront consideration and A$1.5 million deferred purchase consideration, subject to various performance milestones. The cash requirement is currently estimated at A$2.5 million, with the balance in zipMoney shares at the capital raising price, subject […]
zipMoney announces A$20.6 million in oversubscribed institutional placement
Highlights of the zipMoney placement: zipMoney has completed an oversubscribed placement to institutional and sophisticated investors to raise A$20.6 million Placement funds will provide loan book equity capital, fund the proposed acquisition of Pocketbook and provide expansion capital Potential to approximately halve the weighted average cost of capital of zipMoney’s loan book zipMoney has entered into a non-binding indicative term sheet to acquire Pocketbook for an upfront consideration of A$6.0 million Pocketbook is one of the most popular apps in the personal finance sector, with over 200,000 users
Turn debts into income
PROFITING from other people’s debts has always been popular way to make money, and investors seeking income are being given more choice than ever before. While interest rates wallow at record lows and are tipped to fall further, a new breed of peer-to-peer — or marketplace — lenders is gaining ground and other income funds are multiplying. Peer-to-peer lending — which removes middlemen such as banks and allows people to lend directly to borrowers via online platforms — is forecast to at least double in size every year for several years to come. RateSetter CEO Daniel Foggo says Australian peer-to-peer platforms funded $50 million of loans last year and that […]
Global regulators attuned to blockchain risks
The use of blockchain in financial services would need to be carefully regulated with access restricted to only approved participants and institutions may be required to use kill switches to stop computers automatically executing in times of stress. Greg Medcraft, who has just relinquished the chair of the International Organisation of Securities Commissions (IOSCO), told The Australian Financial Review that blockchains must be able to operate with each other and the financial services companies that use them will have to stand behind the technology in case it fails. Mr Medcraft was commenting on the principles guiding global regulators’ assessment of emerging blockchain technology which have been set out for the […]
Perth start-up wins Silicon Valley comp
Perth bank security start-up BankVault has won its category at the World Cup Tech Challenge in Silicon Valley, beating out a range of start-ups from across the world. Speaking to thewest.com from Silicon Valley after his start-up was announced as the winner in the fintech category, Bankvault founder Graeme Speak said it opened up a world of opportunity. “It’s massive,” Mr Speak said. “We’ve had a lot of introductions to people in Silicon Valley connected with a lot of big money over here. And the win will help us launch internationally.” Bankvault is aiming to prevent online hacking through a banking security solution connecting smartphones and computers to a virtual […]
