Australia’s top 32 start-up tech successes and why they matter
Want to start the next billion-dollar tech company? You need to be male, in your mid-30s and only two or three years into running a start-up. Not-for-profit organisation StartupAus has compiled a list of Australia’s tech successes over the past 13 years, featuring businesses with valuations in excess of $100 million. The list of 32 companies, which forms part of a report compiled with the University of Technology, Sydney which is due to be released early next year, features known successes Atlassian, Campaign Monitor and Catch Group, but also a number of lesser-known companies which are on track to become the next success stories, or “unicorns”. Lesser-known businesses such as […]
Two FinTech disruptors hit the ASX
Two new Diversified Financial offerings listing on the ASX have the potential to shake things up for money lenders in both the consumer and commercial space. The companies are Directmoney (DM1) – a Peer to Peer (P2P) lender with a twist; and zipMoney (ZML) – a unique online credit provider for consumers and businesses. Both are prime examples of one of the hot long-term trends in technology – FinTech, or financial technology. FinTech companies are disrupting traditional financial services with the use of software and online platforms. In truth, disruptive activity in financial services pre-dates the Internet and the extensive use of sophisticated financial software. Dealing with traditional banks for […]
Crowdfunding still too costly says Sharesight chief
New crowdfunding rules would still put equity raising online out of the reach of investment app Sharesight, says chief Doug Morris. About 80 per cent of the New Zealand company’s tens of thousands of customers (it won’t disclose exact figures) are Australian, with the rest mainly in NZ and Canada. It “crowdfunded” 75 per cent of NZ$2 million ($1.88 million), or roughly $1.5 million, from them earlier in December, cutting out the need to pay for advisers other than a lawyer. “We did a miniature crowdfund amongst our own clients. Most of our clients are investors,” Mr Morris said. “We surveyed the customer base and asked them would you be […]
Fintech revolution a bank threat
Bank bashing is an old sport usually practised by external critics, but 2016 could be the year when big banks discover that their greatest threat comes from within – something that should concern bank shareholders as much as employees. Technology lies at the heart of what’s happening in the banking world; and some of the smartest people in the industry are voting with their feet, quitting old-style banks for the new generation of ‘fintech’ companies. At the core of the fintech revolution lies the appeal of faster and better computer systems, coupled with the attraction of a new business run by hand-picked tech-savvy staff, a structure that attracts less government […]
Australia is fast becoming a top source of fintech funding
Despite opportunities lost and having a relatively smaller fintech market than that of the US and the UK, Australia remains a top source of funding for financial technology companies. Last week, Australia’s biggest finance firm Atlassian debuted on Nasdaq, causing somewhat of a heartbreak to the local fintech market as its road to becoming a global public brand and increasing its current $8 billion valuation could contribute a lot to the local finance industry. However, various experts in the country are still confident that there is still an overflowing amount of money to boost the nascent fintech industry, and this could come from the local investors and companies. Economists projected […]
Auswide Bank lends $60m, takes 20pc in MoneyPlace
Auswide Bank is offering $60 million in personal loans over five years via fledgling peer-to-peer lender MoneyPlace along with a 20 per cent stake in the start-up to boost its personal loans to younger borrowers. Martin Barrett, the managing director of the small, listed Queensland bank, which has a loan book of about $2.4 billion, said it had been in talks with MoneyPlace about investing in and via the platform for about a year while it was seeking its credit licence from the corporate watchdog. “What the P2P guys have to offer is something that is more advanced and capable than what we would be able to put into the […]
Ellerston Capital plans VC fund to target disruptive technologies
The Ashok Jacob-chaired Ellerston Capital plans to raise tens of millions of dollars early next year for a new venture capital fund, to be known as Ellerston Ventures, which will invest in disruptive technologies. Ellerston — which has more than $4 billion under management and runs eight funds including a new Asian listed investment company — has long had a venture capital arm that invests in what it calls “special opportunities’’. Now it wants to launch a new VC fund to take advantage of opportunities arising in the technology sector, especially the fintech space. Source: Ellerston Capital plans VC fund to target disruptive technologies
RBA governor Glenn Stevens backs blockchain and tech disruptors
The blockchain technology that underpins controversial crypto-currency bitcoin could bring significant benefits to the global banking system, Reserve Bank of Australia governor Glenn Stevens said. Speaking in his regular year-end interview with The Australian Financial Review, Mr Stevens said it was important for banks to figure out how the technology could be used to create broader efficiencies in the financial system. The words of support from a high-profile central banker will be welcomed by banks and start-ups around the world, which are working to develop applications for the relatively new technology. Blockchain is a digital record of transactions spread across separate computers designed to withstand tampering even by the people […]
