Techboard data shows the startling growth of the Australian fintech sector
US-based data company CB Insights recently reported that VC investment in Australian Fintech had grown from $67m in 2017 to $343 million in 2018. While this does show massive growth in funding for Australia’s fintech sector, data from Australian Startup Data Company Techboard indicates that this represents a significant understatement of the sector’s growth. Techboard has recently released its Report for the December quarter 2018 which revealed another $1.066B in funding for Australian Startups and young tech companies. This was the second consecutive quarter of over $1b funding across all sectors and took the total amount of funding for the 2018 Calendar year to over $4b, up around $1/2b revealed […]
Google-backed fintech GoCardless eyes Aussie ‘subscription economy’
Australia’s fast-growing “subscription economy” is among the key markets being targeted by fintech firm GoCardless, which has secured more than $100 million to fund its global expansion plans. GoCardless, based in London, on Monday said it had raised $US75 million ($106 million) from investors including Google’s venture capital arm, to roll out a global direct debit payment collection system, which it offers to business clients. The company on Monday announced a series of new backers, including GV (previously known as Google Ventures, and owned by Google’s parent, Alphabet), Adams Street Partners, and Salesforce Ventures. Director of international expansion Pranav Sood, who is visiting Australia, said the funding round meant the […]
The differences between cryptocurrencies, virtual, and digital currencies
Rife with complex terminology, the world of cryptocurrency can be daunting at the best of times, but things got even more confusing last week when JPMorgan announced the launch of its own coin, which many argued was a digital currency – possibly a stablecoin – but most definitely not a cryptocurrency. With this in mind, Hard Fork put together a primer on the differences between cryptocurrencies, digital, and virtual currencies – three terms that are often used indiscriminately but don’t actually mean the same thing. Defining digital currencies Digital currency is the blanket term used to describe all electronic money, that includes both virtual currency and cryptocurrency. It can be regulated […]
Macquarie signs up for the OpenInvest platform
OpenInvest, the online marketplace and platform giving investors access to a diverse range of Australian and international investment managers, has added an important string to its bow with the decision by Macquarie Investment Management to join up and add its portfolios to the menu. OpenInvest, which was launched last November with SMSF trustees the primary target, gives investors a platform from which to choose from a range of highly credible and experienced investment managers. As well as Macquarie, other managers include Schroders, Shaw and Partners, SG Hiscock and JBWere. Co-founder and CEO of OpenInvest, Andrew Varlamos, welcomed Macquarie to the platform, saying: “The investment management industry has the expertise and […]
BGL announces new support platform for CAS 360 and Simple Fund 360
BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, is proud to announce the release of our new client support platform using Zendesk for CAS 360 and Simple Fund 360. “We have spent the past few months integrating CAS 360 and Simple Fund 360 with Zendesk to create a seamless support experience for our clients”, said Ron Lesh, BGL’s Managing Director. “Zendesk, used by over 200,000 organisations worldwide, will provide BGL clients with new support experience with more control over their support tickets and greater transparency on the support process”. The release of a new support platform with Zendesk is another game-changer for CAS 360 […]
PlayChip lists on IDEX
PlayChip’s listing on IDEX is its fourth listing in less than three weeks, following its successful listing on Australia’s first regulated cryptocurrency exchange, Independent Reserve, in late January. The token is also listed on top ten exchange HitBTC and LATOKEN. The PlayXchange, the economic centre of PlayChip’s online gaming ecosystem, has had over 12,000 registrations since its inception in December of last year. The PlayChip was also integrated into online fantasy sports gaming platform, PlayUp, in January, where it can be used to enter daily fantasy challenges in numerous global sporting events. The PlayChip is expected to integrate into two additional gaming platforms in the coming months. In Q2 of […]
SME fund legislation will “fill the void”
The government introduced the legislation last week to establish a $2bn securitisation fund to help small and medium businesses get better access to finance.
Novatti just started making pots of money from its Alipay bill website
Novatti isn’t buying Australian milk to send to China, but has found another way to tap the moneyed Chinese population at home and overseas. The company says its gamble on a payments service for China residents to pay bills in Australia is paying off so well they’re looking at transaction volumes rising from $460,000 in January 2019 to an estimated $700,000 in February. In the December quarter the dollar value of transactions still only averaged $200,000 a month. As to the reasons for the pick-up? Novatti CEO Peter Cook attributed it to an increasing level of trust as the product spends more time on the market. “We think it’s partly […]
