The key to investor confidence in cryptocurrencies
Cryptocurrency markets plummeted this week with the market capital of the entire cryptocurrency market falling below $200 billion USD for the first time this year. This comes off the back of a barren 6 months for the cryptocurrency market which has seen that market capital more than halve in that time, a far cry from the stratospheric heights it reached at the end of 2017. Much of the recent negative market sentiment has been attributed to persistent reluctance by the US Securities & Exchange Commission to approve a Bitcoin Exchange Traded Fund (ETF) with the most recent decision by the SEC to delay a decision expected this week to the […]
HashChing settles over $1 Billion in Australian home loans in 3 years
When breakthrough home loan marketplace HashChing launched into the Australian home loans market in August 2015 – never did the founders believe the far-reaching impact their unique online business would have on the Australian mortgage market. Fast forward nearly three years and the results speak for themselves. Over one billion dollars worth of Australian home loans have been settled through the platform, $675 million worth of which were finalised in the last 12 months alone. HashChing has helped over 2,200 borrowers save more than $10 million in combined interest during the first year of their home loans. The platform has also collected more than 3,100 reviews on over 500 brokers […]
SocietyOne celebrates 6th anniversary as total lending approaches $500 million
SocietyOne, Australia’s pioneering and leading marketplace lender, has celebrated its sixth anniversary of operations as total lending since inception approaches $500 million. After making its first loan in August 2012, SocietyOne has now helped more than 20,000 customers thanks to more than $480 million provided by its investor funders. Based on current lending volumes, SocietyOne expects to achieve $500 million in total lending in September – making it the first marketplace lender to achieve this milestone. Since the beginning of 2016, total lending has grown nearly 6 times and SocietyOne’s loan book now totals over $220 million, up from $41 million at the start of 2016. “The last 12 months […]
Drury still making his mark on strategy at Xero
Rod Drury may have stepped down from the role of chief executive of Xero, but in the eyes of shareholders he’s still a big driver of long-term strategy. Having unanimously voted Mr Drury to return as a non-executive director of the company, shareholders at Xero’s annual general meeting quizzed chairman Graham Smith and new chief executive Steve Vamos about Mr Drury’s role and why he had taken on the title of a non-executive director when it appeared he was still very much involved in the future direction of the company. “It’s freed me up to do what I’m passionate about. I’m having a huge amount of fun focusing on the […]
Fintechs fill the void left by commission
Fintechs are filling the gap in SME lending as the big four banks concentrate on the fallout from the royal commission, according to one online lender. The fintech commercial lending space opened up in around 2013 and since then has reported an annual growth rate of around 79%. According to chief commercial officer at Moula, Matt Leeburn, part of this growth has been down to fintechs focusing on lending to SMEs, which make up more than 97% of all Australian businesses. He said that while the space is still “a while off” being a significant threat to the banks, there is a huge opportunity to help the “underserved” SME market. […]
Wisr launches Australia’s first credit score comparison service – WisrCredit
Wisr (ASX: WZR), Australia’s first neo-lender, today announced it has launched the country’s first credit score comparison engine, WisrCredit. WisrCredit.com.au will be the first site in Australia that allows customers to compare credit scores and information from major credit agencies and other sources. According to IBIS World the Australian credit reporting industry is worth $1.1 billion and growing at more than 7.5% each year. Wisr research suggests more than 23% of Australians have checked their credit score in the past months[1]. Anthony Nantes, Chief Executive Officer Wisr said WisrCredit would be an important part of the company’s growth strategy. “As part of our commitment to financial wellness, we want to provide transparency into […]
Blockchain to bring clarity, liquidity: academic
Blockchain technology will radically transform the economy around us and the Australian Securities Exchange’s switch to it is just the tip of the iceberg, academic Chris Berg says. Blockchain – the technology that makes bitcoin possible – has “a large number of applications across the economy for much more than things like cryptocurrencies”, he says. Berg is a senior research fellow at the RMIT Blockchain Innovation Hub, an adjunct fellow with the Institute of Public Affairs, and an academic fellow with the Australian Taxpayers’ Alliance. He says blockchain offers almost limitless possibilities, in contrast to Bitcoin, which he argues is less of a sure thing for the future. “I’m obviously […]
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 […]
