Morrison to fintechs: ‘Don’t stuff it up’
Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy. With the major banks lifting technology investment to fend off disruptive threats, Mr Morrison said he’s relying on start-ups to use his open banking and comprehensive credit reporting policies to increase pressure on the incumbents. “You are all in the business of financial technology disruption. I am in the business of policy disruption,” Mr Morrison said at Ashurst on Wednesday night. “I am frankly counting on […]
A dive into the US mortgage market could be a Credible move for this ASX fintech
Its latest earnings may have fallen short, but student loan comparison site Credible Labs still has fans as it pushes hard to ramp up its new mortgage loan business. Credible (ASX:CRD) — founded in San Francisco five years ago by Australian investment banker Stephen Dash — hit the ASX late last year, issuing shares at $1.21. Of the $50 million raised through its IPO, $15 million was taken out by the company’s original backers. The bulk of the money, some $31 million, was earmarked to spend developing its platform which targets US consumers. Even though its existing business is centred on student loan refinancing, investors are much more interested in […]
Trade Ledger wins Ashurst FinTech Startup of the Year at the 3rd Annual FinTech Awards
Digital banking platform start-up, Trade Ledger, has been named the Ashurst Fintech Startup of the Year after expanding into the UK market and signing up a series of major deals in just one year. The award goes each year to a fintech start-up “that has disrupted the financial services sector with new and innovative services, creating competition and transforming the way we experience financial services”. Trade Ledger has done this by being the first corporate lending platform in the world to automate the entire credit assessment process, assess SME supply chain data in real-time, and calculate risk down to the individual invoice. This allows banks and other business lenders to […]
Australia’s first index-style cryptocurrency fund launched
Fintech start up CoinJar, has launched Australia’s first index-style cryptocurrency fund, allowing wholesale investors to gain exposure to digital currencies without holding and trading the assets themselves. Investing in cryptocurrency to date has been notoriously difficult with limited investment options for wholesale investors. The CoinJar Digital Currency Fund (The Fund)1 takes on the management and security of the assets on behalf of the investor. The underlying cryptocurrency assets will be secured safely in multi-signature digital wallets which provide an additional layer of security for investors. The Fund has two classes; Bitcoin Class, which provides exposure to Bitcoin (BTC) only; and Mixed Class, which aims to track the performance of four […]
Stripe launches Partner Program in response to demand from millions-strong user base
Stripe, the technology company that builds economic infrastructure for the internet, has today announced the launch of its first-ever Partner Program to help its global user base—now numbering in the millions—discover new, reliable partners to work with. Stripe’s ecosystem is already comprised of thousands of informal tech partners, drawn to Stripe by its world-class technology and APIs, and access to its rapidly growing user base. Today, for every $1 Stripe makes, partners can expect to make $1.26. Stripe’s Partner Program formalises this ecosystem, giving partners access to new benefits, such as: A new partner portal with educational materials and best practices for building secure, reliable integrations to Stripe. A […]
Wisr appointed to leading aggregator Connective broker panel
Neo-lender Wisr (ASX: WZR) has significantly expanded one of its personal loan origination channels after the company was appointed to the panel of Connective, Australia’s leading mortgage broker aggregator. Almost 3,000 brokers on the Connective platform will be able to introduce personal loans to Wisr from 1 August 2018. More than 20% of brokers in Australia aggregate through Connective, which had more than $41.5 billion in settled loans in FY2017. This addition to a key channel follows Wisr’s previously reported record growth rate in loan originations, with total loan origination value in H2FY18 rising by 136% on the previous six months. Today’s announcement means that, in conjunction with other key […]
Global fintech investment hits a record high with Australian funding continuing to grow
Investment in Australia’s fintech sector followed the upwards tick of global growth patterns in the first half of 2018, with US$63.7 mil invested, up from US$56.1 mil in 2H’17 and US$56.0 mil in 1H’17, though remained lower than the highs recorded in 2H’15 and 1H’16 according to KPMG’s Pulse of Fintech report. Much of the investment in Australia, however, is concentrated across a small number of deals. Australia saw just seven deals during the period, down from 12 in 2H’17 and 16 in 1H’17. Total VC, PE and M&A investment amounted to US$171.5 mil, across 14 deals. “Significant outliers still dominate the Australian fintech ecosystem, propelling the majority […]
Open data revolution ramping up: What fintechs need to know
By Steve Philpotts, General Manager – Data Quality and Targeting, A/NZ at Experian In case anyone thought the open data revolution was settling down, last month’s advances have proved that we’re only just getting started. The government set new deadlines for Australia’s Open Banking regime, set aside millions in the budget for funding broader ‘Consumer Data Right’ measures, and announced that they will hire a National Data Commissioner. All this occurred in the shadow of data security concerns, and debates around the nuances of comprehensive credit reporting. Understandably, many financial services organisations have been left wondering how they can keep pace. As regulators across Australia are increasingly looking to […]
