Australia’s mobile wallet Beem It eschews new fast-payments platform in favor of debit rails
Beem It, a startup owned by three of Australia’s largest banks, has launched a free real-time social payments app designed to run on older debit networks instead of the country’s new faster payments platform. Market research commissioned by Beem It indicates that, because of unpaid small debts between friends, Australia’s national unpaid “mate” debt is worth A$6.2 billion. To get around the embarrassment of asking a friend for repayment, Beem It offers the ability to request money through an app. Rather than use the New Payments Platform (NPP), Australia’s faster payments system, Beem It links to users’ debit cards as a means of achieving scale. “There are about 43 million […]
Australian fintech & invoice marketplace Timelio announces $250 million milestone
Timelio, an Australia-based online marketplace for invoice and supply chain finance, announced on Tuesday it has surpassed $250 million in invoice funding. Founded in 2014, the fintech firm stated its purpose is to improve the financial well-being of business owners by improving cash flow for businesses and enabling them to get paid immediately without waiting up to 90 days for customers to pay. While sharing details about the company’s latest milestone, CEO and founder of Timelio, Charlotte Petris, stated that the milestone is confirmation Australian businesses have been looking for funding outside of the traditional finance providers to help them reach their growth ambitions. “Without exception, each one of our […]
Link4 and Squirrel Street merge to offer full e-Invoicing service
Link4 Australia and Squirrel Street have officially merged to provide a full e-Invoicing service for small and medium businesses. During a recent London Tech Week event, Link4 Australia and Squirrel Street announced the successful merger of their respective companies. The amalgamation of both organisations provides full e-Invoicing services to small, medium and micro businesses, and brings their combined customer base to 72,500 users across Australia and New Zealand. Having previously partnered with one another to provide Link4 users with a seamless way to process PDF invoices, both companies felt there was an organic synergy during this collaboration making a merger a clear and obvious next step. “e-Invoicing is the […]
SendGold signs major platform deal for Gold-as-a-Service
Sydney-based SendGold have digitised gold to enable their customer network to buy, sell, and exchange gold instantly as peer-to-peer money across 8 countries in the Asia-Pac region. Now the company have announced they have signed an agreement to enter the rewards market with the world’s largest cloud-based loyalty platform. Toronto-based Global Rewards Solutions (GRS) provide a loyalty platform that is used by millions of members globally, including employees of a number of Fortune 500 companies. The deal announced with SendGold will let their loyalty program members instantly exchange their points for gold bullion directly inside the GRS application. The capability went live in Australia this week and a phased rollout […]
Put your money where your trust is
Why Nifty Personal Loans is the lender for you. In light of the recent fine laid down to the Commonwealth Bank of Australia for breaching anti-money laundering and counter terrorism laws, the credibility of Australian lenders has once again come under scrutiny. The massive $700 million settlement, the largest ever civil penalty in Australian corporate history, was agreed upon by CBA and the Australian Transaction Reports and Analysis Centre (AUSTRAC) earlier last week. It is said that CBA’s breach of anti-money laundering laws allowed large crime syndicates to launder funds through the bank’s ATM’s and Intelligent Deposit Machines (IDM’s). The bank and trusted lender failed to carry out appropriate assessment […]
Westpac ends Prospa deal as banks plan more unsecured SME lending
Westpac Banking Corp has ended its referral relationship with Prospa, a sign major banks are preparing to ramp up unsecured small business lending to try to regain some of the market that has been surrendered to start-ups. After Prospa indefinitely postponed its ASX listing last week amid questions on whether its loan contracts breached new laws, the online business lender faces more intense competition from big banks who are developing new products to lend more to small business without requiring residential property to be pledged as security. “We did not continue our contract with Prospa because we are working on developing our own products that will satisfy more of our […]
Credit report delay shows fintech social risk concerns
Nothing is more valuable to a fintech start-up than data. And some of the best quality data for pricing financial services are the historical records of customer debt repayments. When run through algorithms, these can indicate how likely a prospective borrower is to repay a loan in the future, which helps with assessing risk and pricing. Fintechs are right on the cusp of getting access to this “repayment history information” (RHI), through the government’s new “comprehensive credit reporting” (CCR) regime. The policy is due to come into force in just over a fortnight, and would require banks to attach RHI to customer reports provided to credit bureaus. So the last-minute […]
Q & A: What is Australian FinTech Jobs?
What is Australian FinTech Jobs? Australian FinTech Jobs is the only dedicated jobs board for the FinTech industry in Australia. Are the roles just ‘finance’ or just ‘tech’? No. The roles posted on our site to date include interns to C-suites and everything in between – Sales & Marketing, Digital Marketing, Tech, CEO’s CTO’s, CFO’s, CIO’s, Accounting, Legal & Compliance, Analysts, BDM’s, PR, HR, Admin, EA’s, Data & Analytics, FX, Developers, Engineers and of course IT and Finance. There’s no restrictions, as long as the role is for a FinTech company or a FinTech role within a non-FinTech company, like a bank etc. Even the new CEO of FinTech […]
