The $4b buy now pay later startup built on a legal loophole
“I’m pretty bad when it comes to shopping,” Amanda*, a 23-year-old disability worker based in Melbourne tells Fairfax Media. “If I liked it, I’d Afterpay it”. It’s been said that the ultimate goal for a tech startup is to become a verb. If that’s the case, then Sydney-based Afterpay has well and truly made it. Amanda started using the buy now pay later service in 2016. She used it to purchase clothes, electronics and Christmas presents. But when her financial circumstances changed, she quickly ran into trouble. “When I started using it I was getting good money from work. I could afford the repayments, I always made sure I would […]
Neo-lender raises $4m in capital
A neo-lender has raised more than $4million from shares, saying the investment acknowledges the transformation of the business. Wisr, which has also released its figures for the last financial year, provides personal loans and technology products to help borrowers. It will use the funds to take a more innovative approach on how loans are funded and to potentially increase margins. The capital will also assist in helping the company’s ongoing growth initiatives as part of its customer acquisition and retention strategy. Commenting on the capital raise, Anthony Nantes, chief executive officer, said, “We are delighted with the strong support we received from the capital raise. “This investment acknowledges the transformation […]
GetCapital appointed to PLAN Australia aggregator panel
GetCapital, Australia’s award-winning specialist lender to small and medium sized businesses (SMEs), has announced its appointment to the lending panel of leading aggregator PLAN Australia from 20 August. PLAN is one of Australia’s largest mortgage aggregation groups, with over 1,650 members and a total loan book value close to $70 billion. The aggregator’s commercial and asset finance volumes reached $990 million in the six months to March 2018. The partnership will see GetCapital’s innovative multi-product offering of business loans, equipment finance and trade finance become available on PLAN’s extensive broker network across Australia. “We welcome the opportunity to work with PLAN as part of our commitment to support the growth […]
Moneytech forges partnership with Factfin
Moneytech will partner with insurtech start-up Factfin to give SMEs better access to working capital. A specialist trade and debtor finance business, Moneytech has provided $2.5 billion in finance to SMEs since it began in 2003. Access to capital continues to be difficult for SMEs in the wake of tighter capital requirements under Basel III. According to Moneytech chief executive Hugh Evans (pictured left), this is set to be challenging in the shadow of the banking royal commission. Evans expects further tightening in the sector following the public inquiry with an even more conservative approach to lending standards, a view already shared by Small Business and Family Enterprise Ombudsman Kate […]
Home loan refinancing jumps but many find they have to sell up
Online mortgage broking market place LoanDolphin has seen the number of loan enquiries increase fourfold to more than $1.5 billion in the last year as many home owners seek to refinance. LoanDolphin founders Ranin Mendis and Rod Dutra have been analysing their data on borrowers who submit requests for loans on their website which mortgage brokers compete for. In the last 12 months, as property prices have slipped, lending rates risen (for some) and the royal commission into banking crimped lending practices, LoanDolphin has seen a huge increase in the number of enquiries for refinancing. “Many borrowers are looking to refinance as they’re starting to feel the pinch from rates,” […]
Xinja first to use innovative IRESS home loans platform in Australian market
Xinja has moved a step closer to delivering speedy, paperless home loans with the confirmation of its ongoing engagement with IRESS to process Xinja home loans. IRESS specialises in building technology for the financial services industry and the partnership provides Xinja with a home loan workflow platform that delivers fast decisions for consumers supported by IRESS technology. IRESS is a market leader in the UK, where one in every four home loans are processed using IRESS technology. Xinja is not yet a bank, but is building an independent, 100% digital bank – or ‘neobank’ – for Australians, designed entirely for mobile. It will offer a radically new banking experience built […]
Fintech slashes loan rates
A fintech lender has announced a reduction in its fixed home loan rates by up to 0.10%. Tic:Toc’s one-year fixed live-in rate is now 3.59% and its two-year fixed home loan will match its standard variable rate at 3.64%. According to the lender, the rate cut increases Tic:Toc’s standing as holding the lowest one and two year fixed rates in the market due to the cost efficiencies in its automated assessment and approval platform. Tic:Toc founder and CEO, Anthony Baum, said the decision to reduce fixed rates was great news for home loan customers and new home buyers looking for stability for the foreseeable future. He said, “We recognised there […]
How a Single Mother and First-time Entrepreneur is Helping People Get Loans in Five Days Using Blockchain
Founder Ruth Hatherley says the technology is a component of Australian fintech start-up Moneycatcha’s overall technical architecture. In 2015, few things happened in Ruth Hatherley’s life that put her “at a bit of a crossroads”. The single mother-of-one then decided to invest all her life savings into creating a prototype of Moneycatcha. Today, Moneycatcha is one of Australia’s leading fintech startups that uses blockchain to make the process of getting home loans quicker and cheaper. The finance industry was a familiar space for the Perth resident, long before Moneycatcha, but she “never really liked it per se”. “Counting money or reading financials didn’t excite me—I have a strange relationship with […]
