Fortress backs $120m capital raising by MoneyMe
Global credit investor Fortress Investment Group will invest $100 million in debt capital to support MoneyMe’s consumer lending growth as the fintech considers an initial public offering in early 2019. Fortress’s investment is part of a $120 million asset-backed securitisation deal, which also includes a $20 million bond, issued by Evans & Partners, which was oversubscribed. MoneyMe, which has made $150 million in personal loans to 70,000 customers in the past four years, is both cash flow positive and profitable, very rare for an Australian fintech. Established in 2013, its net loan book is growing at $1 million each week, as it targets the credit card portfolios of the major […]
Tic:Toc to undercut broker distribution in white label play
Mortgage brokers are facing a double threat from online lender Tic:Toc, which is seeing a surge in demand from consumers and interest from banks and non-bank lenders looking for cheaper distribution. Tic:Toc promotes its quick turnaround times and convenience. The group only offers its own branded mortgages, which it says can be approved within 22 minutes through a completely online process. The fintech started lending four months ago and has received approximately $330 million of applications in that time, with conversions hovering around 17 per cent this month. “The new competitive battleground in mortgages is speed, and that is best delivered through an end-to-end digital fulfillment process like ours,” Tic:Toc […]
Loan fintech launches recruitment drive
Digital mortgage service uno has embarked on a new recruitment drive to expand the firm’s staff by 50% over the coming six months. This initiative has been the result of recent insights gained from consumers – learnings which have grown the business rapidly over the past few months, uno founder and chief executive officer Vincent Turner told Australian Broker. “As a result, we’re ready to take this up a notch,” he said. uno is now recruiting across three separate roles within the company: consultants, home loan advisors and support. “A lot of what people are joining uno for is we have a massive focus on the training and mentoring approaches […]
Wary banks to enter fintech waters
While larger financial institutions have traditionally stayed out of the fintech space, this could soon change, according to some of Australia’s leading experts. “To date I’ve actually taken the view that I don’t think the banks have really played much in this space because it’s disruptive and it’s easier for them to not necessarily add fuel to the fire or to accelerate that disruption,” said Anthony Millet, CEO of BRICKX, in a panel discussion at the Millennial 20/20 conference in Sydney (14 November). This is now changing with new legislation being introduced in Australia that makes it easier for start-ups to enter the market, he said. “I think we’re going […]
10 Australian Fintech companies in the 2017 Fintech100
The Fintech100 represents the most innovative companies, creating products and services at the juncture of technology and financial services who are seeking to disrupt the existing processes and products that dominate the marketplace, with fintech companies from 29 countries featuring in this year’s 100. Congratulations to the Australian Fintech companies who made the H2 Ventures KPMG 2017 Fintech100 Top 50: 24. Prospa 37. zipMoney 44. AfterPay Touch And congratulations to the following Australian Fintech companies who made the Fintech100 Emerging 50: Airwallex Cover Genius Hyper Anna Macrovue MoneyMe Tic:Toc Valiant
We auction our home, clothes, art, cars – so why not auction our own money?
Fintech startup Lodex is a new competitive, auction-style loans and deposits marketplace that puts the power into the hands of the consumer. The world’s first auction-style platform allows the consumer to choose the winning lender or broker. Lodex is set to disrupt the way Australians borrow and save money by having lenders and brokers compete for their business. The auction-style platform allows consumers to anonymously share their Credit Score and the Australian-first, optional Social Score, to the marketplace and set up an auction from their smartphone in 10 minutes & watch ‘bids’ come in. This is a paradigm shift putting the consumers in the driver’s seat. Lodex, free for consumers, […]
Prospa first Australian fintech to deliver a half billion dollars of small business loans
Prospa, Australia’s number one online lender for small business, has announced the delivery of more than half a billion dollars into the economy, providing loans to over 12,000 small businesses across the country. Now in its sixth year, Prospa has scaled rapidly, today placing second in the Fast 100 for 2017 thanks a 239 per cent average revenue growth since 2013-14. The AFR’s Fast 100 ranks the fastest growing companies in Australia, and in previous years has included the likes of Atlassian, Lonely Planet, SEEK and WebJet. 2017 has been been a bumper year for Prospa, having secured over $50m in equity and debt funding. The firm announced […]
Brighte shines a light on new finance options
Innovative fintech companies have an opportunity to offer services banks can’t or won’t provide. Here’s how Brighte is doing that with interest-free finance for home improvements. Imagine having your hot water system break down and being told you need a replacement. How would you pay for it? What about if you want to install solar power but find the interest charges send your budget through the roof? It’s these types of issues that fintech startup Brighte is designed to address. Launched in 2016, the company offers homeowners an interest-free payment solution for home improvements up to $30,000. Company founder Katherine McConnell said this type of finance hasn’t been looked at […]
