Australian fintech launches alternative fund
Australian fintech and fully licensed marketplace lender, Zagga has launched its Alternative Growth Fund aimed at wholesale investors, including self-managed super funds (SMSFs), which will target net returns of 6.5 per cent per annum. The fund, which would have the minimum investment for wholesale investors of $50,000, was designed to add scale to the Zagga business model which uses a bespoke algorithm to match wholesale investors with borrowers, the firm said. The fund would aim to offer wholesale investors an exposure to a range of loans secured by registered mortgages over real property located across Australia. Also, the fund would be entirely invested in the firm’s approved marketplace lending deals. […]
Bitcoin now bigger than Buffett, Boeing and New Zealand economy
Bitcoin’s extraordinary price surge means its market capitalisation now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires. With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $US11,000 and bringing its climb this year to more than 1,000 per cent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in circulation at $US190 billion ($250 billion), it’s come a long way from August, when one coin could buy you a hefty supply of avocados. Here are five things that have been eclipsed by bitcoin in terms of market […]
Banking gap widens as tech-savvy consumers look to new products
They’re called peer-to-peer lenders or fintech companies and they’re shaking up the world of consumer loans and bank deposits. Here’s why. The gap between what people pay for consumer loans and what they get from bank deposits is widening, prompting them to look to new financial technologies for better interest rates. Peer-to-peer lender RateSetter has examined big bank profit margins and found that while they are paying record low rates on deposits their lending rates for personal loans and credit cards continue to climb. “You can drive a bus through the spread between bank deposits and consumer lending rates,” said RateSetter CEO Dan Foggo. “Publicity stunts such as dropping fees […]
Funding.com.au launches mortgage-backed peer-to-peer investor platform
Mortgage lender funding.com.au has just announced the release of its highly anticipated peer-to-peer investor platform – with an impressive advantage over its competitors. Unlike other prominent peer-to-peer lenders including SocietyOne and RateSetter, loans issued by funding.com.au are backed by mortgages over Australian real estate. It is the first startup of its kind in Australia to gain regulatory authorisation to allow both wholesale and retail investors access to residential and commercial mortgages. The platform gives investors direct access to the short to medium term mortgage market – a lucrative asset class that has traditionally been guarded by the banks and sophisticated investors. Individuals, private entities and self managed super funds (SMSF) […]
Peppermint entering lucrative international remittance market
Peppermint has created a wholly owned subsidiary, Peppermint Payments Pty Ltd (PPPL) to provide international remittances in the Australian market. Reflecting Australia’s history as a “land of immigrants”, this market is already large and growing faster than GDP, but supply has been shrinking due largely to increased compliance requirements. PPPL is registered with Austrac as both a remitter and a remittance network provider, and our AML/CTF program has been approved by our Australian bank. PPPL will use the brand “BIZMOTO” which is being trade-marked in both Australia and the Philippines. Agreements have been signed with multiple providers reflecting a carefully planned “best of breed” approach and architecture. Emphasis on proven […]
Do you know how your Bitcoin will be taxed?
Bitcoin has enjoyed a meteoric rise and could be in for a similarly spectacular fall.Either way, trading in Bitcoin has tax consequences. And staying out of trouble with the Australian Tax Office means knowing whether you are a hobbyist or serious investor, advisers say. As far as the ATO is concerned, there are broadly two reasons for purchasing Bitcoin: personal consumption and speculative gain. How you are taxed will depend on which category you fall into and, most importantly, how the ATO will view your activity. Above all, every single transaction needs to be fully documented, including not only “what”‘ is purchased, but “why” it was purchased, Hall & Wilcox […]
Numerous Australian Fintechs on the Deloitte Technology Fast 50 2017
The Deloitte Technology Fast 50 2017 Australia recognises and profiles fast growing technology companies. Now in its seventeenth year in Australia, the program ranks the 50 fastest growing public or private technology companies, based on percentage revenue growth over three years (2015 to 2017). Congratulations to all the Australian Fintech companies on the winners list: 2017 Deloitte Technology Fast 50 Winners: No.2 – zipMoney No.10 – Metamako No.12 – GetCapital No.15 – Prospa No.21 – EML Payments No.24 – MoneyMe No.31 – Zetaris No.36 – Avoka No.47 – HUB24 2017 Leadership Award Winners No.2 – Prospa No.3 – EML Payments No.7 – HUB24 Go here to read more […]
How ZipMoney has scaled
ZipMoney, an ASX-listed fintech that offers point-of-sale credit and digital payment services, is growing: In the company’s first half results it reported revenue of $6.7 million — up 722 per cent on the prior comparable period — and 120,000 customers — up 1100 per cent on 1H16. The business has been able to meet the challenge of growth by keeping its team focused on Zip’s key differentiators in the market while integrating with a variety of scalable cloud services, according to its chief technology officer, Mike Greer. ZipMoney allows an individual to make a purchase and pay for it later (its key service offers a three-month interest-free period and charges […]
