A tale of two FinTech hubs
The Victorian government has opted to fund two separate FinTech hubs in Melbourne following an extended tender process. The government announced last June that it would work with an “established innovation hub operator” to establish a FinTech hub at the Goods Shed North in Docklands. But on 21 December, one day before the Christmas and New Year’s break and typically a time used to quietly drop announcements, the state revealed that it would instead fund two two separate FinTech hubs – in two separate location operated by two separate companies, Stone & Chalk and York Butter Factory Ventures (YBF). Stone & Chalk will take the originally proposed space in Docklands, […]
Aussie parents worried about kids in cashless economy
As Australian families prepare for the holidays to come to an end, new research* into attitudes towards money and financial education, reveals that 43 per cent of parents believe their children don’t learn enough about money at school. Spriggy, a financial education app, commissioned the national survey of parents with kids between the ages of 8-17 years, and found that more than a third (39 per cent) of those surveyed are ‘worried’ about their children’s understanding of digital money, with Queenslanders the most concerned. Despite this, three quarters (78 per cent) of Aussie mums and dads continue to provide pocket money using physical cash. Aussie parents are big believers in pocket […]
Fintechs gear up for open banking
A provider of data and analytics insights has acquired an Adelaide-based fintech as preparation for an open banking regime. Formerly Dun & Bradstreet, analytics firm illion has acquired Proviso, a specialist in automated bank statement retrieval, analysis and categorisation solutions. Proviso was founded in 2013 by Luke and Dallin Howes and counts major banks and non-bank lenders among its clients. The timing was right for Proviso to tap into a wider network of customers, while also gaining access to illion’s extensive data analytics capabilities, Proviso chief executive Luke Howes said. “Proviso has grown considerably since 2013, developing innovative products, forming great customer relationships and providing services to millions of consumers […]
Equity crowdfunding plugs the bank gap for Revvies Energy Strips
Revvies Energy Strips is one of the first cabs off the rank to try the new equity crowdfunding rules. The rules allow public companies – which are not necessarily listed companies, although they can be – to raise money. Equity crowdfunding also allows many small investors to take an interest in an early stage investment. John Nolan-Neylan is the co-founder and managing director of Revvies Energy Strips. He decided to raise funds for his business, which has developed caffeine strips athletes use to enhance their performance, to cement relationships with customers. “It’s a way to get them involved in the brand and they get a piece of the pie and, […]
Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals
Australia’s biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals. The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold. The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions. In the 10 years since its inception, blockchain has been used to track transactions in industries from agriculture to land registration and the music recording industry. For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative […]
Tatts CEO Robbie Cooke joins fintech firm
A small business banking and payment services company has snared the services of outgoing Tatts chief executive Robbie Cookie. Mr Cooke will leave Tatts in March after five years as CEO, following the lotteries and gambling firm’s recent $11.3 billion merger with Tabcorp. He will then take on the role of chief executive of Tyro, which began as a provider of EFTPOS services in 2005 and has recently begun offering lending and deposit products to more than 20,000 small and medium businesses. Mr Cooke, who was chief executive of hotel booking website Wotif.com prior to joining Tatts, said he will lead Tyro through the next stage of its growth. “I […]
Could cryptocurrencies be a serious alternative to the dollar?
With its wild fluctuations, which even created some “Bitcoin billionaires”, the cryptocurrency craze that has swept the financial world over summer is hard to ignore. Yet for all the hype about the Bitcoin roller-coaster, is there any chance we will one day be doing the shopping with Bitcoin, or some other crypto-dollar? This question has the potential to affect all of us, not to mention the core institutions at the heart of our financial system. And it’s not quite as far-fetched as it may sound. At the moment Bitcoin looks to have taken off as a highly speculative asset, rather than a realistic alternative to money. In the longer term […]
Australia’s first neobank, Xinja, raises more than $1 million via equity crowdfunding
Xinja, which is building the first independent, Australian 100% digital neobank designed for mobile, has raised over $1 million, a week after opening the nation’s first retail equity crowdfunding campaign through Equitise, the crowdfunding platform. “The investor response has been incredible,” said Xinja CEO and founder Eric Wilson. “We’ve seen extraordinary support from more than 500 people who want a share in Xinja at this early stage.” The offer is scheduled to remain open until the end of March but may close sooner. Mr Wilson said retail investors have invested as little as $250 and as much as $10,000. This capital raising forms part of Xinja’s […]
