Qantas, GetCapital in deal to reward borrowers
Qantas has joined a growing number of global companies opening their arms to partnerships with new financial technology companies, linking up with small business online lender GetCapital. Unveiling the agreement with Qantas’s Aquire business rewards program, GetCapital chief Jamie Osborn said the deal was another example of the growing interest from big companies in “fintech” that is pushing the industry from “adolescence to adulthood”. Source: Qantas, GetCapital in deal to reward borrowers | The Australian
MoneyPlace second Aussie P2P lender for mums and dads
Melbourne start-up MoneyPlace became the second Australian peer-to-peer lender to open its virtual doors to mum and dad investors on Monday. The company, led by former NAB banker Stuart Stoyan and backed by Westpac’s former head of retail banking Rob Coombe, provides a platform for investors to make personal loans. Borrowers can get loans of between $5000 and $35,000 for terms of three to five years directly from individual lenders via MoneyPlace at rates starting at 8.99 per cent. It claims investors can earn returns from 7.8 per cent. After two years building MoneyPlace, including a 13-month approval process with the corporate regulator, it “matched” its first loan last week. […]
Invoice2go gets $15M to compete more directly with Square and PayPal
Since 2002, Invoice2go has provided small businesses with one tool—a simple way to create an invoice and send it to clients. Now, with $15 million in new funding, the company is preparing to expand more deeply into the small business product territory. Today, Invoice2go is partnering with Stripe to allow invoice recipients to pay their bills through its platform. With this integration, Invoice2go joins the growing number of companies dedicated to building out services for small businesses. It also puts Invoice2go more closely in competition with Square, PayPal, QuickBooks, and FreshBooks — all of which offer invoicing as a feature in their overall back office ecosystem. Invoice2go got its start […]
Fishburners will host a fintech hackathon in November
Startup Space Fishburners will play host to a fintech hackathon sponsored by the National Australia Bank. Teams will have the weekend starting November the 27th to find a solution to two challenges: What will the management of money look like in 2020? Using the data, digital channels, platforms and partnerships which power NAB’s existing financial services business what other adjacent opportunities could NAB support or enable?” The winning team will receive $10,000 in cash, with the runner up getting $5,000. Entries are on an individual basis, and teams will be formed during the event. Source: Fishburners will host a fintech hackathon in November | Business Insider
Listed fintech business to acquire Chant West
Independent Xplan customising provider Enzumo is set to acquire research house Chant West. Today’s News Acorns Grow Australia readies for soft launch ClearView enhances WealthSolutions wrap LIF to ‘devastate’ IFA numbers, O’Dwyer told Father and son duo join Fortnum RBA leaves cash rate on holdIn an announcement to the ASX yesterday, the listed fintech and e-learning service provider said it has entered into a conditional share purchase deed to buy Chant West for $9.5 million, including $6.98 million in cash and $2.52 million in shares at $0.28 per share. The deal is still subject to Enzumo shareholders’ approval. “Chant West’s research-driven services in the superannuation and pension markets, combined with […]
Profit prize of $800m awaits successful mortgage market ‘disrupter’
There’s an $800 million profit prize should a new player achieve the difficult task of replicating the success of supermarket discounter Aldi in the $1.5 trillion mortgage market, according to analysts. As the dust settles on the major banks’ results season, experts are increasingly mulling whether conditions are as good as they get and how vulnerable the industry is to the horde of new “fintech” disrupters and larger players with plenty of capital to deploy. Westpac chief Brian Hartzer was yesterday grilled on whether the banks were setting themselves up for similar pain being felt by Woolworths, once one of the most profitable supermarkets globally, by propping up margins for […]
BPay first to offer instant payments on banks’ New Payments Platform
Getting paid instantly by quoting a mobile number or email address will soon be possible. Big-bank-owned BPay will bury the need to memorise bank account numbers and allow people and businesses to pay each other with mobile numbers, emails or ABNs via the first payment service to be offered on the $1 billion New Payment Platform (NPP) being built by banks, payment companies and the Reserve Bank. The move echoes the plans of the failed MAMBO (Me At My Bank Online) project run by the big four banks and BPay that had a similar plan but collapsed after NAB and ANZ pulled out over fears some banks would get a […]
NAB does 10-year deal with Visa amid banks’ Apple battle
As the battle between tech giants, card companies and banks for a slice of their substantial unsecured lending profits heats up, NAB has announced a decade-long deal with Visa on new payment innovations. Source: NAB does 10-year deal with Visa amid banks’ Apple battle
