P2P lender SocietyOne eyes growth in market share
SocietyOne, the nation’s biggest marketplace lender, has forecast it will be cash-flow positive within two years, confirming it had raised an extra $25 million to support its growth plans. Completion of the Series C raising, revealed by The Australian last month, came as new chief executive Jason Yetton committed to a five-year goal to build a 2-3 per cent share of the $105 billion consumer finance market. “The opportunities that lie ahead of us are immense,” said Mr Yetton, a former senior Westpac executive. SocOne’s raising had a number of notable features, including a powerful consortium of billionaire shareholders taking a tighter grip on the company. Mr Yetton said Kerry […]
Budget 2016: Australian Computer Society welcomes digital Budget
The Australian Computer Society (ACS) has welcomed Tuesday’s Federal Budget announcement, saying it delivers “good news for jobs and skills in the digital sector”. The professional association for Australia’s ICT sector specifically praised the Government’s commitment to the National Innovation and Science Agenda (NISA), along with improved FinTech regulation, cybersecurity funding and support for small and medium-sized enterprises (SMEs). “The announcement of the NISA in December 2015 was a pivotal moment for Australia’s digital future, and seeing the funding confirmed in last night’s budget delivers certainty and ensures these initiatives will help build a strong platform for Australia’s future” said Anthony Wong, ACS President. The ACS said it was “pleased” at […]
Budget 2016: An opportunity for Investors to embrace Automated Investment Advice
Treasurer Scott Morrison’s moves to enact measures to allow everyday Australians to boost their superfunds can only be welcome. Specifically, allowing those who have been out of the workplace due to childcare or illness to make top up payments on their return to work will go some way to addressing the fact that women in Australia typically retire with much smaller funds than men. Ignition Wealth CEO Mark Fordree believes that despite the headline contribution cap being reduced for those under 50, the catch up provisions are a great opportunity for everyday investors to maximise the potential of their investments and superfunds. It is essential for long term wealth […]
New fintech player CreditSME is helping both banks and borrowers in SME lending space
CreditSME has recently launched in the Australian market and is working with both lenders and borrowers to create a streamlined process for small and medium sized businesses to obtain finance. CreditSME has developed a new credit scoring system for small and medium sized enterprises (SMEs) based on the financial and operating position of the company. This credit score, along with the financing requirements of the company, are then used to match the company to the most suitable financier. “There have been a number of new lenders entering the SME space over recent times which provides more options for borrowers, however it’s important for borrowers to understand what is being offered […]
Craig Wright says he will prove he is bitcoin creator
One day after Australian businessman Craig S. Wright declared he created the virtual currency bitcoin, he says he plans to prove it. After many bitcoin experts expressed scepticism about Mr. Wright’s claims, the 45-year-old computer scientist and engineer wrote Tuesday on his blog that he’ll present more evidence in coming days to prove he is Satoshi Nakomoto, bitcoin’s pseudonymous creator. “I will be posting a series of pieces that will lay the foundations for this extraordinary claim, which will include posting independently-verifiable documents and evidence,” Mr. Wright wrote. Specifically, Mr. Wright says he plans to move some bitcoin from an account that has been around since the early days of […]
Budget 2016: fintechs; MoneyPlace, OzForex hail recognition
The Turnbull government’s maiden budget may have lacked the necessary fireworks for the local innovation sector but fintech start-ups are not complaining. Melbourne-based peer-to-peer lender MoneyPlace’s founder and CEO Stuart Stoyan is pleased to see the Australian fintech ecosystem singled out in a budget that didn’t dole out many handouts to start-ups. “It’s an election budget so they had to balance a few things but the fact that fintech got attention is a big win,” he said. The government overnight unveiled measures designed to boost the fintech industry that Mr Stoyan said is a reflection of the sector’s growing prominence. “What we have is a number of factors coming together […]
Afterpay fintech float closes up 25pc
The Ron Brierley-backed buy now, pay later fintech Afterpay got a positive response to its $125 million listing on Wednesday, closing up 25 per cent. The company – which received $8 million in private investments before the float from several former members of Mr Brierley’s Guiness Peat Group – listed at midday at $1 and ended the day at $1.25. The All Ordinaries closed down 1.47 per cent. The executive chairman and co-founder is Anthony Eisen, former chief investment officer of Guiness Peat Group. “What we’re pioneering in Australia is buy now, pay later online, in real time,” said Mr Eisen. “We have a transaction integrity engine that allows us […]
Meet eight fintechs changing financial services
When you have just seven minutes to sell your idea as the next big thing to change banking and investment, every moment counts. Thirty of the country’s best fintechs are pitching to a room full of 160-plus bankers, brokers and venture capitalists at the Grand Hyatt ballroom in Melbourne, where their story, business plan and even looks are all being judged. From payments to wealth management, peer-to-peer lending and crowd funding, fintech start-ups are taking aim at the heart of the financial services industry and a pot of revenues that Goldman Sachs estimates at $4.7 trillion. The banks are all vying for a stake in these disrupters before they join […]
