Crowdfunding still too costly says Sharesight chief
New crowdfunding rules would still put equity raising online out of the reach of investment app Sharesight, says chief Doug Morris. About 80 per cent of the New Zealand company’s tens of thousands of customers (it won’t disclose exact figures) are Australian, with the rest mainly in NZ and Canada. It “crowdfunded” 75 per cent of NZ$2 million ($1.88 million), or roughly $1.5 million, from them earlier in December, cutting out the need to pay for advisers other than a lawyer. “We did a miniature crowdfund amongst our own clients. Most of our clients are investors,” Mr Morris said. “We surveyed the customer base and asked them would you be […]
Fintech revolution a bank threat
Bank bashing is an old sport usually practised by external critics, but 2016 could be the year when big banks discover that their greatest threat comes from within – something that should concern bank shareholders as much as employees. Technology lies at the heart of what’s happening in the banking world; and some of the smartest people in the industry are voting with their feet, quitting old-style banks for the new generation of ‘fintech’ companies. At the core of the fintech revolution lies the appeal of faster and better computer systems, coupled with the attraction of a new business run by hand-picked tech-savvy staff, a structure that attracts less government […]
Australia is fast becoming a top source of fintech funding
Despite opportunities lost and having a relatively smaller fintech market than that of the US and the UK, Australia remains a top source of funding for financial technology companies. Last week, Australia’s biggest finance firm Atlassian debuted on Nasdaq, causing somewhat of a heartbreak to the local fintech market as its road to becoming a global public brand and increasing its current $8 billion valuation could contribute a lot to the local finance industry. However, various experts in the country are still confident that there is still an overflowing amount of money to boost the nascent fintech industry, and this could come from the local investors and companies. Economists projected […]
Auswide Bank lends $60m, takes 20pc in MoneyPlace
Auswide Bank is offering $60 million in personal loans over five years via fledgling peer-to-peer lender MoneyPlace along with a 20 per cent stake in the start-up to boost its personal loans to younger borrowers. Martin Barrett, the managing director of the small, listed Queensland bank, which has a loan book of about $2.4 billion, said it had been in talks with MoneyPlace about investing in and via the platform for about a year while it was seeking its credit licence from the corporate watchdog. “What the P2P guys have to offer is something that is more advanced and capable than what we would be able to put into the […]
Ellerston Capital plans VC fund to target disruptive technologies
The Ashok Jacob-chaired Ellerston Capital plans to raise tens of millions of dollars early next year for a new venture capital fund, to be known as Ellerston Ventures, which will invest in disruptive technologies. Ellerston — which has more than $4 billion under management and runs eight funds including a new Asian listed investment company — has long had a venture capital arm that invests in what it calls “special opportunities’’. Now it wants to launch a new VC fund to take advantage of opportunities arising in the technology sector, especially the fintech space. Source: Ellerston Capital plans VC fund to target disruptive technologies
RBA governor Glenn Stevens backs blockchain and tech disruptors
The blockchain technology that underpins controversial crypto-currency bitcoin could bring significant benefits to the global banking system, Reserve Bank of Australia governor Glenn Stevens said. Speaking in his regular year-end interview with The Australian Financial Review, Mr Stevens said it was important for banks to figure out how the technology could be used to create broader efficiencies in the financial system. The words of support from a high-profile central banker will be welcomed by banks and start-ups around the world, which are working to develop applications for the relatively new technology. Blockchain is a digital record of transactions spread across separate computers designed to withstand tampering even by the people […]
More Aussie funds available for fintech start-ups
Australian fintechs say despite Atlassian choosing Nasdaq to make its $8 billion raising, Australia is becoming one of the biggest sources of funding for them with Prime Minister Malcolm Turnbull an important catalyst. “This is our fourth year. Four years ago we talked to a number of Australian investment groups and there was very limited interest for a company trying to disrupt financial services,” said Beau Bertoli, the co-chief executive of small business lender Prospa. “In the last 12 months we have seen a huge swing the other way. There is not just offshore but onshore money and we should see a flurry of money coming into the industry in […]
Fintech 100 – Australian FinTech companies to watch
Congratulations to the following seven Australian FinTech companies who made the Fintech 100 and were nominated as “Ones to Watch”: Avoka Equitise Metamako Moula PromisePay Simply Wall St Stockspot Well done to you all and we look forward to following your success over the coming years!
