OpenSparkz completes second capital raising, attracts local and Asian investors
OpenSparkz, an Australian fintech which has developed a global platform that removes the need for loyalty cards, offer codes and coupons, today said its second capital raising has closed oversubscribed. The latest seed raising of AUD$1.5 million attracted new regional and local investors alongside further commitments from the founders and original backers. New investors include Louise Daley, the Singapore-based Deputy Chief Executive of Accor Hotels Asia Pacific. Ms Daley will join the OpenSparkz board, which currently includes Andrew Lo, the founder and CEO of Hong Kong-based EFT Payments. “I am excited to be taking up an investment opportunity in such a dynamic player. This is a rapidly evolving industry and […]
Shadow banks swoop as five lenders quit sub-prime home loans
Digital home-loan lender Tic:Toc is launching into the sub-prime mortgage market targeting small business owners as five other lenders quit the sector claiming “industry changes”. Tic:Toc’s move follows stakes being taken in the online lender by Genworth Mortgage Insurance Australia and La Trobe Financial, which is part of the US investment giant Blackstone Group. Other major lenders, including Commonwealth Bank of Australia and Bank of Queensland, pulled out of the sector to be replaced by regulation-lite shadow banks, including Pepper Money and Resimac. Adelaide Bank, Perth-based Bluebay Home Loans and Resolve Finance’s mortgage division are also quitting the sub-prime sector blaming changing marketing and funding conditions. The move comes amid […]
Has Bitcoin entered a new normal?
Bitcoin has been experiencing low volatility recently, which could fuel greater adoption by enabling the cryptocurrency’s use as a medium of exchange. As for whether this will actually materialize, analysts have offered mixed views. Nigel Green, founder and CEO of independent financial consultancy deVere Group, forecasted that bitcoin’s modest price fluctuations will probably prompt greater use of the digital currency. While the digital currency’s price fluctuations have been “relatively modest” as of late, “volatility will return again,” he predicted. “However, there is a growing sense that crypto sector will have less extreme swings moving forward,” emphasized Green. “This is likely to further drive mass adoption.” To read more, please click on the link below… […]
Praemium upgrades and rebrands platform
Praemium has announced a major technology upgrade and a new rebrand for its global investment platform. In a statement, Praemium said the upgrade will expand its addressable market from the $62 billion managed accounts segment to the $860 billion overall platform market. Praemium said it will deliver its Unified Managed Accounts (UMA) solution, through the combination of: its existing Separately Managed Accounts (SMA) solution; the expansion of its Individually Managed Account (IMA) solution across a wide range of investment assets; and its Virtual Managed Account (VMA) reporting solution for non-custodial holdings. As a result, financial advisers will have an expanded investment universe of 1,300 domestic and international model portfolios and […]
Finnie Awards move to Melbourne
Australia’s only industry-backed fintech awards, the Finnies, is introducing new awards to highlight collaboration in fintech and is shifting this year’s awards from Sydney to Melbourne The annual awards give over 100 fintech startups the opportunity to be recognised by their peers for their work and innovation. A total of 19 awards will be on offer including with several key awards returning. These include: FinTech Organisation of the Year, Outstanding FinTech Leader of the Year, Female FinTech Leader of the Year, Emerging FinTech Leader of the Year and Emerging FinTech Organisation of the Year. Several new awards are being introduced to highlight collaboration, including: Deal of the year, Partnership of […]
Zip Co welcomes Chemist Warehouse to the platform
Digital payments platform, Zip Co (ASX:Z1P) has today announced a partnership with Chemist Warehouse retail group. Chemist Warehouse is Australia’s largest pharmacy retailer with revenue in excess of $5 billion and stores in 400 locations across the country. It’s expected that Zip will be live throughout Chemist Warehouse stores within the next two months. Zip CEO Larry Diamond says, the company is excited to partner with one of Australia’s top 10 retailers and expand their digital payment offerings. To read more, please click on the link below… Source: Zip Co welcomes Chemist Warehouse to the platform | Finance News Network
How the Banking Royal Commission will affect the auto-financing industry
The recent release of the banking royal commission’s interim report has highlighted that responsible lending practices need to be extended to the auto-finance industry. The implications of this for entities making car loans is significant as 90% of all car sales are currently arranged through finance, many of which have fallen short of responsible lending provisions. According to the report it is not enough just use ‘likelihood of default’ as a measure of loan suitability. Prior to making an assessment on whether a loan is suitable, the licensee must now take a number of steps to ensure responsible lending provisions are met. These necessary steps include: “making reasonable inquiries about […]
Big lending fall shows businesses need to investigate crowdfunding options
A significant drop in lending activity during December has illustrated the need for business owners to investigate other ways raise growth funds, including crowdfunding, according to a major Australian crowdfunding platform. According to Australian Bureau of Statistics (ABS) figures which were released today, the value of lending commitments to businesses fell by 9.7 per cent in seasonally adjusted terms in the month of December 2018. This included commercial finance commitments dropping by 9.8 per cent and lease finance falling by 5.7 per cent. The fall in business lending outstripped the reduction in household lending commitments, which went down 4.4 per cent. In the year to December 2018, business lending commitments […]
