P2P lender’s growth due to consumer ‘rebellion’
Peer-to-peer lender RateSetter has attributed its recent rapid growth to consumers actively rebelling against the big banks. The company has just passed the milestones of 10,000 investors and $250million in loans and says it is thanks to the Royal Commission’s scrutiny of the four major lenders. Research amongst RateSetter’s investor base has found that long-term customers of the big four, particularly amongst generation X, are diverting millions of dollars away from their savings accounts and term deposits into longer term P2P investing. The amount invested by these investors has increased by 14% over the last 12 months, with average investment now sitting at close to $40,000. CEO of RateSetter Australia, […]
New record as fintech funding hit $5.4bn globally in Q1
Mega-rounds are back in fintech as 12 firms raised investments of more than US$100m each. Fintech funding continues to rise and rise as an investment class with US$5.4bn across 323 deals was raised globally in Q1 of 2018. According to CB Insights’ Global Fintech Report Q1 2018, global fintech activity hit a new record during the quarter. The US saw the largest boost in deals while Europe saw fintech deal activity dip to a five-quarter low. South America is already a region to watch as funding raised in the first quarter of 2018 of US$271m surpassed the entire funding total for 2017. Funding saw a boost from a US$150m mega-round […]
Robo advisers march in tracks of royal commission scandals
The shenanigans revealed by the banking royal commission over the past week will inevitably draw attention to the emerging batch of start-ups offering digital financial advice. Often referred to as “robo advisers”, these technology companies are cutting investment fees through automation thereby removing the human foibles dramatically exposed by Commissioner Kenneth Hayne’s inquiry. The commission has shown human adviser education levels can be appallingly low, and paper-based processes have led to poor record keeping. Meanwhile, customers are often apathetic and disengaged, and complexity reigns. Processes being digitised include the creation of broking accounts, executing trades, rebalancing portfolios and generating statements of advice. This can all be presented to customers for […]
‘Burning’ coins: how Bitcoin Cash became the world’s hottest cryptocurrency
Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine. The offshoot of the biggest digital token has surged about 25 per cent since Friday, in part because Antpool, one of the largest mining groups, is “burning” a portion of the coins it receives in exchange for solving the complete mathematical puzzles that serve as the backbone of the network, potentially reducing supply and driving up the value. The manoeuvre is the latest salvo in an escalating battle between backers of Bitcoin and Bitcoin Cash, which was spun off last year. Through a war of words playing out on Twitter and Facebook, some of […]
Brokers split on fintech competition
More than half of mortgage brokers are not concerned about increased competition from online broking platforms, according to a recent survey. Despite this, almost a third of respondents said they were looking to improve the digital capabilities of their businesses. The survey was completed by MyState Bank’s national broker network. More than 47% of brokers responded saying that in the face of increased competition from online broking platforms, they would remain focused on their existing business models, which they considered to be competitive. A further 13% said they believed the threat of greater competition from online platforms was not significant to them. However, not all of the broking community agreed […]
Ignition Wealth demonstrates information security commitment
Ignition Wealth’s recent ISO/IEC27001:2013 certification evidences the firm’s advanced information security practices. “The current financial services news cycle has data security at the front of client’s minds. Ignition Wealth is an international business entrusted with our client’s customers’ and members’ financial data. The security of that data is paramount to our bank grade clientele,” said Mark Fordree, Group CEO, Ignition Wealth. Information security has been an essential priority for Ignition Wealth since the firm’s inception. To ensure the safety of our client data confidentiality, integrity and availability we maintain a multi-step risk management process. Ignition Wealth’s information security management system (ISMS) operates to the ISO/IEC’s ISO27001 standards. In response to […]
Change Financial looks to shake up the status quo for financial enterprise
US-based yet ASX-listed fintech company Change Financial (ASX: CCA) has announced three commercial deals to assist the growth of its enterprise division ahead of the full launch of its Software as a Service (SaaS) solution. The fintech newcomer has secured variously structured deals with Mastercard, Central Bank of Kansas City (CBKC) and Pulse, respectively. The deals aim to improve operating conditions primarily for its enterprise division, although upon further analysis, it seems Change will be able to derive synergies for all three of its business units, serving consumers, enterprises and blockchain users. Its consumer unit is focused on ChimpChange, an award-winning digital bank account and mobile app. ChimpChange makes free […]
The Rise of the Machines – Macrovue launches its Artificial Intelligence Investment Portfolio
Leading global investment business Macrovue announced the launch of its new Artificial Intelligence investment portfolio built around the AI revolution. Artificial Intelligence or “AI” refers to the ability of machines to exhibit human-like intelligence using computer systems. These systems can learn, reason, discover meaning, perceive their environment, learn from experience, and interact: ultimately solving problems without the use of hand-coded software containing detailed instructions. Macrovue’s investment team, made up of senior international equities experts, have constructed a concentrated portfolio of high conviction positions in ten stocks comprising companies that are focusing on the five main AI technology systems in practice now. Macrovue’s AI thematic portfolio (known as a Vue) will […]
