Affinity takes Scottish Pacific on first trip into the $4s
Affinity Equity Partners is offering more than $600 million for debtor finance company Scottish Pacific. Street Talk understands the private equity firm’s indicative bid values Scottish Pacific in the “mid to high $4s” a share range, and was made subject to due diligence, funding and the sorts of approvals usually seen when a buyout firm knocks on a listed company’s door. For Scottish Pacific, it means there is no real rush to do anything. If there is to be a takeover, it would be months away. Nothing it says or does in the next 24-hours is expected to move the dial, now that Affinity has made its approach. Scottish Pacific […]
Fintech 101: Core concepts for the future of banking
Everyday it feels like someone, somewhere has coined a new banking term. But as Australia continues to take big steps towards innovation, the average Aussie might feel left in the dark when it comes to understanding what’s in store for the future of banking. So to keep you in the loop with all the latest in fintech, we thought it might be worth getting the basics down first. What is fintech? Put simply, fintech stands for ‘financial technology’ and can refer to any technology that is used in the finance industry to provide products and services. Just remember that fintech usually refers to newer, innovative products and services. For example, […]
What’s the deal with equity crowdfunding, and should I do it?
What’s changed? The updated legislation passed on September 12, including an amendment from Labor which means it will come into effect in 28 days. Equity crowdfunding will now be available to private companies, but there are still some restrictions. Companies must have less than $25 million in turnover and gross assets, and funds raised will be restricted to $5 million each year. Startups using the method will also be subject to transaction rules and stringent reporting and disclosure obligations, with annual reports and directors’ reports required. Once companies raise $3 million or more, they will also be subject to auditing requirements. Matt Vitale, co-founder of equity crowdfunding platform Birchal, tells […]
AI, VR and fintech in focus as Microsoft takes on its first Aussie start-ups
Artificial intelligence and financial services based start-ups provide the majority of the first cohort of global tech giant Microsoft’s first Australian accelerator program. The program, known as ScaleUp, was announced in February and targets start-ups that have typically received initial funding and are looking to expand. It promises to help fast-track their growth by linking them with potential customers, Microsoft partners and technical guidance, without giving up any equity. The Australian start-ups selected are Auror, Daisee, FreightExchange, Hyper Anna, InDebted, Kapiche, Karbon, Makers Empire, Teamgage, SimpleKYC, Start VR, VendorPanel and Winimy AI. Many have secured funding in recent times, including virtual data scientist Hyper Anna, which raised $16 million from […]
Raiz Invest brings financial insights to life with Facebook chatbot
Raiz Invest, the mobile-first micro-investing platform, has today launched a chatbot to improve the user experience. Customers can ask Ashlee chatbot specific questions about their account or the financial markets and get general customer support. Much like a personal fitness coach, the aim is to help Australians have a healthier relationship with their finances. With an active (paying) customer base of more than 172,000, skewing towards the under-35 demographic, Ashlee provides intuitive and real-time responses. Integrated on Facebook Messenger, it takes advantage of the personal and instant nature of the app in aligning with millennials. Personalised on-demand investment updates Ashlee further personalises the Raiz experience. She will answer personal […]
Crowdfunding reforms bolster investment pool for Aussie businesses
“It’s almost creating Shark Tank for the public, or be your own Shark Tank, which is phenomenal from an innovation perspective in Australia,” says Crowdfunding.com.au founder Chaz Prezident. Private Australian businesses will soon no longer need to become public companies if they want to access crowdfunding to raise equity, following reforms to the Corporations Act passed this week by the federal Parliament. Under the current law businesses can only raise money from retail investors through equity crowdfunding if they convert to an unlisted public company structure, but that will change as of 7 October. Crowdfunding.com.au founder and CEO Chaz Prezident says small and medium-sized businesses are already embracing the expansion of the crowdfunding […]
Equity crowdfunding extended to private companies
Businesses wishing to raise money from retail investors will no longer have to convert to an unlisted public company structure, after an amendment to 2017’s equity crowdfunding legislation passed federal Parliament. The legislation, which takes effect in 28 days from Wednesday, allows proprietary companies or unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on ASIC-licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. Australian private companies are typically limited to a maximum of 50 non-employee shareholders. However, under these […]
Thousands of self-managed super funds are now investing in cryptocurrencies
Cryptocurrencies have caught the eye of Australian self-managed super funds (SMSFs), according to staff from domestic crypto exchanges. So along with traditional holdings such as residential property or blue chip shares, a small portion of SMSF investors are looking for something a little more high-risk. Adrian Przelozny, CEO at crypto exchange Independent Reserve, told Business Insider there’s been “significant activity in the space” from SMSFs. He said the number of SMSF customers who are registered with the exchange now number “around six or seven thousand“. That’s still a relatively small percentage of the more than 590,000 SMSFs in Australia, which hold combined assets of almost $700 billion. But it’s a […]
