Micro-investing app Raiz – how it works
Raiz, which until recently was known as Acorns, is a micro-investing platform aimed at Australians aged 18 to 35. Raiz allows people to invest small amounts in the stock market using a smartphone app. Over 500,000 people have signed up to Raiz since it launched in February 2016, though only 164,000 of those are active users. Raiz now has $214 million under management and the average customer has a balance of $1234. Raiz Managing Director George Lucas says Raiz is a user-friendly, automated savings and investment tool which doesn’t seek to generate market-leading returns, though “the average Raiz customer has made 11% per annum since launch and 10.1% per annum […]
Grant Thornton support of Lakeba’s Future Hub consortium to help accelerate Blockchain Growth
Australian technology innovator Lakeba Group, and leading global independent assurance, tax and advisory firm Grant Thornton, have announced a new alignment that will see Grant Thornton’s technology industry team, support Lakeba’s Future Hub. Recognised for being one of the first technology companies in Australia to have live commercial blockchain implementations across a range of sectors, the vision of Lakeba’s Future Hub is to provide a one stop shop solution for Australian businesses looking to adopt blockchain solutions from conception, to development all the way through to tax, legal and regulatory compliance. “With the support of Grant Thornton’s technology industry team, the Future Hub will be greatly strengthened with the proven […]
Netwealth profit up in 2017-18 financial year
Platform provider Netwealth saw its net profit after tax grow 72.7 per cent in the past financial year, the company has reported. The company, which listed on the ASX on 20 November 2017, reported a statutory net profit after tax (NPAT) of $20.8 million, which included IPO transaction costs of $8.7 million. Additionally, Netwealth reported its pro forma NPAT to be $29 million, 6.3 per cent above the company’s prospectus forecast. Commenting on the results, Netwealth joint managing director Michael Heine said the company was “pleased” with its performance. “We are experiencing significant structural changes in the wealth management industry in Australia,” he said. “Many of these changes are benefiting […]
Using tech to drive client goals
The financial planning industry is in a state of transformation following revelations from the Banking Royal Commission and reviews by the Australian Securities and Investments Commission (ASIC). Fees-for-no-service and regulatory negligence will be rightly replaced by goals-based, client-centric advice, and technology will work as a driver. Tech has already infiltrated the industry, evidenced by large Australian planning firms and fund managers integrating their services with platforms and apps, and simplifying claims processes through online applications. And, while industry experts note the entire backbone of financial planning is archaic technology, they’re confident the world of application programming interfaces (APIs) will completely reform the advice and practice management processes. Investment Trends research […]
Millennials, not baby boomers, are the future for digital wealth platforms
A new study examining consumer preferences has found that robo-advice and automated investment management services are overwhelmingly more popular with younger investors. Millennials, those currently in their 20s and mid-30s, are three times more likely to use automated investment services such as robo-advice compared to baby boomers, according to research by Crealogix. The study of 1,200 UK consumers commissioned by Crealogix, which provides digital banking solutions, found younger generational groups, in particular millennials, are substantially more open to automated financial advice and investment management when compared to more mature age groups. Just 23 per cent of baby boomers, those born between 1946 and 1964, are open to receiving a digital […]
Coca-Cola Amatil invests in Doshii’s future
Doshii is extremely pleased to announce that it has received the first investment made by Coca-Cola Amatil’s corporate venture programme, Amatil X which is a multimillion-dollar program set up to identify and invest in innovative growth opportunities outside of Amatil’s core beverages business. Chris Sullivan, Coca-Cola Amatil Group Director of Partners & Growth, said Amatil X’s minority share investment will support Doshii to grow and expedite their planned expansion into the Asia-Pacific region and South Africa. “Amatil X was launched in April to explore opportunities for growth outside of our core business and beyond innovation in beverages. This includes investing in companies like Doshii, which is using an innovative, scalable […]
Afterpay to raise equity for UK acquisition
Payments company Afterpay will launch a $110 million equity raising. It is understood the company has hired brokers Citi, Bell Potter and Wilsons to manage the offer. The deal is expected to be underwritten by Citi at a floor price of $15.75 a share, with the deal to be done via a placement. Funds raised would be used to buy a UK payments company ClearPay’s customers and footprint, which would launch Afterpay into the UK. It is understood Highbury Partnership advised Afterpay on the acquisition. To read more, please click on the link below… Source: Afterpay to raise equity for UK acquisition | afr.com
Financial business management platform PractiFI raises $3 million to establish North American headquarters and take on US
PractiFI, a revolutionary business growth management platform for forward-thinking financial advice firm announced a AUD$3 million investment led by Microequities Venture Capital Fund. The financing will be used to rapidly accelerate PractiFI’s global strategy, establishing a North American headquarters in Chicago, expanding the US customer success team and building a range of new product integrations with other financial apps and tools. Since winning its first US client earlier this year, the Sydney-based company has gone from strength to strength and this international investment marks a significant milestone in its exponential growth. Following the investment, Howard Leibman of Microequities and Equity Venture Partners will join the PractiFI board. Mr Leibman says, […]
