Blockchain company DigitalX posts record $10m first-half profit
Blockchain advisory firm DigitalX (ASX: DCC) has reported a record net profit after tax of $10.3 million for the first six months of FY18, driven by an increased interest in Blockchain tech. DigitalX provides services such as consulting on Initial Coin Offerings (ICO) and the rapid rise of cryptocurrencies has driven increased demand. “For all involved at DigitalX, these results represent the outcome of significant effort over the past 12 months,” says MD Leigh Travers. “They reflect the company’s growing expertise in the Blockchain and digital currency ecosystems.”The company also reported revenues of $4.5 million for the half along with the net profit of $10.3 million which was a big […]
Netwealth doubles managed account FUM
Netwealth saw significant growth in its managed accounts offering during the first half of the 2018 financial year. Reporting a 107% rise on the prior corresponding period, Netwealth’s suite of managed accounts now hold $1.4 billion in funds under management. Listed on the ASX at the end of November 2017, the platform experienced a $2.7 billion increase in funds under administration for the first half. That 21% rise brings Netwealth’s total FUA growth over the 2017 calendar year to $5.7 billion – an increase of 58%. The net profit after tax was recorded at $14.1 million, representing a 59.3% improvement on the $8.8 million achieved in the prior corresponding period. […]
NAB Ventures invests in BRICKX
2018 has kicked off with a bang! NAB Ventures, National Australia Bank’s corporate venture capital arm, has invested in BRICKX. BRICKX is a revolutionary new and affordable way for Australians to invest in residential property by buying ‘Bricks’ in a BRICKX property. This unique approach, called fractional property investment, means people can invest in quality residential properties for as little as a few hundred dollars. Learn more about how BRICKX works. NAB Ventures and BRICKX alignment NAB Ventures – which supports businesses and entrepreneurs in their quest to build leading technology companies – saw the investment potential in democratising property ownership in the Australian market. Housing affordability continues to be […]
Tax blitz to hit Bitcoin investors
Tax-dodging Bitcoin investors will be confronted by the full investigative powers of the tax office, which has revealed it will use anti-money laundering legislation due to come into force next month as the basis for a long-awaited blitz on cryptocurrencies. Under the legislation, the ATO will use compulsory 100-point identification checks for Bitcoin investors as part of its new arsenal, giving it the ability to roll out its data-matching techniques to take on the previously opaque cryptocurrency world. ATO deputy commissioner Will Day said the tax office would rely on “increased transparency” from the government’s anti-money laundering counter-terrorism financing rules to tackle cryptocurrency tax cheats. The escalation of the ATO’s […]
Matt Heine and Steve Tucker back fintech start-up
Artificial intelligence-enabled fintech start-up Nod has received a private capital injection from industry luminaries including Netwealth joint MD Matt Heine and Koda Capital chair Steve Tucker. In a statement, Nod announced it has raised $750,000 in capital as part of a funding round to support the its plans for expansion. The start-up, which “generates documents in real-time for finance professionals” using artificial intelligence, said it received the backing of a number of “key investors” including Mr Heine, Mr Tucker, Padua Financial Group executive chair Matt Esler, and venture capital firm H2 Ventures. Mr Heine said compliance-driven document generation had the potential to “save advice firms significant time, effort and expense” […]
Seasoned Executive is appointed CEO of leading Fintech Macrovue
AMP-backed fintech Macrovue is pleased to announce today it has appointed Rod Bristow as CEO. Rod is a former Chief Operating Officer and alternate Managing Director of Australia’s largest online stockbroker CommSec. Most recently he was Managing Director and CEO of Infocus Wealth Management – a national financial advice, asset management and technology group. In these roles, Rod led large teams to drive substantial growth organically and via mergers and acquisitions. Macrovue will retain the expertise and capability of Founder Dr Sid Sahgal, who will move into the newly created role of Chief Operating Officer. This strategic move will provide substantial depth of capability for Macrovue to deliver on its […]
Bank-in-an-app startup Pelikin has launched a crowfunding equity raise
Pelikin, a banking alternative designed for digital natives, today launched a $400,000 equity raise on crowdfunding platform Birchal. The fintech startup is founded by 28-year-old Sam Brown, who wants to disrupt traditional retail banking with a more efficient way to manage money in Australia and while travelling abroad. Pelikin users will be able to control and spend in multiple currencies at once, all from the one app and with one debit card, as well as transfer money to other Pelikin users instantly and free. “We’re not ex bankers who’ve had an epiphany that the retail banking world needs to change; we’re frustrated, everyday banking customers who are dedicated to making […]
Peer to Peer lending increasingly popular in Australia
Australian investors and borrowers are increasingly adopting peer to peer lending platforms according to the results of survey undertaken by ASIC. The results of the survey suggest that as much as $300 million of personal and business loans were underwritten by peer to peer lenders over the course of the last fiscal year. That represents a doubling in the amount that was lent on such platforms during the 2015/2016 financial year. Peer to peer will continue to grow John Price ASIC Commissioner says the results of the survey suggest that growth of such lending marketplaces will continue to grow as Australians seek out the best deals and interest rates on […]
