Bell Potter pitches fintech Raiz Invest for $120m listing
The initial public offerings are starting to flow thick and fast out of Bell Potter Securities. Next up is a $15.1 million raising for fintech Raiz Invest Ltd which, if successful, would see the company list with a $119.2 million market capitalisation next month. Raiz Invest is the new name for Acorns Grow Australia, a micro-investing app out of the United States that has been operating locally since February 2016. It is best known for its “round up” offering, which enables customer to invest their virtual spare change automatically. It says its app also acts as a personal finance assistant for users and allows customers to make lump sum deposits into managed funds and other financial products. Raiz […]
ASIC announces action on misleading or deceptive conduct in ICOs
ASIC has already taken action against suspicious ICOs. ASIC chairman John Price recently warned that Australian consumer law would apply to ICOs, even if they were extended from overseas. On 1 May ASIC announced that this would start taking the form of a crackdown on deceptive or misleading conduct by ICOs, which is prohibited under the Australian Consumer Law and the ASIC Act. It’s started issuing inquiries to ICO issuers and their advisers where it has identified conduct or statements that may be misleading or deceptive. “This is in addition to our inquiries where we identify potentially unlicensed conduct” is said. The inquiries have already seen some token issuers stop […]
SelfWealth growing in the face of finance industry’s woes
The banking royal commission is currently underway and it’s fair to say that the stories emerging are nothing short of shocking. There’s endless tales of woeful and deceitful financial advice — so bad in fact that that it has even led to families losing their homes. It’s also come to light that for years financial planning groups have been unlawfully deducting service fees from customer accounts, even falsifying documents. The disturbing findings coming out of the banking royal commission should encourage many Australian investors to take more control over their investments and financial wellbeing. Amidst this turmoil has emerged an innovative solution for people wanting to take control of their […]
Angel investor group Investible raising $20m to back early stage start-ups
Member-based venture capital firm Investible is halfway through raising its first VC fund of $20 million, which will be used to back early stage start-ups, as it claimed its existing portfolio was delivering market-leading growth. Investible’s co-founder Creel Price told The Australian Financial Review the four-year-old operation had so far achieved an unrealised compound return of 66.2 per cent per annum, based on its investments in start-ups such as Canva, Ipsy and Car Next Door, which he said made it one of the best in the industry. This means the value of the companies it has backed has grown on paper, and he said it compared favourably to high-profile funds […]
ASIC looking to regulate overseas ICOs under Australian laws
Australian regulations may apply to ICOs, even when created and offered overseas, warns commissioner. ASIC will be eyeing initial coin offerings (ICOs) as it moves to update its guidelines for companies raising funds by issuing digital currencies or tokens. Specifically, it warns that Australian laws may apply to ICOs even when they’re created and offered from overseas. “We will highlight that Australian corporate and consumer law might apply – even if the ICO is created and offered from overseas,” said ASIC Commissioner John Price at a Sydney fintech event. “This is an important point given the international nature of this sector. I think you can expect a strong focus from […]
How SelfWealth’s MD got his startup IPO-ready
Startups contemplating an IPO must have all their ducks in a row and be willing to get their hands dirty, says Andrew Ward, founder and managing director of recently-listed fintech company SelfWealth. Launched in 2012, the online, cloud-based share trading platform offers investors flat fee brokerage, regardless of the trade size, as well as access to SelfWealth PREMIUM, a social network where share portfolios can be compared and constructed. “In an Australia-first, we’re allowing users to leverage the power and wisdom of the crowd when making investment decisions,” Ward told Dynamic Business. “Being the first to market in this space has created a powerful barrier to entry for other competitors, […]
ASIC turns attention to initial coin offerings
As a method of raising funds. Initial coin offerings (ICOs) will be a “key focus” for Australia’s corporate watchdog as it looks to update guidance on companies considering raising funds by issuing digital coins or tokens. The Australian Securities and Investments Commission (ASIC) will expand the scope of its guidance in coming weeks to include more questions and details on ICOs, commissioner John Price flagged in a speech in Sydney. “We will highlight that Australian corporate and consumer law might apply – even if the ICO is created and offered from overseas,” Price said at a fintech event. “This is an important point given the international nature of this sector. […]
Six Park partners with Heffron to launch transparent, low-cost SMSF solution
Automated investment provider Six Park has today announced it has partnered with leading independent self-managed super fund (SMSF) administration provider Heffron to offer a transparent, low-cost, digitally driven, end-to-end SMSF service. The partnership allows SMSF trustees to establish an SMSF and take advantage of robo-advice for their fund, with Heffron managing the compliance and Six Park managing the investments. Six Park CEO, Patrick Garrett, said that while there will always be a place for traditional advice, the solution offers a unique value-for-money proposition for trustees and a lower prospective entry point to set up an SMSF. “Digital technology and automation are disrupting the wealth industry not because they’re new but […]
