Broker raises money through crowdfunding
Mortgage startup Hero Broker has begun a crowd-sourced funding campaign following the recent fundraising success of digital lender Xinja. It is the only mortgage company so far that has tried to raise funds through crowd-sourced funding since ASIC licensed seven companies in January to provide CSF services. Founder Clint Howen told Australian Broker that the company will use the funds to strengthen its business and accelerate growth. “We have hit a chord with particular demographic segments that are not being served by current broker groups, and we believe there’s a huge opportunity there.” The platform launched last year promising borrowers access to the complete home loan application process. Howen said […]
Micro-investing apps creating electronic piggybanks for the tap-and-go age
Small change used to go into people’s piggybanks, building cents into dollars. But in the tap-and-go age, micro-investing may be the answer. “They’ve been able to match smart technology within regulatory innovation to allow people to invest literally small change,” financial planner Catherine Robson said. With no paper bankbook and no plastic card, apps controlled entirely on smartphones like Acorns and First Step are lowering the bar for investing in the stock market. While First Step has recently launched, Acorns has $160 million under investment for 140,000 clients. With an average holding of just over $1,100, its client base is much younger than the major banks. “Millennials are definitely more […]
More than 1,200 newsagents to offer Bitcoin, Ethereum buying service
From today Australians will be able to purchase Bitcoin and Ethereum in-store from more than 1,200 newsagents around the country. With a minimum purchase of $50, all customers need to purchase the digital currency is cash, a phone number and an email address. The service is being provided by cryptocurrency exchange bitcoin.com.au, which has been rolling out in-store Bitcoin buying infrastructure since the middle of 2016. Bitcoin.com.au CEO Rupert Hackett said the primary challenge of selling cryptocurrency within a physical retail store was gaining the trust of consumers. “When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed […]
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” […]
