VentureCrowd CEO Vivian Stewart slams lengthy crowdfunding legislation process
The newly appointed chief executive of crowd-sourced equity funding platform VentureCrowd, Vivian Stewart, has labelled the leisurely pace at which the government passed equity crowdfunding funding laws “embarrassing”. “Aussies are entrepreneurial and we’ve earned the right to stand on the world stage,” the renowned tech entrepreneur and investor told The Australian Financial Review. “But sometimes structural things around the way we do business have let us down. The delay in getting the crowd-sourced equity funding legislation up and running here is an example of an un-Australian way of not being innovative. It was embarrassing to see these other large first world countries moving faster than us.” The comments from Mr […]
ATO recognises fintech start-up Gobbill as Early Stage Innovation Company
The Australian Taxation Office has ruled that technology start-up company Gobbill satisfies the requirements to be an Early Stage Innovation Company (ESIC). Gobbill is a new digital service to automate and centralise all bill payments, giving users a streamlined solution offering greater security and increased control of their finances. The start-up is sponsored by Microsoft’s BizSpark program and is also a partner of Stay Safe Online, a Commonwealth initiative to protect Australians from cyber related crimes. New users can sign up for a free account at gobbill.com.au The ATO ruling states, “Gobbill’s email bill innovation is the first holistic product that provides end-to-end processing using a digital service platform that […]
Bitcoin rises to record high in blockchain-related boost
Digital currency bitcoin hit a record high overnight as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. Bitcoin hit a record $US1760.40 on the BitStamp platform and was last at $US1747.89, up 6 per cent on the day. So far this year, bitcoin has surged nearly 80 per cent. Bitcoin’s market capitalisation overnight soared to $US52.5 billion, according to data from coinmarketcap.com. Aside from being an asset that can […]
Fintech platform Stake wants to make investing in US stocks as easy as online shopping
There are a few particularly popular niches within the Australian fintech space, with online small business lenders to platforms allowing consumers to find and negotiate the right home loan particularly hot areas. Another is investment, with offerings popping up to target a breadth of consumers. From the likes of Acorns, which is gathering up a user’s ‘loose change’ and investing it for them, through to Brickx allowing users to invest in property brick by brick, and Stockspot using AI to help better invest its customers’ money, the choice for the consumer is vast. Adding another option to the mix is Sydney startup Stake. Founded by Matthew Leibowitz, Jon Abitz, and Daniel […]
Australians are turning to alternative types of investments
Australians unable to buy in an overheated property market are turning to other investments to boost their wealth. As property prices in capital cities particularly Sydney and Melbourne continue to soar and returns on cash in the bank remain around two per cent, many savers have had to look at alternative ways to grow their money. KILL your debts quicker than ever before Ray Corcoran, 29, who runs his own marketing consultancy has put off buying property and instead is investing his money through a Robo-adviser — an automated investment service. After having his savings in an online account collecting interest at a rate of 1.6 per cent he decided […]
Financial advisers should consider bitcoin as an asset class
There is no better way to understand blockchain technology than to invest in bitcoins, a digital currency that has outperformed traditional currencies in recent years, according to an industry expert. This week the cryptocurrency broke record-highs when it started trading above USD$1680 against the US dollar. As at May this year, the total market cap of the bitcoin market has more than doubled to US$23 billion since it hit the US$10 billion mark just three years ago. Australia-born chief executive of Silicon Valley-based blockchain outfit Wyre, Michael Dunworth, said for financial advisers who are trying to figure out how the industry will affect their business, there is no better way […]
Sequoia and Gobi hunting Aussie start-ups following Airwallex round
Big name Chinese venture capital firms are hunting for Australian tech start-ups to invest in, targeting firms in the fintech, agricultural and medical technology sectors. Sequoia Capital partner Steven Ji and Gobi Partners principal Chibo Tang were in Australia last week meeting with local start-ups, venture capital firms and government ministers, with the aim of finding new businesses to back and both agreed that Chinese investors were keen to invest in asset classes outside of property in the country. “We think Australia is a good place for innovation technology and products, particularly in the fintech area,” Mr Ji told The Australian Financial Review. “There’s been a lot of technology innovations […]
This fintech let Australians use Bitcoin to pay $5 million worth of everyday bills
A Brisbane startup has allowed Australians to pay off $5 million worth of common household bills with Bitcoin. The unusually named Living Room of Satoshi has created a service that allows any bill that you can pay through the common BPay platform to be paid with Bitcoin. These include payment for utilities like telecommunications, electricity, gas, school fees, water and credit cards. The startup’s chief executive Daniel Alexiuc said that he started the venture in 2014 because of a lack of practical use for the cryptocurrency. “As the first truly international, decentralised and peer to peer currency, Bitcoin is perfectly suited to bill payments in Australia,” he said. “It also […]
