Netwealth fronts fundies on path to listing
Investment services and superannuation advice company Netwealth has booked fund managers for meetings in Sydney, Melbourne, Hong Kong and Auckland this week, as it ramps up plans for an initial public offering. It’s understood Netwealth management will present to fundies starting on Monday, in meetings arranged by sponsor brokers Credit Suisse and UBS. The company is expected to pitch the high growth it has seen in its investment platform, with $14.3 billion in funds under advice and more than 2000 advisers on board. The non-deal roadshow comes as Netwealth’s shareholders push for an ASX-listing later this year. It’s understood to be eyeing about a $150 million to $200 million raising as part […]
Start-up bank says drop $50m capital requirement
The prudential regulator’s insistence that banks have at least $50 million in Tier 1 capital has erected a substantial barrier to entry for new players, says Xinja, the start-up backed by former Macquarie executives which is working with the Australian Prudential Regulatory Authority’s newly established licensing unit to become a bank. The federal government said in the May budget it would lift a prohibition on the use of the word “bank” by an authorised deposit-taking institution (ADIs) with less than $50 million in capital. The next day, APRA announced its new licensing unit. Xinja’s ambition to use the new law and unit to build Australia’s first “neobank” were revealed in […]
Fintechs target millennials with online financial services
Millennials, a demographic group born between 1980 and 2000, make up one of the largest living generations and have now overtaken the baby boomers. Millennials are likely to fall into three categories: • Inheritors: With wealthy parents, they are major consumers while they wait to inherit. • Strivers: Coming from a more modest background, they are studying, saving and working hard with ambitions for promotion. They will borrow to support their lifestyle, not unlike inheritors. • Given-ups: They are more likely earning a low salary but continue to consume as much as the other two categories. Buying a house is not on the agenda, so they do not see the […]
Prospa raises $20m from Partners for Growth
Online business lender Prospa has raised $20 million from Silicon Valley-based Partners for Growth through a tailored debt facility that will allow it to ramp up loans and further develop its technology allowing credit assessments to be made in seconds. Prospa, which has lent more than $400 million to small businesses, up from $250 million in February after a strong fourth quarter, has deals with 4000 distribution partners, including finance brokers and cloud accounting platforms. It also has a referral partnership with Westpac Banking Corp. Prospa chief financial officer Ed Bigazzi said some of the new capital will be used for product development, including in invoice financing, and a stronger […]
Australia leads non-core markets in fintech investment deals, but what does the sector need to grow?
Australia has emerged alongside Brazil as a leading fintech market after facilitating the largest fintech investment deals outside of the core markets of Asia, Europe and North America in the past 12 months, a report from CB Insights has found. The Global Fintech Trends report analysed global trends and found that half of the 10 largest fintech deals outside of core markets took place in Australia between the second quarter of 2016 and the second quarter of 2017. The remaining four took place in Brazil, and one took place in South Africa. Online small business lending platform Prospa topped the five Australian deals that made the list with its AirTree Ventures-led $25 […]
H2 Ventures hosts fourth annual Sydney Fintech Expo to support aspiring start-ups
H2 Ventures together with the ASX and Investec Australia, will today host the fourth annual H2 Ventures Expo. Fintech industry leaders and investors will join H2 Ventures, one of Australia’s leading fintech investment firms, at its annual Fintech Expo which aims to bring together a collective of early stage venture capitalists, entrepreneurs and thought leaders to promote growth and continue to drive change in the financial series industry in Australia. The Expo features a panel discussion with industry leaders, discussing the state of the Ecosytem. The panel includes Elaine Stead of Blue Sky Funds, Katherine McConnell of Brighte and Wyatt Roy of Afiniti, moderated by Cathy Kovacs from […]
DomaCom launches two crowdfunding campaigns
DomaCom has launched two crowdfunding campaigns that will seek to raise $6 million and $4.3 million, respectively, that will offer investment opportunities in affordable housing for the retirement sector and clean energy infrastructure and jobs in regional Australia. The first campaign, Akuna Residential Estate, which would seek to raise $6 million with $1.4 million already pledged, would aim to provide affordable housing for the ageing population. According to the company, the money would be used to purchase the land in Cobram, complete development approvals and build the community facilities. Following this, the developer would build and sell 147 houses on a Residential Land Lease Community (RLLC) model. The project was […]
This Australian Bitcoin exchange startup just raised $815,000 to expand globally and add Ethereum to its platform
An Australian Bitcoin trading startup has secured $815,000 in a series A round it says was oversubscribed by double the original target amount. Melbourne-based Bitcoin.com.au that allows everyday Australians to buy and sell Bitcoins — including the ability to have cash handed over at more than 1,200 physical locations including Commonwealth Bank and Westpac branches, and selected newsagents. Business Insider understands the startup was seeking $500,000 for the round, but ended up having more than $1 million offered to it for overseas expansion and diversification into different types of cryptocurrencies. Bitcoin.com.au was formed in 2015 and charges a 5% fee on the spot rate to generate revenue. Sydney’s Alium Capital […]
