The new crowdfunding? Ethereum ICOs raise close to $1 billion in June alone
In just 19 days, Ethereum initial coin offerings have raised close to $1 billion dollars, according to estimates, with speculations this could be the biggest decentralised venture funding event in history. Tech news site Trust Nodes has crunched the numbers and estimates $US642 million has been raised by prominent initial coin offerings (ICOs) in the first three weeks of June, with another estimated $US60 million raised from smaller events. An ICO involves investors buying a cryptocurrency, which has a value in relation to another currency like Bitcoin or Ethereum. Bancor raised $US150 million on June 13, making it the biggest crowdfunding in history, at least for a few days. Trust […]
Cross-border digital payments company InstaReM receives US$13m investment
The latest round of investment brings the total amount raised to over US$18M from a consortium of some of the largest funds in the region. InstaReM, one of the leading digital cross-border payments companies, has received a US$13 million investment led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund (SBI-FMO Fund), Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC). To date, InstaReM has raised over US$18 million in the last 18 months. InstaReM, who lists Australia as its biggest market, will use the investment to build its global payment infrastructure, which has grown eight times in volume since its March 2016 funding. The […]
Opportunities being lost as crowdfunding debate rumbles on
The ongoing debate regarding the introduction of crowd-sourced funding legislation appears to have lost sight of the essential point. Start-ups, investors and the economy continue to miss out on valuable opportunities while people argue. While other countries, including New Zealand and the US, already permit companies to raise capital under a crowd-sourced offer, the Australian legislation allowing public companies to do so has not yet come into effect. The government is now proposing to also allow proprietary companies to raise capital by means of a crowd-sourced offer, with draft legislation currently under consideration. Once implemented, these new measures will expand the scope of the legislation and allow more start-ups to […]
Fortnum Financial Advisers partners with Moneysoft
Moneysoft will provide its digital money management solution to Fortnum Financial Advisers under a new partnership set to boost client engagement and provide greater insights across the advice process. Fortnum will provide the co-branded Moneysoft tool to advisers across its full network, enabling them to empower clients and bolster their financial wellbeing. Fortnum’s Practice Technology Manager, Cassandra Mackay, said Fortnum are excited to provide our Adviser Network with a tool to engage their clients in budgeting and cash flow.” “This is a great opportunity for an adviser to partner with their clients to achieve their financial goals.” Moneysoft Pro and Lite are both cloud-based digital solutions offered by the company, […]
Singapore based fintech investment platform Fundnel establishes Australian headquarters in Adelaide
Singapore fintech investment portal Fundnel will establish an Australian headquarters in Adelaide. The private investment platform, which has helped investors invest $75 million in businesses since it launched two years ago, will work with Adelaide University’s Thinc-Lab incubator, Health SA, TechinSA and InvestSA to connect Australian investors with local opportunities to accelerate growth. The Australian operations will be headed by Dr Steven Fang, co-founder and former chief executive of Singaporean-based CapBridge. He has more than 28 years of experience in the private and public investment sectors. He will be supported by a local team of business development specialists and core members of the Fundnel team. “I’m excited to be on […]
DomaCom reaches crowdfunded property deal
DomaCom has signed an agreement with a property developer to help launch a residential community land project in regional Victoria. The deal with Akuna Lifestyle Estates will involve a $6 million capital raising comprising $1.65 million to acquire the land and $4.35 million for development planning, approvals and construction of the civil works, and common facilities including a clubhouse, sports centre, pool and bowling green, according to a statement. The Cobram-based project is planned to be developed and sold in eight stages over three to four years, starting this year. DomaCom said it will use its fractional property investment platform to offer an attractive yield to investors for acquisition and […]
Aussie crowdfunding regulation gets an overdue watering down
Aussie financial services regulator ASIC has rejigged crowdfunding regulation, allowing poorer investors to participate. Aussie corporate watchdog ASIC has made it easier for start-ups to raise funds by issuing equity to investors, following up on legislation passed in March in which the Australian government watered down crowdfunding regulations. The new regulation will allow small and unlisted companies to crowdfund up to A$5 million a year, starting late September. It will also allow poorer investors to participate. Previous regulations allowed only those with more than $2.5 million in assets to buy securities through crowdfunding. But the regulator has warned that robust restrictions will be in place, including limitations on advertising and […]
Australians embrace FinTech as adoption rates double in just 18 months
Digitally active Australian consumers are embracing FinTech at a rapid pace, with Australia now ranked fifth highest in FinTech adoption among 20 markets surveyed globally, according to the latest EY FinTech Adoption Index. China has the highest level of FinTech adoption globally at 69%, followed by India (52%), the UK (42%) and Brazil (40%), with Australia (37%) rounding out the top five. The study, based on 22,000 online interviews with digitally active consumers across 20 markets, including Australia, shows that FinTech services are poised for mainstream adoption on a global scale with an average of one in every three (33%) digitally active consumers now using FinTech. EY FinTech spokesperson, Rowan […]
