New finance platform Skippr to boost innovation and growth with fresh perspective on cash flow management
New finance platform, Skippr, signifies a new direction for the fintech space. Helping businesses understand cash flow better and providing them with simple and accessible tools to optimise that flow, the new start-up connects both invoice finance and cash flow forecasting through one platform. Pat Crivelli, Founder of Skippr said, “SMEs are the backbone of our economy, but nearly half will fail as a result of poor cash flow. Empowering SMEs to take control of their finances means more competition, innovation, productivity and growth for Australian businesses. “Skippr’s platform helps SMEs not just access finance, but understand how to better manage it. Our technology provides more transparency and, […]
Financial planner and bitcoin entrepreneur launch new robo-advice business
Perth-based financial planner David Pettit has teamed up with well-known Australian bitcoin entrepreneur Zhenya Tsvetnenko to fund and develop a new robo-advice platform that will advise users how to plan their financial lives. Mr Pettit, the founder and managing director of boutique Perth advice firm Advocate Private Wealth, and Young Richlister Mr Tsvetnenko conceived Future Penny six months ago, and have both personally invested, with a range of other investors, to give it $500,000 in development capital. Future Penny would be the latest player in the burgeoning robo-advice sector, which provides financial advice to users generated by algorithms. It will provide information across a broad range of areas including budgeting, […]
Simply Wall St buys US rival
Australian sharemarket visualisation fintech Simply Wall St (simplywall.st) has acquired Capp.io, its main rival in the United States, for an undisclosed amount. Simply Wall St is a stock-picking tool using software that creates visual representations of users’ stock portfolios to help them quickly work out whether they are investing their money wisely. Founder and CEO Al Bentley said Atlanta based Capp.io – started by two university students – does something similar. It has about 5000 customers in the US which will be added to Simply Wall St’s 30,000. “The acquisition allows us to strengthen our presence on the US market, where we already have majority of our customers,” Mr Bentley […]
Aussie fintech company AstuteWheel expands to South Africa
Fintech company AstuteWheel has launched its client engagement platform in South Africa, as the overseas advice market prepares to undergo similar regulatory reforms to Australia. Speaking at a media briefing in Sydney yesterday, AstuteWheel co-founder and managing director Hans Egger said the South African financial advice industry was beginning to move away from commissions, presenting an opportunity for a product that helps clients understand the value of advice. “It is a sophisticated financial advice market looking to grow and our solution really fills a gap for many of these practices, which are already providing good advice but need a more efficient and better client engagement process to demonstrate to clients […]
NAB enlists venture capitalists to invest in start-ups
National Australia Bank is turning to the venture capital sector to run its $50 million fund that will invest in fintech start-ups, a plan aimed at boosting innovation across the lender. The bank has appointed Todd Forest, an entrepreneur, angel investor and digital media executive, to run NAB Ventures, which expects to make its first investment in the next month or so. Alongside Mr Forest, NAB has hired Melissa Widner, one of the most senior women in Australian venture capital, who has also worked in the United States, as general partner. A co-founder of leading Australian fund Blackbird Ventures, Bill Bartee, will also work with the NAB fund as an […]
Can robots terminate the human adviser?
Financial planners and advisers would scoff at the idea of an automated system, or a robot, providing financial advice to clients based on answers to a few questions and the click of a button. Moreover, advisers are apprehensive of consumers embracing the do-it-yourself approach to investing, arguing that it is impossible for consumers to navigate complex investment choices and the myriad of financial products without guidance from trained advisers. Financial planning dealer group, Wealth Today’s managing director, Greg Pennells, recently labelled robo-advice a ‘cop-out’, and called on the corporate regulator to ban the technology. He said technology is useful for transactional services like buying and selling shares, stockbroking, mortgages, or […]
Robo advisers keen for improved regulation
Digital advice providers have given the thumbs-up to proposals for clearer regulations governing the sector, suggesting they would improve the legitimacy of the burgeoning industry. Josh Golombick, co-founder of robo advice provider CapitalU, said regulation from the Australian Securities and Investments Commission will “really put the spotlight” on robo-advice. “Maybe a lot of people may not have even heard of robo advice before this regulation came out – it just legitimises it further,” he said. Digital or robo advice involves the provision of simple to complex financial plans which are created using algorithms and technology. Research by KPMG show robo advice platforms will manage around $US2.2 trillion worth of assets […]
Robo advice might not suit every SMSF but has its place
It seems oxymoronic for self-managed super fund investors to seek robots to do the investing for them. After all, SMSF members are supposed to be self-directed investors – they do their own investing and are not supposed to use a machine to pick their investments. But experts say SMSF members will increasingly turn to robo advice to help them select the right assets for their fund. Robo advice involves the use of an algorithm to suggest investments for consumers, using variables like their age, existing funds, income and time to retirement. It has been touted as a low-cost way for people with a relatively simple financial situation to receive financial […]
