Fintech to invest $1b into blockchain this year
Financial and technology firms are expected to invest more than $US1 billion to bring blockchain technology to capital markets in 2016. That’s according to a new survey from Greenwich Associates, where a majority of participants said blockchain has the potential to change markets within the next five years. The 134 interviewees, including executives at banks, exchanges, asset managers and blockchain technology companies, said the main obstacle hindering the technology’s widespread use was a “vested interest” in legacy systems. “The financial sector will continue to put its weight behind blockchain this year,” Richard Johnson, vice president for Greenwich’s Market Structure and Technology group, said in the report. “Blockchain is beginning to […]
ASX spends $9m to boost stake in blockchain company
The Australian Securities Exchange has forked out an extra $9.5 million to increase its stake in blockchain company Digital Asset to over 8 percent. The stock exchange in January announced it had paid $14.9 million for a 5 percent stake in the US-based fintech firm. The money was also intended to help fund the development of a new post-trade platform for the ASX based on distributed ledger technology. At the time the ASX said it had the potential to buy further equity if it chose. It today said it had taken up that option and splashed an extra US$7.1 million (A$9.5 million) to increase its stake to 8.5 percent. Digital […]
Crowdfunding and real estate align on Sydney development
Online crowdfunding platform VentureCrowd has raised more than $900,000 for a Western Sydney residential project, with most of the money coming from self-managed super fund investors. Investors put between $10,000 and $80,000 each into the 35-lot development in Riverstone East, acquiring a 49 per cent equity stake in the $10 million project. The developer, ClearState, has invested the remaining equity, totalling $1.81 million with the rest of the funding coming from mezzanine and senior bank debt. Returns in of more than 100 per cent on the equity invested are anticipated upon completion of the development in mid-2017, which is forecasting $13.1 million in net revenue with 22 of the 35 […]
Waddle secures first round funding to support $30 million in new loans
Waddle, a leading online provider of revolving credit lines to businesses, today announced it has secured its first round of debt funding lead by an Australian private investment group to facilitate $30 million dollars in new loan volume over the next 12 months. The funding round marks the first external debt raising since launching in 2014. Waddle has pioneered a new wave of invoice financing as Australia’s first fully online, cloud-based platform enabling business owners to obtain automatic approvals and ongoing revolving credit lines based on outstanding invoices held in their online accounting packages. Thanks to the seamless integration with cloud accounting providers, a two-way data exchange enables Waddle to […]
New platform makes switching easier for SMSFs
Term deposits are the latest sector of finance to feel the push of digitisation with the launch of Cashwerkz’ platform, which offers a quick and simple way for investors to manage term deposits. Cashwerkz chief executive, John Edginton, said that cutting the time that is spent on switching and managing deposits was the key for attracting self-managed superannuation fund (SMSF) customers and advisers. “The time and paperwork required to open or switch term deposits was a major disincentive and prevents many investors from achieving the best market return,” he said. “Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits.” The […]
Say no to IPO lockout for retail investors – OnMarket BookBuilds
Have you seen the recent articles in the media responding to proposed ASX listing rules changes reducing the requirement to just 100 shareholders for large IPOs? Currently, ASX rules require each IPO to have 300-400 shareholders. OnMarket BookBuilds believe that this is a major reason that retail investors get some (but in our view, not enough) access to IPOs. OnMarket BookBuilds think the proposed changes will mean that you receive fewer IPO offers. In contrast, Hong Kong and Singapore rules require that 25-40% of all IPOs are reserved for retail investors. If you support the idea of broader, fairer access to IPOs, then make sure your opinion is heard! Click […]
Fintech investment surges in Q1 but does that mean the Kodak moment nears for banks?
There was a resurgence of activity in the financial technology (fintech) universe in the first quarter of the year after signs of potential rapid deflation at the end of 2015. According to KPMG’s latest The Pulse of Fintech report, the March quarter saw funding to the fintech sector rebound with total investment in fintech companies hitting US$5.7 billion. Globally, Venture Capital-backed fintech companies drew $US4.9 billion in funding, rising from just $US1.9 billion in the fourth quarter of 2015. The report identified larger deals, concentrated in Asia, played a major role in the rebound with 13 $US50 million+ rounds to VC-backed fintech companies, a slight rise from 10 such deals in […]
zipMoney proposes Pocketbook acquisition
zipMoney has also announced that it has entered into a non-binding indicative term sheet to acquire Pocketbook, which is subject to zipMoney completing satisfactory due diligence and the Pocketbook founders and other Pocketbook shareholders agreeing to and entering into transaction documents necessary to give effect to the acquisition. The zipMoney Board may as a result of its due diligence decide not to proceed with the acquisition. The total consideration is A$7.5 million, comprised of A$6 million upfront consideration and A$1.5 million deferred purchase consideration, subject to various performance milestones. The cash requirement is currently estimated at A$2.5 million, with the balance in zipMoney shares at the capital raising price, subject […]
