Investing

Feb
23

VC tells fintech start-ups to target superannuation sector

Australian fintech start-ups are being told to focus their efforts on selling services to the $2 trillion superannuation industry in order to attract venture capital funding. Melbourne-based Trimantium Capital is looking to deploy $700 million during the next 12 months into financial services technology, or “fintech”, ventures and its managing director Phillip Kingston said the super industry was in clear need of better technology automation options to lower administration costs and cut fees. “To date most large funds have either shied away from that challenge or tried to undertake large technology projects in house, which typically hasn’t worked out too well,” Mr Kingston said. An attempt by five of Australia’s […]

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Feb
11

A big US fintech startup just launched in Australia that turns pocket change into investments

US fintech startup Acorns Grow, which turns small change into an investment portfolio, launches in Australia today after a successful trial period with 22,000 people. The service’s aim is to be an inexpensive, easy way to get into the sharemarket and is targeted at people younger than 35, of which 75% made up its trail customer base in Australia. It allows users, whether on through the website or mobile app to add their bank account so that it can see their spendings, round up daily purchases, and automatically invest the change into diversified portfolios of index funds. It can be anything from a $3.50 coffee which gets round up to […]

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Feb
10

KPMG buys fintech company Markets IT

Professional services giant KPMG has acquired fin-tech company Markets IT for an undisclosed sum, in an effort to expand its “big data” capability and help banking clients grapple with a barrage of regulatory change. It comes as global regulators step up their efforts in relation to trader surveillance. KPMG chief executive Gary Wingrove referred to the merger as a “timely and strategic” acquisition. It is the firm’s eleventh bolt-on acquisition in two years, as Big Four accountancy firms attempt to diversify their consulting services to align with the big gnarly problems facing the C-suite. Markets IT bills itself as the dominant supplier of Murex software in Australia- a trading platform […]

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Feb
06

ANZ Bank boss Shayne Elliott tells Melbourne Fintech Meetup he’s ready to invest

New ANZ Bank boss Shayne Elliott is recruiting for a head of digital banking, who will be told to partner with start-up technology companies that can teach the 180 year old bank how to improve its customer service. The bank is set to acquire and invest in emerging companies with technology that is disrupting the financial services sector, but more critically Mr Elliott wants to forge partnerships to improve ANZ’s in-house capabilities. “Investing in start-ups is not hard for banks, we have lots of money to write cheques, the difficult thing is figuring out how we can internalise that intellectual capital,” he said. “We are currently recruiting for a newly […]

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Jan
28

Fintech funds are drying up, but some local players welcome the drought

Aris Allegos, the founder of online small business lender Moula, was an entrepreneur in the dotcom era and an investment banker during the global financial crisis, so he has seen first hand the havoc a speculative frenzy can create. But as the torrent of capital from US funds backing start-ups in the burgeoning fintech industry slows, instead of panicking, this time around Allegos and his rivals are more relaxed. Although less capital will mean not all start-ups will survive, a more rational approach by investors will ensure money isn’t wasted, local fintech players say. “Before the [dotcom bust] an IPO document would say ‘This business gets X number of eyeballs’ […]

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Jan
20

Rise in data theft opens door for fintech

The ability to protect sensitive client information will be an integral driver for fintech companies, argues Midwinter managing director Julian Plummer. In a statement, the head of the financial planning software provider said companies that can secure high volumes of confidential data will become particularly important to the financial services industry in the coming years. “Ensuring the safety of all sensitive client data for our advisory clients has become a top priority for Midwinter, and we have taken extreme actions to ensure that information is managed and stored securely, so as to continue Midwinter’s clean slate of zero security breaches.” Zirilio executive managing director Tom Dole said he has seen […]

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Jan
12

Growth – Why the Australian fintech community is much more than just Sydney and Melbourne

The efforts to create a national fintech association have so far largely occurred as a result of fintech organisations from Sydney and Fintech Melbourne. But while the majority of fintech startups are based within these two cities, it’s easy to forget that many interesting and successful startup companies have been launched in cities around Australia. Atlassian for instance, is Australia’s biggest recent startup success and was launched in Brisbane. As the formation of the national fintech association continues to gather pace, it will be important to remember the rapidly growing communities outside of Sydney and Melbourne. With the end of the mining boom Australia is seeking other industries to fuel […]

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Dec
17

Australia is fast becoming a top source of fintech funding

Despite opportunities lost and having a relatively smaller fintech market than that of the US and the UK, Australia remains a top source of funding for financial technology companies. Last week, Australia’s biggest finance firm Atlassian debuted on Nasdaq, causing somewhat of a heartbreak to the local fintech market as its road to becoming a global public brand and increasing its current $8 billion valuation could contribute a lot to the local finance industry. However, various experts in the country are still confident that there is still an overflowing amount of money to boost the nascent fintech industry, and this could come from the local investors and companies. Economists projected […]

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