P&N seeks fintech partners – The West Australian
WA’s biggest locally owned lender, P&N Bank, will scout potential partnerships and other investments to keep pace with the technological changes gripping the banking industry. Having dipped its toe in the fintech sector last year by taking a small equity stake in a superannuation software start-up, chief executive Andrew Hadley says the mutual bank “certainly has the intent of partnering, collaborating and potentially taking small equity positions” in other businesses of interest. Source: P&N seeks fintech partners – The West Australian
ANZ vows to take fight to fintech start-ups | The Australian
ANZ has hit back at suggestions that banks only innovate for short-term gains, declaring other industries should be worried about being put out of business by the banking sector. Meanwhile, Westpac chief Brian Hartzer said it was actually important for banks to not get too “mesmerised” by innovation and “inventing cool new stuff”, remembering that customers were at the heart of banking. Last week, Danny Gilligan, managing director of Reinventure Group, said banks and other financial services players would struggle to battle disruptive “fintech” start-ups because their pay packets and investment policies were short-term focused. Source: ANZ vows to take fight to fintech start-ups | The Australian
ANZ, Bendigo join Matchi fintech platform | afr.com
Here’s another article on how some of the big incumbent banks are getting in on the fintech act… ANZ Banking Group and Bendigo and Adelaide Bank have joined a global matchmaking platform called Matchi, to help them link with global start-ups, in a sign incumbents are not limiting their engagement with fintech to local hubs like Stone & Chalk. KMPG last week announced a deal with Matchi that will provide clients of the firm with access to the tech platform, which serves as a bridge for traditional banks and start-ups to identifying partnership opportunities. Source: ANZ, Bendigo join Matchi fintech platform | afr.com
Carlyle backs Prospa securitisation to boost SME lending
This is great news for Australian FinTech company Prospa. It’s also a very positive sign to see global companies investing in Australian FinTech companies – it appears others are starting to see the potential here in Australia. Global alternative asset manager the Carlyle Group has invested $50 million in the first securitisation deal in Australia of unsecured, online business loans, which will allow Prospa to step up its small-business lending as the big banks overlook the sector. The securitisation deal, which is only the third globally in the online business lending category, is part of a $60 million capital raising that was also supported by Ironbridge Capital, AirTree Ventures, and […]
IAG makes ‘smart move’ to name Peter Harmer as innovation boss
Insurance Australia Group has appointed former commercial insurance boss Peter Harmer as chief executive of its new digital innovation hub, as the $14.4 billion insurer ramps up its technology drive. Source: IAG makes ‘smart move’ to name Peter Harmer as innovation boss
NAB Ventures created to invest $50m in fintech
It seems the big banks are getting behind Australian FinTech which is great to see! National Australia Bank has created an “innovation fund” that plans to invest $50 million over the next three years in Australian and offshore start-ups to enhance the bank’s development of customer-centric products and applications. Source: NAB Ventures created to invest $50m in fintech
FinTech Investments Quadruple: Top Trends To Watch
Investments into FinTech startups recently quadrupled, growing from just over $3 billion in 2013 to over $12 billion in 2014. And consider alongside that another trend showing that crowdfunding will surpass VC in 2016 as a funding source–given that crowdfunding itself is a segment of the FinTech market. Source: FinTech Investments Quadruple: Top Trends To Watch
Investing opportunities in FinTech
Investment Investment in FinTech takes two directions. Firstly you can invest your funds into companies such as peer to peer lenders for them to distribute as loans. This takes the form of either direct investment for the wholesale investor or investment into managed investment schemes that administer the funds for a fixed return. Obviously as the level of management increases the returns will decrease but so too will the risk. The second approach that is starting to gain a foothold is to invest directly into the companies themselves through new ‘crowd funding’ platforms that provide you with equity for your investment. These equity raising platforms are great for anyone looking […]
