NAB looks to challenge fintech space
The big four bank has launched an unsecured, short-term small business loan and overdraft facility through the broker channel, in a bid to go “head to head” with the growing fintech market. Launched this week, NAB QuickBiz for Broker enables brokers to digitally apply for unsecured business finance for their small business clients. Brokers will be able to offer small business clients (which have been operating for 12 months or more and make at least $100,000 per year), unsecured loans of between $5,000 and $100,000 on 12-, 24- and 36-month terms. The product comes with a 12.95 per cent fixed rate for the term of the loan, on a principal […]
Royal commission reforms boost investor opportunities in fintech
With the banks taking a battering at the Hayne royal commission, a raft of new fintech or alternative lenders is looking to take advantage of a more competitive playing field. For generations, risk-averse banks have been able to pick and choose to which consumers and small businesses they were willing to extend credit and at what price. But things are beginning to change. Ahead of any recommendations from the royal commission, the federal government is taking steps to foster competition. Last week, it followed the UK by flagging so-called open banking reforms, which will allow customers to direct personal data held by their existing banks to alternative lenders. Another reform, […]
Ex-NAB execs raise $15m to disrupt home loan market with new start-up Athena
Macquarie Capital and Square Peg are the lead investors in a $15 million funding round for fintech start-up Athena, which aims to use the latest technology to steal a march on the big banks in the competitive home loans market. The firm purports to connect home buyers with loans backed directly by the superannuation industry and was founded by former NAB bankers Nathan Walsh and Michael Starkey. They have built a cloud-based digital home loan platform, which they claim will save some borrowers currently with the big four banks up to $100,000 over the life of a loan. The latest capital raise, which also had participation from Apex Capital and […]
Andrew Thorburn explains the fintech forces reshaping NAB
The emergence of fintech has fundamentally changed National Australia Bank’s strategy and the thinking of its chief executive, Andrew Thorburn. He’s deploying more start-up lingo, and said last week the nation’s largest business lender is no longer benchmarking its performance against its rival banks, but rather technology players. Thorburn and his newish tech chief, Patrick Wright, who was previously with Barclays in the United States, went to Seattle and Silicon Valley last month and met with Amazon, Microsoft and Google for some inspiration. Like the tech giants themselves, NAB is pumping up technology spending with sums that would make wannabe disrupters salivate. With a plethora of start-ups nipping at NAB’s […]
P2P lender partners with Finsure
Peer-to-peer (P2P) lender RateSetter has teamed up with aggregators Finsure and LoanKit. Under the partnership, more than 1,400 brokers accredited with Finsure and LoanKit will be able to offer their clients RateSetter’s personal loan and green loan products. Daniel Foggo, CEO of RateSetter, said that joining the aggregators’ lending panel will help accredited brokers improve their client’s financial wellbeing outside traditional mortgage and insurance offerings with a better deal on personal loans and green loans. He added, “Whether it’s helping clients with paying down expensive credit card debt, purchasing a car or installing solar power for their home, RateSetter’s low-rate loans will give Finsure and LoanKit brokers a new way […]
Wisr, Bendigo and Adelaide Bank announce $25m wholesale loan funding agreement
Australian neo-lender Wisr Limited (ASX: WZR) today announced a $25 million wholesale funding agreement with Bendigo and Adelaide Bank Limited. The agreement will see Bendigo and Adelaide Bank provide a facility to fund existing and future loans and increase Wisr’s consumer loan book capacity, as well as improving the opportunity for revenue generation and operational performance. Bendigo and Adelaide Bank is Australia’s fifth-largest retail bank and a top ASX-60 listed company. It has a range of operations in consumer and business financial solutions, third-party banking and wealth services, and agribusiness. Wisr provides an innovative and secure platform to facilitate loans between funder investors and consumer borrowers. Anthony Nantes, Chief Executive […]
Aussie fintech startup wins Barclays’ global Open Innovation Challenge 2018
Aussie trade financing deep technology startup, Trade Ledger, has finished ahead of nine other VC-backed companies from across the world to be named the winner of the Barclays UK Ventures Open Innovation Challenge 2018 in London this week. The ten finalists were hand-picked by Barclays due to their potential to offer game-changing business solutions across a variety of industries, however Trade Ledger came out on top because of the way it completely transforms processes in business lending, through its world-first technology platform. “Within Barclays UK Ventures, we’re looking for companies we can partner with to develop and deliver transformational products and services,” said Ben Davey, CEO of Barclays UK Ventures. “We chose Trade Ledger […]
Neo-lender Wisr’s loan origination growth
Neo-lender Wisr Limited (ASX: WZR) is pleased to report on its strengthening personal loan lending portfolio and credit quality position, as at 31 March 2018. The Company’s origination of personal loans grew by 42% in FY18 Q3 when compared with the previous quarter. This was the Company’s largest quarter in loan originations since Wisr, formerly known as DirectMoney, began in 2014. This continues the Company’s significant loan origination growth in FY 18, with loan originations growing quarter-on-quarter by 20% (FY18 Q1) and 79% (FY18 Q2). In the period since Wisr announced a significant restructure in 2016 – which included a new Chairman, new CEO, key executives and business direction – […]
