Peer-to-peer lending remains unfamiliar for borrowers and investors
IT’S one of the fastest-growing financial products in Australia but two-thirds of us still have no idea what peer-to-peer lending is. New research by Finder.com.au has found despite the sector growing from one to eight lenders since it launched in Australia in 2012, 65 per cent of consumers don’t know about it and women are less likely than men to understand and use it. Peer-to-peer providers such as SocietyOne, Direct Money and RateSetter are fintech companies that link investors with borrowers using online platforms, typically offering better interest rates than people get from the banks. “Generally P2P providers may have fewer funds to spend on marketing,” Finder spokeswoman Bessie Hassan […]
What online finance can give you that the Big Four can’t
With dissatisfaction among the big banks continuing to rise, more Australian SMEs are attempting to figure out how they can use alternative lenders to grow their businesses. But that’s easier said than done. With so many alternative lenders arriving in Australia, it can be difficult for SMEs to figure out which is going to best suit their needs for unsecured business loans. How can they start? According to the recent SmartCompany SME survey, which questioned hundreds of SMEs around Australia, 25% of readers said they wanted to get a business loan in two years. Of those, 51% said they would approach one of the big four banks, and 31% would […]
FinTech Interviews: Uno Home Loans
In the second of Matthew Parker’s series interviewing FinTech CEOs, he sat down with Vincent Turner, the CEO of Uno Home Loans. Matthew Parker: There have been a few new Mortgage brokering businesses launch over the past 2 years, why is this happening now? What has created the right circumstance for this to occur? Vincent Turner: Good question… One of the drivers is that it’s one of the last transactions left to do digitally. People are now more comfortable applying for financial products online such as credit cards and loans, not just researching and comparing. As people become more comfortable transacting online with their holidays or flights or clothes, they […]
Meet the world’s first instant home loan: Tic:Toc
Australian fintech Tic:Toc, today announced the launch of its world first online instant home loan platform, offering eligible customers full home loan approval in just 22 minutes. Tic:Toc, an Australian online lending platform, uses a digital decisioning system to assess and approve a customers’ online application in real-time, without the need for a human credit assessor. This allows Tic:Toc to radically improve turnaround times from the typical 22 days to just 22 minutes, as well as pass on the cost savings of digitisation to the customer via competitive interest rates and no application, settlement or valuation fees. By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes […]
SocietyOne breaks through $300 million of lending
SocietyOne, Australia’s pioneering and leading marketplace lender, has broken through $300 million of total originations since it started operating five years ago with 2017 on track to set further lending records. SocietyOne advanced over $100 million of new lending during the first half of 2017, underlining its position as the clear leader in the Australian consumer marketplace lending sector. Combined lending of $45 million in the first quarter of 2017 and $57 million in the second quarter resulted in year-on-year growth of almost 70% for the six months ending 30 June 2017. That compares to $61 million of new lending advanced in the first half of 2016. SocietyOne’s loan book […]
Prospa named as finalist in Telstra Business Awards for third year in a row
For the third year running, Prospa, Australia’s leading online lender to small business, is proud to have been named as a finalist in the Telstra Business Awards. Prospa is a finalist in the NSW Medium Business category, having grown significantly since 2015 when the company was first shortlisted for the Small Business Award. Over the past five years, Prospa has transformed the way small business owners experience finance, injecting more than $350m into the Australian small business economy through over 10,000 loans to small business owners. Alongside this growth, Prospa has maintained extremely high customer satisfaction of over 90%, as well as forming strategic partnerships with Westpac, Reckon and IAG, […]
Lendi breaks the fintech mould
It’s arguably one of the oldest fintech start-ups in Australia and is now likely to play an important role in guiding the fortunes of Fairfax’s real estate business Domain. However, Sydney-based Lendi isn’t keen on the oft-repeated disrupter tag. Company co-founder and managing director David Hyman told The Australian the idea behind the start-up was to untangle the vast volume of data home buyers have at their fingertips when it comes to getting a mortgage. According to Mr Hyman, while there’s a lot of information out there for existing and aspiring home owners the overall process of getting a mortgage remains grossly overcomplicated. “The experience is poor,” Mr Hyman said. […]
Australian fintechs must set sights on Asia: MoneyMe
Consumer fintech, MoneyMe Financial Group, believes the next surge of global fintech growth will be led by Asian markets after a temporary global plateau, as a result of greater market demand and more underbanked citizens, increasing income levels, advanced tech capabilities, and superior tax structures for innovative businesses. Australian fintechs who don’t include Asia in their growth strategies, both in terms of target markets and location of operations, risk falling behind and missing the next wave of fintech as a result of our far higher corporate tax rates, and the comparatively higher quality of our financial services which drive down the urgency for local innovation. This comes off […]
