CashDeck releases software to help brokers and borrowers prepare for tougher lending measures
There’s no doubting that the Hayne Royal Commission will bring about changes to the way borrowers, brokers and bankers behave. As lenders are required to more carefully scrutinise loan applications and living expenses, it is expected that home buyers borrowing power will be greatly reduced. A recent UBS report suggests that credit availability could be cut by 21 to 41%, depending on income. While nobody can tell exactly what measures will come about, change is certain, and smart brokers will already be making changes to their business processes. Compliance will be top of the list, and for brokers this will mean more accurately assessing living expenses—an onerous task. Technology must […]
Moneycatcha uses blockchain to streamline mortgage applications
MoneyCatcha is using blockchain technology to make home loan applications quicker and cheaper. One of the most time consuming and costly processes banks go through is signing customers up to a mortgage. The full loan application process can take weeks and has a significant cost. Data is often captured and manually re-entered several times resulting in potential errors and a further waste of resources. As a highly competitive part of retail banking, and perhaps its most profitable activity, being able to differentiate from other banks is critical. Also, with increased scrutiny on loan documents as we’ve seen through the Royal Commission on banking, the need to be able prove the […]
Growth, diversification, consolidation: AltFi Summit 2018 leaders offer their predictions
Fintech leaders from across the globe are converging for the AltFi Australasia Summit in April, to discuss the most urgent issues and trends impacting growth, diversification, and consolidation in the global alternative finance industry in 2018. Keynotes, panellists and sponsors will include alternative lending firms, digital banks, industry influencers and regulatory representatives, such as OnDeck, KPMG, Ratesetter, NowFinance, Equifax, Macquarie Capital, NAB, Moula, MoneyPlace, Credible, BGA Digital, Moneycatcha, Creditease, Othera, Liberty Home Loans, uno Home Loans, and FinTech Australia. It will be the third year the Summit has run in Sydney, amassing each yeah an ever-larger following of loyal attendees. Event owner, Glenn Hodgeman, believes momentum has built so strongly […]
Digital mortgages offer great promise, says KPMG’s Pollari
There’s a tech for everything these days: MedTech, EdTech, FoodTech – you name it. Which may make fintech sound like just another portmanteau. But what makes fintech different from the other “-techs” – besides the fact it deals in money – is just how varied it is. According to a map put out by KPMG, there are more than 11 different types of fintech companies. These include: regtech, for regulation; insurtech, for insurance; wealthtech, for asset management – and many more. This wide definition – as well as a lot of optimism and entrepreneurial energy – has meant there are now around 600 Aussie companies that fall within the fintech […]
ASX-listed US fintech Credible shrugs off recent share drop with US mortgage play
The founder and chief executive of ASX-listed US fintech start-up Credible has shrugged off a declining share price since its December initial public offering and pointed to a strong financial performance and new plans to target the US mortgage market as a sign that investors can expect significant growth in the long term. Credible, which was founded by Australian Stephen Dash, was the largest ASX tech IPO of 2017, raising $67 million, having built up a significant niche in the US market by creating an online marketplace for student loans. However, despite posting full-year results that beat the important metrics laid out in its IPO prospectus, the shares have slowly […]
Broker raises money through crowdfunding
Mortgage startup Hero Broker has begun a crowd-sourced funding campaign following the recent fundraising success of digital lender Xinja. It is the only mortgage company so far that has tried to raise funds through crowd-sourced funding since ASIC licensed seven companies in January to provide CSF services. Founder Clint Howen told Australian Broker that the company will use the funds to strengthen its business and accelerate growth. “We have hit a chord with particular demographic segments that are not being served by current broker groups, and we believe there’s a huge opportunity there.” The platform launched last year promising borrowers access to the complete home loan application process. Howen said […]
Digital bank startup Xinja can now offer housing loans, and getting one will take ‘about 20 minutes’
Digital bank startup Xinja is planning to offer home loans soon after winning an Australian Credit Licence from ASIC (Australian Securities and Investments Commission). It’s an important step forward for Xinja which is raising money under new equity crowdfunding legislation and aims to become a full-service digital bank built in Australia but without the legacy structures and costs associated with more traditional financial services companies. “This allows use to give mortgages, to lend and give credit,” Xinja chief executive Eric Wilson told Business Insider. “We are raising our very first mortgages in late March early April. By May-June we will bring our first fully digital product online. “We are bringing […]
Funding.com.au links borrowers to Real Estate-backed loans
The Benzinga Global Fintech Awards are a yearly showcase of the best and brightest in fintech. In preparation for its biggest installment yet in May 2018, we’re profiling the companies competing for the BZ Awards. Our next feature is on Funding.com.au. What does your company do? What unique problem does it solve? Jack O’Reilly, managing director: Funding.com.au is a financial technology platform that provides real-estate secured loans to borrowers, and attractive mortgage investments to investors. The company currently assists borrowers seeking short to medium term mortgages through its end-to-end online loan application process. As the direct lender, it can assist borrowers with a quick, easy and cost effective settlement – […]
