Could Xinja be Australia’s first neobank?
Banking startup Xinja is built solely for mobile and will target tech-savvy consumers. Fintech startup Xinja is on track to becoming Australia’s first neobank, otherwise known as a challenger bank, and has already raised close to $3 million this year. The funding will help launch 5,000 prepaid debit cards to customers before expanding its product offering to bank accounts and mortgages. Xinja will provide a banking solution for tech-savvy customers who want to be able to operate completely via their mobile phone. It will enable customers to use new accounts instantly, to see transactions in real time and to follow their money using simple virtual tools. The government announced in […]
Australia Post signs on its first businesses with its Digital ID
Online job marketplace Airtasker, credit union CUA, foreign exchange company Travelex, and Queensland Police are among the first adopters of Australia Post’s new digital identity service as it seeks to corner the local market in proving credentials when the online and physical worlds collide. The Digital ID has been under development since early 2016 and will allow people to rapidly verify their identity via their smartphone using stored biometric data and other information. The technology will allow individuals to apply for passports or mortgage by mobile and Australia Post’s executive general manager of trusted e-commerce services Andrew Walduck said it was now entering commercial use and would become a growth […]
Do fintech platforms spell the end of banking as we know it?
There are around 400 fintech companies in Australia at the moment, as a country we’re ranked fifth in the world for fintech adoption, and our use of mobile banking apps doubled in the last two years. So do emerging fintech platforms spell the end of traditional banking as we know it? According to a Swift Institute report on the API economy and digital transformation in financial services, the days of big banking aren’t over – but there are plenty of changes coming in the way we manage our finances. Collaboration is key Rather than fintech companies replacing traditional banks, it seems collaboration between the two may be the future of […]
Search for 2017 Fintech 100 innovators kicks off
Nominations are now open for the 2017 KPMG & H2 Ventures Fintech 100, the annual list designed to recognize leading fintech innovators. Visit www.fintechinnovators.com by Thursday, 31 August 2017 and nominate your company, or any fintech you think should be considered for the Fintech 100. The Fintech100, available at www.fintechinnovators.com, is compiled by fintech investment firm, H2 Ventures in collaboration with KPMG’s Global Fintech practice. The annual Fintech 100 includes both the leading 50 established fintechs, and the most intriguing 50 “emerging stars.” How to nominate and the judging process: Nominations for the Fintech 100 can be made at www.fintechinnovators.com website by Thursday, 31 August 2017. […]
CommSec founder Paul Rickard is investing in HashChing and joining its board
CommSec founder Paul Rickard and finance media figure Marty Switzer are joining the board of Australian online mortgage marketplace startup HashChing after joining in the company’s $6 million capital raising round. “The HashChing business model of connecting home loan borrowers with customer reviewed brokers and the best rates is unique, and I am excited by the investment opportunity,” said Rickard. Rickard founded the CommSec online retail stockbroking service in 1994, and served as its managing director until 2002. He also served as Commonwealth Bank’s executive general manager for payments and business tech until 2009. HashChing, which has been recently incrementally extending out from purely mortgages to services like home insurance […]
Sydney fintech HashChing just digitised conveyancing
Online mortgage marketplace HashChing has announced a new partnership for digital conveyancing. The Sydney fintech is now offering the services of electronic conveyancing marketplace Titlexchange, with the pilot limited to Victoria for now before a general rollout later. HashChing chief information officer Atul Narang said that the legal paperwork can be a bottleneck in the traditional home purchase process. “Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay,” he said. The integration into the HashChing platform allows users to access fixed-price conveyancing through Titlexchange without having to go offline to provide ID and personal data. […]
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 […]
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. […]
