NSW trade minister welcomes $1.1 billion tech company TransferWise to Sydney
A global tech company founded by Skype’s first employee and valued at $1.1 billion will set up shop in Sydney as it looks to strengthen its footing in the Asia-Pacific region. TransferWise CEO and co-founder Taavet Hinrikus says the rapid take-up of their international money transfers platform in Australia prompted them to expand down under. “Sydney is a great city and we’re looking forward to becoming part of the tech community,” he says. “Since launching TransferWise here, it’s become one of our fastest-growing routes.” New South Wales minister for trade Stuart Ayres says the government has been actively driving efforts to attract fast growing companies to the state in 10 […]
Major Australian fintech Tyro just hired the UBank founder as its CEO
UBank founder Gerd Schenkel has been hired as Tyro Payments’ new CEO to build the fintech company’s next-generation bank. Schenkel has been hired by Tyro, Australia’s fast-growing nextGen banking institution, to run an ambitious growth plan and a strong public advocacy campaign. “When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” says current CEO Jost Stollmann. “Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece needed to deliver very strong growth in the years ahead.” Stollmann, the company’s largest shareholder, will continue as a full time executive director. Gerd […]
A financial market on your phone – innovation winner’s next goal
A university professor, whose fraud-detection computer program has revolutionised the world’s financial markets and won the Prime Minister’s Innovation Prize, has a bigger goal in sight – creating a financial market on your phone. Professor Michael Aitken and his team created the SMARTS system, which catches insider trading and market manipulation around the world with such success it was sold in 2010 for $90 million to the world’s largest exchange company, the US-based Nasdaq. That sale helped fund a new generation of research entrepreneurs under Professor Aitken’s Capital Markets Cooperative Research Centre, which is using the same technology to pick up fraud, abuse, waste and over-servicing in the health and […]
An overview of digital currencies
By now you may have heard about cryptocurrencies such as Bitcoin being used to trade and purchase goods and services, but here’s a fact you may not be aware of. As of 2016 the United Nations recognises 180 different currencies, everything from the Abkhazian Apsar to the US dollar, however does not recognise a single crypto-currency as legal tender. Despite not receiving official recognition as a currency, the various crypto-currencies are being used around the world in order to carry out trade for goods and services. The most popular of crypto-currencies, Bitcoin, has a market cap of over US$10 billion. Currently there are 654 crypto-currencies in circulation, a trend that […]
Fintech start-up Openpay begins $10m pre-IPO raising as it takes on Afterpay
Openpay, a new challenger to soaring ASX-listed fintech start-up Afterpay, has launched a pre-IPO capital raising, seeking $8-10 million ahead of a planned ASX listing next year. The company is run by former BDO national head of retail Simon Scalzo and, like Afterpay, lets people buy and use goods and services now, but pay for them in instalments with no interest. Afterpay is up more than 155 per cent since listing in May, and Openpay also plans to go public in mid-2017 to raise the funds for further growth. Mr Scalzo said it had already attracted interest from a number of investors in its capital raising. “The process to raise […]
ANZ, Wells Fargo test blockchain for cross-border payments
Blockchain technology promises to reduce the time and cost of transferring funds and increase access to liquidity, according to ANZ Banking Group and Wells Fargo. The companies made the comments following the completion of a six-month project that built and tested a distributed ledger for reconciling and settling payments between the two banks. In a recent report on their “proof on concept” the banks said blockchain could “add real value to both the customer experience and the efficiency” of correspondent banking relationships, which refers to deals between global banks over access to local payment systems. “Cross-border payments and correspondent banking are ripe for rejuvenation,” ANZ and Wells Fargo said, pointing […]
Pushpay ASX float is a leap of faith
It used to involve putting cash into the collection plate but now giving to a church can happen with a few taps on a mobile phone. The co-founder of Pushpay, which will list on the Australian Securities Exchange on Wednesday, says the fintech’s revenue will triple and its cash flow become positive by the end of 2017, driven by more members of religious congregations in the United States making donations through smartphones. Pushpay, which offers a payments application to individual churches throughout the US, completed a $54 million placement to local institutions through Ord Minnett last week in a bookbuild at $2.09 a share. The offer was revealed by Street […]
Gelato Messina launches world leading mobile payment app
Gelato Messina, pioneers of weird and wonderful gelato creations and one of Australia’s most popular brands, are ditching their cash-only policy and moving towards mobile payments to the joy of cashless customers nationwide. On 4th October 2016 Messina launched a mobile payment and loyalty app that allows customers to pay with their phone and be rewarded with points. Points are redeemable for gelato, merchandise and unique Messina experiences — including the chance for one loyal customer to take seven friends on a seven course gelato experience at the Messina Creative Department. Powered by LOKE, a Melbourne fintech startup, customers will be able to add their preferred payment type, including their Paypal account, […]
