Auswide Bank is increasing equity stake in P2P lender MoneyPlace
Auswide Bank Ltd is increasing its equity stake in peer-to-peer lender MoneyPlace Holdings Pty Ltd. Today’s announcement means Auswide Bank will have a controlling interest of at least 51% in MoneyPlace with the prospect of increasing that interest up to 75% dependent on the final take up of other MoneyPlace shareholders in a capital raising initiative being undertaken by MoneyPlace. Auswide Bank acquired a 19.3% equity stake in MoneyPlace in January 2016 while also committing funding to the Melbourne-based P2P lender’s consumer lending program. Managing Director, Martin Barrett said Auswide Bank has been impressed with the platform, skills, capability and performance of MoneyPlace over the last 12 months. “Our funding […]
Peer to peer economy now worth over $15 billion a year
Higher levels of consumer trust in the sharing economy, have coincided with a $600 million increase in size over the past six months, according to a newly released report. The bi-annual Sharing Economy Trust Index, produced by peer-to-peer lender RateSetter, showed that trust in ride sharing platforms such as Uber and online marketplaces like eBay have grown the most. “Our research found that trust levels in the sharing economy have increased substantially over the last six months,” said Daniel Foggo, RateSetter CEO. With the sharing economy now worth over $15 billion a year, the study revealed that over two thirds of Australians actively participate in the market – whether by […]
Dart aims for a United States of Fintech
Australian tech entrepreneurs have launched a new digital home for the global fintech community, providing an agnostic platform that founders hope will one day become the seat for an inclusive and encyclopaedic fintech commonwealth. Founder and CEO, Cameron Dart, told AB+F that the International FinTech platform, combines a web portal and directory to meet growing demand from the global community to have a dedicated, online and natively fintech presence for a sector that transcends borders. “We like to think of it as the beginnings of a LinkedIn for fintech,” Dart said. This week’s launch, built on the back of the original Australian FinTech, already encompasses more than 1,000 global fintech companies […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
Kate Carnell urges pressure on banks to change
Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]
Peer-to-peer lenders lead increase in personal loans
Personal loan applications rose strongly during the December 2016 quarter, with much of the growth coming from online marketplace lenders. The latest Quarterly Consumer Credit Demand Index from credit agency Veda shows the number of personal loan applications for the December 2016 quarter was 12.4 per cent higher than the December 2015 quarter. “Growth in personal loan applications is predominantly coming from products offered by new entrants in the personal lending space, beyond traditional credit card and auto finance markets,” says Angus Luffman, Veda’s general manager of consumer risk. He is referring to the new wave of online marketplaces that can offer investors higher rates of interest than they can […]
SocietyOne appoints John Cummins as Chief Investment Officer
SocietyOne, Australia’s pioneering and leading lending marketplace, has appointed John Cummins to the new role of Chief Investment Officer, a position which reflects the critical importance of its investor funders to the company’s future growth. John will have responsibility for all of SocietyOne’s funding requirements to support demand from an expanding number of borrower customers. This will include building on SocietyOne’s existing network of investor funders who include large financial institutions, mutual banks, credit unions, high net worth individuals and SMSFs. John will also play a key role in helping the company to achieve its five-year goals of expanding and deepening its funding base to support growth in borrower customers […]
US fintech SoFi targets mortgage lending in Australia
One of the best-funded financial technology companies in the US, SoFi, is preparing to launch in Australia to offer mortgages in direct competition with the banks. In recent days, the San Francisco-based SoFi has used LinkedIn to advertise for a manager of mortgage operations, based in Sydney, along with an operations manager and a marketing manager. The pending opening in Sydney would be SoFi’s first office outside the US, where it has funded more than $US7 billion in student loan refinancing, personal loans and mortgages since it was founded in 2011. Over the past two years, SoFi, which used to be called Social Finance, has raised $1 billion in new […]
