P2P lender’s growth due to consumer ‘rebellion’
Peer-to-peer lender RateSetter has attributed its recent rapid growth to consumers actively rebelling against the big banks. The company has just passed the milestones of 10,000 investors and $250million in loans and says it is thanks to the Royal Commission’s scrutiny of the four major lenders. Research amongst RateSetter’s investor base has found that long-term customers of the big four, particularly amongst generation X, are diverting millions of dollars away from their savings accounts and term deposits into longer term P2P investing. The amount invested by these investors has increased by 14% over the last 12 months, with average investment now sitting at close to $40,000. CEO of RateSetter Australia, […]
Crowd2Fund prepares to cross fintech bridge to Australia
Leading P2P lending platform Crowd2Fund are launching an Australian office by becoming one the first UK-based companies to utilise the new ‘FinTech Bridge’ between the UK and Australia. The Enhanced Cooperation Agreement, signed in March 2018 between the FCA and the Australian Securities and Investments Commission (ASIC), will make it easier for regulated FinTech companies in both Australia and the UK to start trading in either market. Key benefits of the Bridge include the speeding up of company licensing between the two territories, as well as more strategic collaboration between the FSA and ASIC in order to grow the respective markets of each country. Michael Ward, the Director General for […]
N2N Connect buys a stake in Australian peer-to-peer lender
N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash. The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. OurMoneyMarket operates a platform that provides borrowers with a 100% online application process. “OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said. Its advanced investor platform applies securitisation “best practice” methods to provide […]
Australia lags on digital banking revolution: Oracle survey
Would you be prepared to give a little-known business access to your most sensitive financial data, if it meant getting a better deal on your home loan? This type of question is set to become increasingly relevant in the coming years, as the big data revolution joins forces with a push for greater competition in banking. Data is one of the most valuable assets in the financial world, and there’s a clear trend towards policies that put more of this value back into the hands of consumers, rather than large corporations. The only catch is that often, the way for consumers to squeeze more value from their data it to […]
How Fintech is changing the way we do business?
Although it seems ubiquitous, Fintech is actually still a very young industry. That said, there are certainly distinctly common threads across those within it, which could largely be considered increased accessibility, and speed. Fintech is responsible for the introduction and rise of peer-to-peer payments, mobile banking, and omnichannel payments processing which benefit not only individuals but also businesses. We’re living, working, shopping, and transacting in the internet era, so it’s expected that the way we do businesses is equally as nimble – and it’s Fintech that makes this possible. Regardless of the size of a business, keeping up to date with financial technology is imperative for not only increased efficiencies […]
Peer to Peer lending increasingly popular in Australia
Australian investors and borrowers are increasingly adopting peer to peer lending platforms according to the results of survey undertaken by ASIC. The results of the survey suggest that as much as $300 million of personal and business loans were underwritten by peer to peer lenders over the course of the last fiscal year. That represents a doubling in the amount that was lent on such platforms during the 2015/2016 financial year. Peer to peer will continue to grow John Price ASIC Commissioner says the results of the survey suggest that growth of such lending marketplaces will continue to grow as Australians seek out the best deals and interest rates on […]
What’s coming for Fintech lending in 2018
Continued Growth The alternative finance industry had a strong period of growth last year as borrowers become increasingly aware that there are financing options outside of the banks. The 2nd Asia Pacific Region Alternative Finance Industry Report conducted by The University of Cambridge in conjunction with Monash University and Tsinghua University released in September 2017 showed 53.3% growth from 2015 to 2016 in the Australia Alternative Finance market. The largest market sub segment was balance sheet business lending, followed by peer-to-peer (Marketplace) consumer lending, and invoice trading. Discussions with lenders across both consumer and SME sectors indicate higher growth rates for 2016-2017. The loan enquiry levels across the sector have […]
The fintech revolution: who now assesses your personal loan application?
In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. Personal loan provider, Harmoney, kicked off the new year by teaming up with DataRobot, an automated machine learning platform, in the hopes of improving both the speed and accuracy of its application process. “With our deployment of DataRobot, […]
