Venture Capital

Nov
01

Finch raises $2.25m for Gen Y finance app after ‘proving it can rival’ Silicon Valley fintechs

Melbourne-based fintech startup Finch has closed an oversubscribed seed round, raising $2.25m in funding for its social payments app for millennials.    Launched in July, the Finch app allows users to pay and request money instantly (without a BSB), split bills, run tabs in groups to track shared expenses. According to Shahirah Gardner, who co-founded the startup with her husband Toby Gardner and their friend Eric Kuhn in 2016, the seed funding will be used to complete product market fit, scale product development, grow its Melbourne-based team and accelerate customer acquisition. In conversation with Dynamic Business, Gardner said the app began to generate interest from investors after Finch graduated from Envestnet | Yodlee […]
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Oct
24

Verrency announces Series A funding round and global expansion Innovative fintech to launch operations in US and Asia

Payments platform Verrency has announced a $US 15 million Series A funding round as it continues to expand internationally. The growth-stage fintech provides payments innovation-as-a-service that enables issuers to deliver the latest payment capabilities, fast and cost effectively, through their existing payments infrastructure. By giving consumers unprecedented flexibility and control over how they pay, Verrency’s cutting edge features ensure that their issuer’s brands are top of wallet and top of mind, driving revenue.   The Australian-based startup has recently completed an oversubscribed pre-commercialisation funding round raising $US 4 million and is looking to raise a further $US 15 million to expand into key international markets. Verrency aims to close the […]

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Oct
17

Mobecom makes ASX debut

Marketing tech start-up Mobecom is landing on the ASX after successfully raising $5.1 million with the company aiming use the new funds to give its digital currency solution, airBux, a boost next year. The company, which is using the shell of Waratah Resources to go public, has managed to get the backing of Sydney-based Tulla Private Equity Group — the investment vehicle of the Maloney family. It also boasts hedge fund veteran Todd Ruppert as a non-executive director. Tulla Group managing director Mark Maloney said that he was impressed by the sophistication of Mobecom’s technology. AirBux works as an alternative to regular reward points — helping consumers earn digital currency […]

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Oct
09

Westpac increases investment in mortgage broker start-up uno Home Loans with $5m

Westpac Banking Corporation has increased its majority stake in digital mortgage broking platform Uno, ploughing another $5 million into the company. The big four bank has now invested about $26.5 million into the venture and owns 92 per cent of ordinary shares, according to Australian Securities and Investments Commission documents. Factoring in shares that are subject to vesting, on a fully diluted basis Westpac still owns more than three quarters of the company. Founder and chief executive Vincent Turner told The Australian Financial Review the funding provided by Westpac had given the fintech start-up a leg up it couldn’t have had otherwise. “If we wanted to move fast, learn fast […]

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Oct
06

From UNSW to Silicon Valley: young entrepreneur attracts major funding

One UNSW student’s experience with a startup company illustrates the unpredictable nature of entrepreneurship and the value of programs like UNSW Startup Launch. Last year, UNSW Sydney Computer Science and Engineering student Stefan Qin was accepted into the University’s Startup Launch pre-accelerator program for high-potential founders with innovative startup ideas. His start-up, Dime, went on to win first prize at a Startup Launch pitch night, with a concept that used blockchain technology to significantly reduce the cost and time delay of foreign exchange transactions. Now, the 20-year-old has closed a $US3.18 million funding round for his new business, Virgil Capital, a global venture in cryptocurrency trading and investment management in […]

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Oct
04

Millennial super fund Spaceship has raised $19.5 million – and tackled the biggest criticisms it faced

Millennial superannuation app Spaceship has responded to critics by cutting fees, increasing its exposure to tech stocks, launching a new investment option and forming an advisory board. Some in the finance industry argued the 1.6% fee that the startup charged was not competitive. Another criticism of Spaceship, which opened to applications early this year, was that while it was marketing itself as a tech- and future-focused super option for millennials, it wasn’t actually investing in tech stocks any more than traditional pension funds. Stockspot founder Chris Brycki, in a column for Business Insider in March, called Spaceship “clever marketing”. “They get full marks for the use of flashy marketing and […]

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Oct
03

Distributed monetary platform Havven raises USD$250,000 in Seed Round

Distributed Monetary Platform, Havven, Confirms Private Seed Round Closed 29th September 2017, raising over USD$250,000 (AUD$312,000).   Cryptocurrency platform Havven, announces its seed round closed two days early due to achieving its fundraising target more quickly than expected.   Founder Kain Warwick said, “We had great support from our network, it demonstrates there is significant interest in innovative cryptocurrency and blockchain projects in Australia.”   Havven will be built on the Ethereum platform, and will implement a novel monetary system enabling the creation of a stable cryptocurrency, which is timely given price fluctuations across the market over the last few months.   “Havven will enable more rapid adoption of platforms […]

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Oct
03

How Crowdfunding has influenced start-ups

You have a great idea that you would like to bring to the market. However, you have little to no capital in kick-starting product development. Furthermore, you don’t really have the business acumen and the research and development needed to make a solid business presentation to a group of investors. So, how do you go about finding the seed funding you need to start turning your idea into a reality? Many entrepreneurs in recent years have turned to crowdfunding as a way to reach a large audience to fund product ideas and business models. What Is Crowdfunding? Crowdfunding is an alternative way for businesses, and especially start-ups, to source capital […]

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