Venture Capital

Nov
21

Fintech start-up Douugh scores partnership with US mutual bank Choice

Sydney-based fintech start-up Douugh has scored a partnership with US mutual bank Choice Financial, as it readies to launch its smart banking personal assistant, Sophie. As part of the open banking partnership, Douugh will launch an integrated bank account and debit card with the bank, giving it the ability to accept deposits. Choice Financial has also invested in Douugh, as part of a $2.5 million seed round. Founder and chief executive Andy Taylor, who was also a co-founder of successful peer-to-peer lending platform SocietyOne, told The Australian Financial Review he wanted to reduce society’s reliance on credit cards and help people save money. “I’ve always been quite passionate about the […]

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Nov
15

Spaceship super’s secret talks with APRA, a $50 million capital raise and Julia Gillard buys in

Millennial super fund Spaceship has been in secret talks with banking regulator for its own licence. Investors have backed the licensing application with a $50 million capital raising round. One new investor, a US venture capital firm, has former Australian prime minister Julia Gillard on the board. Millennial online superannuation fund Spaceship has completed a $50 million capital raising round, while waiting for a rare Australian Prudential Regulation Authority (APRA) licence. Spaceship and other startup pension funds, like Grow Super, Zuper and Mobi Super, typically pay to use the licence of a traditional company to operate. Spaceship itself changed its parent licence holder over the winter, switching from Grosvenor Pirrie […]

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Nov
15

BRICKX receives investment from Reinventure

Fractional property investment firm BRICKX has secured investment from the Westpac-backed venture capital firm Reinventure, in its Series A funding round.   The Fintech, that provides access to residential property by enabling Australians to buy “Bricks” in individual property trusts, is not only tackling housing market accessibility but proving to be popular with those saving for a home deposit.   BRICKX CEO Anthony Millet is proud to have formed this strategic partnership with Reinventure.   “We look forward to working with Reinventure, who are wholeheartedly aligned with the BRICKX vision in providing a product which addresses the growing problem of housing affordability and investment accessibility,” Mr Millet said.   “Over […]

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Why SpotJobs co-founder Lewis Romano has switched into fintech and is looking to raise $10 million for Credit Clear

An Aussie fintech company co-founded by Lewis Romano of SpotJobs fame has launched a $10 million Series A fundraising round to help expand the business overseas. Credit Clear was founded in 18 months ago by Romano and prominent property developer Mark Casey to act as an online, on-demand debt payment service for individuals and businesses. The company has not raised a seed round and to date has been largely funded initially by Casey. Romano co-founded SpotJobs — one of Australia’s largest job board websites — in 2012 with Jake Williams, before exiting the business in October last year. A switch into fintech from the recruitment industry might not seem intuitive […]

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Debt payment start-up Credit Clear poaches OpenPay’s CEO Simon Scalzo ahead of raise

Fintech payments technology start-up Credit Clear has poached the CEO of one of its start-up rivals as it prepares to embark on a $10 million capital raising push. The company, which automates the debt collection process and facilitates customer communication over Facebook Messenger, SMS or email, has lured Simon Scalzo from “buy now pay later” platform OpenPay to lead the company. Credit Clear launched in July and has been predominantly funded to date by its chairman and co-founder Mark Casey, a property developer who made $14 million from the sale of a sheep farm near Geelong. Mr Casey started the business alongside SpotJobs co-founder Lewis Romano, saying it would make it easier for people to pay […]

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Nov
07

Sharequity wants to lead equity crowdfunding in new direction

Australia’s newest equity crowdfunding platform, Sharequity, is planning to work with the corporate fundraising sector rather than compete with it as the first companies get ready to raise capital through the crowd in Australia.   Founded by former GMP Securities Chief Operating Officer, Asia Pacific, Geoff Reilly and backed by leading crowdfunding figure Jack Quigley, Sharequity already has several  companies ready to raise capital by traditional routes, and then through equity crowdfunding when it’s license is approved.   Sharequity, which will also feature other complimentary products, has also already signed a partnership with share registry business Automic and expects to do deals with more corporate advisors, brokers and other traditional […]

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Australian fintech startup HCash just revealed it raised $53 million through an ICO in July

Initial coin offerings (ICOs) are polarising the business world at the moment, but one Australian company has made hay while the sun shines, raising 21,000 Bitcoins worth of capital. Blockchain security startup HCash, which is developing its technology in conjunction with Melbourne’s Monash University, has revealed to Business Insider that the round closed on July 15. Based on that day’s exchange rate, the 21,000 Bitcoins were worth $53 million. ICOs are a method of raising funds where a startup sells electronic tokens or “coins” to buyers that are betting that the business will do well in the future, thereby raising the value of the token. Unlike traditional venture capital, no […]

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Nov
01

Venture capital tax incentives extended to fintech

The federal government has released exposure draft legislation that will remove restrictions for venture capital investors to access tax concessions when investing in fintech. Treasurer Scott Morrison has announced the government will seek to reform Treasury laws in order to make it easier for fintech firms to receive early stage investment. In the 2016-17 federal budget, Mr Morrison announced a number of new tax incentives for venture capital and angel investors aimed at boosting innovation in the economy. The fintech sector, however, was exempted from those incentives – a decision the government is now looking to reverse with its draft legislation. “The proposed amendments highlight the Turnbull government’s commitment to […]

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