Venture Capital

Mar
20

Equity crowdfunding bill passed, but proprietary companies still excluded

Retail investors will from September be able to buy up to $10,000 of equity in their favourite business ideas, after crowd-sourced funding legislation passed the Senate. The legislation will allow unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. A 48-hour cooling off period had applied to the legislation which passed the House of Representatives in February, however the Labor Opposition successfully amended this to five days, with support […]

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Mar
20

The federal government wants to buy $900 million of tech from Australian startups

The federal assistant minister for digital transformation has declared he is targeting a spend of $900 million each year on entrepreneurial tech suppliers, to move away from traditional providers like IBM. “The government can support innovative companies without resorting to handouts. If we want to transform the entrepreneurial or digital government sector in Australia, the most important thing we can do is be a better customer,” assistant minister Angus Taylor told media in the Blue Mountains, west of Sydney. Technology work in the public sector, worth $9 billion a year, is traditionally dominated by big consulting firms or large companies such as IBM, as in the case of the census, […]

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Mar
20

Qantas partners with Slingshot for its first startup accelerator program

Qantas will open its technology platforms, data and anonymised customer information to up to 10 start-up or scale-up businesses when it runs its first ‘accelerator’ from May. The Avro Accelerator, named after Qantas’ first aircraft, is a 12-week program designed to help the airline innovate across its business, including its offshoots in insurance and banking. Qantas’ partner in running the accelerator is Slingshot, a specialist in bringing corporate sponsors together with relevant start-up and scale-up businesses. Slingshot’s venture capital fund, whose investors include industry super fund Hostplus, will back each business selected for Avro with $50,000 upfront, with a further $100,000 for those still showing promise at the end of […]

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Mar
16

Westpac buys stake in Lantern Pay to help deliver NDIS

Customers of the federal government’s $22 billion National Disability Insurance Scheme will be able to pay for health services through a new platform to be rolled out by Westpac Banking Corp, which has taken a 10 per cent equity stake in payments firm InLoop. InLoop is the parent company of Lantern Pay, which has created a “digital wallet”, or mobile application, that lets customers of government-backed medical services schemes monitor budgets. Lantern Pay pays service providers up front before claiming the payments back from the government. The deal is an example of the policy shift towards “consumer-directed care” in government medical schemes including the NDIS, which puts customers in control […]

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Mar
14

The Benzinga Global Fintech Awards – entries closing soon

The Benzinga Global Fintech Awards May 11, 2017 in New York, is the premier event in Fintech, celebrating financial innovation from around the world. The Benzinga Awards is a competition to showcase the companies with the most impressive technology, who are paving the future in financial services and capital markets! Applications are still open, so apply now before the March 17 deadline. At the event, you’ll get a first look at groundbreaking technology, innovative platforms, and the chance to network freely with top industry professionals. Over 550 FinTech CEOs, C-suite executives of financial institutions, VCs, press, and others attended the 2016 Benzinga Fintech Awards. 45 exclusive exhibitor spots on the show floor […]

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Mar
14

Westpac’s Reinventure hires new partner to help fintech startups crack the US

Westpac’s $100 million venture capital fund Reinventure has hired a new partner with experience from Wall Street and Silicon Valley, seeking to help local fintech start-ups attack the world stage and catch the eye of potential US suitors. US-born Kara Frederick, a former Goldman Sachs executive, was a senior adviser at US-based boutique investment bank GrowthPoint Technology Partners and also founded middle-market advisory firm Tiger Financial Group. She joins Reinventure founders and managing partners Simon Cant and Danny Gilligan as the firm’s first general partner. The fund was set up by the giant bank in 2014 to invest in fintech start-ups that could potentially compete with its own businesses. “Australia […]

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Mar
14

SETL wants to settle and clear equities in competition with ASX

The ASX is facing competition for clearing and settling equities, with blockchain start-up SETL pledging to build a post-trading system cheaper and to deploy it quicker than the replacement for the existing CHESS infrastructure, which is being developed by the ASX itself and US group Digital Asset Holdings. London-based SETL is raising capital from some Australian brokers and has retained local lawyers to prepare regulatory applications to approve its system. The move comes as the federal government considers whether to remove the ASX’s monopoly over equities settlement and clearing – the vital “pipes” that underpin the operation of Australia’s equity markets – later this year, if regulators can devise a […]

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Super fund Spaceship accused of high risk and not enough returns

A start-up super fund that is aggressively targeting millennials via social media has investment advisers alarmed that it is more expensive than most super funds and is taking significant risk without promising higher returns. But Spaceship, which has the backing of venture capital and tech luminaries such as Atlassian co-founder Mike Cannon-Brookes, says strict rules mean it can’t gamble customers’ super, while the fees are a small price to pay for the superior returns that will come from investing in technology. The super fund says it expects to kick off with $100 million of funds under management from young Australians when it launches later this month, after “early adopters” moved […]

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