UBank launches world’s first consumer Green Term Deposit certified by the Climate Bonds Initiative
UBank is now offering Australians with a sustainable way to invest with today’s launch of the world’s first Green Term Deposit in the customer space certified by the Climate Bonds Initiative (CBI). UBank’s Green Term Deposit is matched to a portfolio of renewable energy projects such as wind and solar power, and low carbon transport and buildings. It allows customers to use the savings in their term deposits to support a positive environmental impact, while still enjoying a high return. Certified by CBI, a not-for profit that has developed a standard for investments which address climate change, UBank’s Green Term Deposit is available to all customers with a minimum $1,000 […]
Prospa momentum continues as loan originations surpass $1 billion
Prospa, Australia’s number one online lender to small business, is pleased to announce its pro-forma results for H1 FY19. Total loan originations for H1 FY19 were $225 million, up 10% on the forecast of $204 million and up 44% on a pcp basis. Total loan originations for CY18 were $436 million, up 13% on the forecast of $386 million and up 51% on a pcp basis. Prospa’s total loan originations have now surpassed $1 billion comprising A$1 billion in Australia and NZ$10 million in New Zealand, delivered to over 19,000 small businesses as demand continues to grow. Revenue is ahead of forecast with H1 FY19 revenue $67.7 million, up 8% […]
FinTech and the Future of Financial Services – 5 April 2019
Join the 7th Annual Fintech Summit on 23rd – 25th March to hear from Fintech Founders, CEOs, Investors and Ecosystem Experts.
Afterpay rival PayRight targets larger purchases with $30m funds raised
Australia’s booming, but controversial, buy now, pay later market has another major competitor after fintech firm PayRight raised a total of $30 million to expand its operations, which targets consumers making larger purchases than Afterpay allows. The company has largely flown under the radar in the sector, with $4.7 billion-valued ASX-listed Afterpay its most prominent rival. But PayRight is pitching itself as an option for retailers and service providers of bigger ticket items, rather than smaller impulse buys like clothing. Its funding has been compiled through a mix of debt and equity raisings over the last year led by corporate advisory firm Henslow and wealth manager Escala Partners, with the […]
Stone & Chalk supports Indigenous startup initiative
Fintech hub Stone & Chalk has partnered with not-for-profit Barayamal to provide Indigenous entrepreneurs with co-working spaces and access to investors, as part of its Indigenous Accelerator program in Victoria. The initiative, happening for first time in Victoria, will see five Indigenous startups receive a funding total of $50,000 in grants, also receiving support through free co-working space, mentoring and training from industry experts at the Victorian Innovation Hub, Goods Shed North. The program aims to have the startups grow their businesses over three months, with a final showcase at its demo pitch night. In the lead up to it, Barayamal is also running a two-day Pre-Accelerator in late March […]
Raiz starts its international expansion by launching in Indonesia
Following its success in Australia, Raiz is proud to announce its expansion into Southeast Asia with the launch of Raiz Invest in Indonesia. In Indonesia, Raiz Invest will position itself as an aspirational product to improve by hands on learning financial literacy and financial inclusion, similar to Australia. “We are very excited to bring Raiz Invest to Indonesia. We believe that just like in Australia, Raiz will be a game changer on how people invest. Raiz Invest will be the innovative solution for anyone who wants to start investing, but has never really taken the first step,” said George Lucas, CEO. “As outlined in the prospectus last year our growth […]
Wealth managers deliver $90m for Aussie fintech
Wealth management has been a key driver for an Australian financial services technology firm, which boosted group net profit after tax by 15 per cent over the six months to 31 December 2018. ASX-listed Bravura Solutions Limited increased group revenue by 24 per cent to $127.4 million over the half, while the company’s NPAT increased 15 per cent to $16.3 million. Wealth management was a significant revenue driver for Bravura, which also provides software solutions to the life insurance and funds administration industries. Revenue from wealth management increased 24 per cent to $90.4 million in 1H19, up from A$72.8 million in 1H18. EBITDA increased 36 per cent to $29.4 […]
Bitcoin crash gives way to steady growth
The price of bitcoin has crashed in early 2019 but some experts in the field argue that the news is not all bad, with the future for cryptocurrencies looking fairly strong. At the end of January 2019, the price of bitcoin was US$3525, having slumped from a peak of over US$19,000 in late 2017. This is not the first crash in a market known for its volatility, and in previous downswings the price has eventually settled at a point that shows a long-term upwards trend. For example, at the start of 2017 the price was about US$975. The general feeling in the market is that much of the massive movement […]
