YOZO a quick and open answer to the business lending maze
YOZO is redefining lending for small business by offering a transparent and seamless experience for their borrowing needs.
Is this the Afterpay of small business?
Cloudfloat is one of a number of companies looking to bring buy now pay later to businesses. When Afterpay was founded in 2015, few could have predicted the impact that it and other buy now pay later providers would have on the consumer payment sector. From 400,000 users in 2016, the sector now boasts over 2 million customers and over 2 million transactions per month. A similar revolution may soon be on the horizon for small businesses, with startups such as Cloudfloat looking to bring the buy now pay later model to business invoicing. Founded in August 2018 by Aleem Habibullah, Cloudfloat is in early access, with plans to launch […]
Techboard data shows the startling growth of the Australian fintech sector
US-based data company CB Insights recently reported that VC investment in Australian Fintech had grown from $67m in 2017 to $343 million in 2018. While this does show massive growth in funding for Australia’s fintech sector, data from Australian Startup Data Company Techboard indicates that this represents a significant understatement of the sector’s growth. Techboard has recently released its Report for the December quarter 2018 which revealed another $1.066B in funding for Australian Startups and young tech companies. This was the second consecutive quarter of over $1b funding across all sectors and took the total amount of funding for the 2018 Calendar year to over $4b, up around $1/2b revealed […]
The finalists of the 2019 Fintech Business Awards have been announced
The finalists of the 2019 Fintech Business Awards have been announced. Congratulations and good luck to all the finalists – both individuals and companies.
Top seven fintech business lenders compliant with new code of conduct
The seven largest online small business lenders have opened themselves to scrutiny by an independent oversight committee
The sacrifices of running a small business in Australia
A new YouGov study of small businesses in Australia has found the lengths that small businesses owners go to make a success of their ventures. The research, commissioned by Australia’s number one online lender to small business, Prospa, shows that more than half (54%) of small business owners spend 6-7 days a week on their business, with one in four (28%) working 7 days a week. Even when not at work, small business owners continue to be engrossed, with almost three-quarters (73%) agreeing that concerns around their business prevent them from relaxing during the holiday period. Overall, nine in ten small business owners feel distracted by work in other areas of their […]
ASIC warns all fintech business lenders over contracts
The corporate regulator wants all online business lenders to remove unfair terms from their contracts just like Prospa has done, indicating start-ups that want to compete against banks will be held to similar regulatory standards as community expectations lift following the royal commission. In a letter sent last week to Brad Kitschke, CEO of industry lobby group FinTech Australia, the Australian Securities and Investments Commission declared “action [is] required”. ASIC said it “will consider regulatory action where appropriate” if fintechs don’t comply with the 2016 laws that prevent lenders using excessive contractual power over business borrowers. Banks have already been forced by ASIC to make the changes, although Hayne royal […]
