Funding partners commit to support Peppermint’s growth
Peppermint Innovation Ltd (ASX: PIL) confirms funding support from two strategic investors that will help deliver its next exciting phase of growth. On 30 October 2018, Peppermint announced Smidge Digital Unit Trust or its nominee had agreed to invest $1.5 million at 2.5 cents per share via a placement of 60 million shares. Smidge has now nominated PEGG Capital Limited (Malta) – a Maltese-based investment group focussed on unique and undervalued opportunities in Australia, Asia and various emerging markets – as the party to fill the placement by 31 March 2019. PEGG Capital Limited has also undertaken to continue to provide financial support to Peppermint to accelerate the adoption of […]
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 – The Future of Money
Technology has changed the world around us, penetrating into our daily lives to such an extent that it’s now difficult to imagine the world without it. The financial industry has been particularly impacted by digital advances, going from banknotes to credit cards to Bitcoin in just a few decades. But is Bitcoin really the future of money? Or is it just a fad destined to go away when some other form of electronic cash appears? To answer these questions, we must first take a closer look at the evolution of money to see its possible future. The Evolution of Money The evolution of money is long and winding, but most […]
IRESS reports strong 2018
Financial technology provider IRESS reported solid figures for 2018, anticipating a successful 2019 to follow. IRESS group operating revenue grew 6%, driven by 7% growth in its UK business and 9% in Australia and New Zealand. IRESS cited a number of strategic achievements as key drivers, including significant deliveries to large wealth management and financial advice clients, momentum in lending and increased innovation across the IRESS offering. The Australia and New Zealand (ANZ) Wealth Management segment saw operating revenue of $136.4 million and a direct contribution of $100.7 million. This is an increase of 9% and 7% respectively. This was down to the delivery of significant projects to advice and […]
Tech puts value of advice in question
Addressing a room of financial advisers at the Portfolio Construction Forum’s 2019 Finology Summit yesterday, US-based financial planner, Michael Kitces, says advisers should turn their attention away from the regulators and towards technology if they want to stay relevant. Kitces said technology has slowly (and silently) been disrupting the financial advice industry since Wall Street brokers traded stocks for non-negotiable fixed prices in the 50s, and, while advisers may think it’s the regulators that are forcing change, Kitces makes the point that regulators are simply reacting to it. “There’s a tendency to solve the last crisis rather than the next one,” he said. But, five industry trends he sees reshaping […]
Afterpay rival Zip narrows losses
Zip’s first-half net loss has narrowed as it more than doubled its turnover. On Thursday, the buy now, pay later provider posted a net loss of $6.8 million for the six months ended December 31, 2018, compared with a $14.6 million loss in the year earlier period. Its revenue was up 114 per cent to $34.2 million from $16.0 million turnover in the year earlier period. Zip said it now has over 1 million customer accounts and over 12,600 merchants. In the last six months Zip signed a number of major retailers to its platform, it said, including Bunnings, Target, Officeworks, Appliances Online and the Super Retail Group. To […]
Shadow banks swoop as five lenders quit sub-prime home loans
Digital home-loan lender Tic:Toc is launching into the sub-prime mortgage market targeting small business owners as five other lenders quit the sector claiming “industry changes”. Tic:Toc’s move follows stakes being taken in the online lender by Genworth Mortgage Insurance Australia and La Trobe Financial, which is part of the US investment giant Blackstone Group. Other major lenders, including Commonwealth Bank of Australia and Bank of Queensland, pulled out of the sector to be replaced by regulation-lite shadow banks, including Pepper Money and Resimac. Adelaide Bank, Perth-based Bluebay Home Loans and Resolve Finance’s mortgage division are also quitting the sub-prime sector blaming changing marketing and funding conditions. The move comes amid […]
Has Bitcoin entered a new normal?
Bitcoin has been experiencing low volatility recently, which could fuel greater adoption by enabling the cryptocurrency’s use as a medium of exchange. As for whether this will actually materialize, analysts have offered mixed views. Nigel Green, founder and CEO of independent financial consultancy deVere Group, forecasted that bitcoin’s modest price fluctuations will probably prompt greater use of the digital currency. While the digital currency’s price fluctuations have been “relatively modest” as of late, “volatility will return again,” he predicted. “However, there is a growing sense that crypto sector will have less extreme swings moving forward,” emphasized Green. “This is likely to further drive mass adoption.” To read more, please click on the link below… […]
