YBF Ventures just scored $1.1 million in a new partnership deal
Melbourne-based innovation hub YBF Ventures has secured $1.1 million from Silicon Valley-based Partners for Growth (PFG) through a tailored debt funding facility. YBF CEO Farley Blackman says the funding will allow the hub to focus on growth, which includes significant expansion of its footprint throughout Australia.“As we grow, so will the number of startups, scaleups and companies that we support,” he said. The US investor, which provides specialised lending, has a strong track record in Australia, including funding facilities for 38 of Australia’s fastest growing companies such as Prospa, Koala Sleep and CashRewards. The investment is part of a new strategic partnership deal between the two organisation, to advance entrepreneurship […]
Brighte set to accelerate growth with $18.5m in funding
Sydney-based home energy fintech, Brighte, closes 18 months of strong growth with a Series B equity round of $18.5m. The round was led by Airtree Ventures and also includes Skip Capital, the Milgrom Family and further investment from Grok Ventures. Brighte is a digital credit platform offering affordable point-of-sale payment solutions for home energy improvements such as solar panels and batteries. In its first eighteen months it has over approved over $50m of applications from 6,000+ Australian homeowners. This stellar growth has been the result of a fully digital, innovative product being brought to the home improvements market as demand surges from everyday Australians for solutions to rising energy costs. […]
How the bank can beat fintechs
According to the Millennial Disruption Index, 71 per cent of young people would prefer go to the dentist than listen to their bank. Perhaps even more worrying for the banks is that 75 per cent would prefer to access their financial services from start-ups. It is not just the younger generation that feels this way. According to research from TransferWise’s Future of Finance Report 2017, Australians of all ages are among the most likely to seek alternatives to the mainstream banks. We’re also early adopters of fintech solutions. The same report revealed that 53 per cent of Australians already use an alternative financial service provider (one that’s not part of […]
FinTech Australia announce finalist for The Finnies 2018
FinTech Australia and Jobs for NSW have come together for the second year to host the national fintech awards, The Finnies. The Finnies will culminate in a Gala Awards Night Wednesday 13 June 2018 in Sydney. For more information go here. Here is the full list of finalists for the 2018 Finnies: Best Workplace Diversity ● BRICKX ● FirstStep Investments ● Link4 ● Valiant Finance Emerging FinTech Leader of the Year ● Brad Delamare – CEO, Tank Stream Labs ● Louis Edwards – Head of Renewable Energy Finance, RateSetter Australia ● Nick Molnar – Co-Founder & CEO, Afterpay ● Jack O’Reilly – Director, funding.com.au ● Rebecca Schot-Guppy – Community Manager, […]
Royal commission reforms boost investor opportunities in fintech
With the banks taking a battering at the Hayne royal commission, a raft of new fintech or alternative lenders is looking to take advantage of a more competitive playing field. For generations, risk-averse banks have been able to pick and choose to which consumers and small businesses they were willing to extend credit and at what price. But things are beginning to change. Ahead of any recommendations from the royal commission, the federal government is taking steps to foster competition. Last week, it followed the UK by flagging so-called open banking reforms, which will allow customers to direct personal data held by their existing banks to alternative lenders. Another reform, […]
Andrew Thorburn explains the fintech forces reshaping NAB
The emergence of fintech has fundamentally changed National Australia Bank’s strategy and the thinking of its chief executive, Andrew Thorburn. He’s deploying more start-up lingo, and said last week the nation’s largest business lender is no longer benchmarking its performance against its rival banks, but rather technology players. Thorburn and his newish tech chief, Patrick Wright, who was previously with Barclays in the United States, went to Seattle and Silicon Valley last month and met with Amazon, Microsoft and Google for some inspiration. Like the tech giants themselves, NAB is pumping up technology spending with sums that would make wannabe disrupters salivate. With a plethora of start-ups nipping at NAB’s […]
Fintech heads list of growth companies across Asia-Pacific
When Prospa launched in Australia in 2011, the online lender to small companies had an intimidating task before it: taking business from the country’s biggest banks. Small companies in search of working capital had long relied on traditional lenders, before the global financial crisis curtailed banks’ appetite for risk. Seven years on, Prospa has topped this inaugural list of high-growth companies, in revenue terms, from the Asia-Pacific region. The expansion of digital services combined with a desire for flexible financing fuelled Prospa’s growth. It is hardly a lone disrupter. Hot on its heels at the top of the list are New Zealand-based fintech firms Pushpay, a mobile payments service, and […]
Reckon smashes $10 million loan milestone for Aussie small businesses
Australian cloud accounting provider Reckon’s (ASX:RKN) strategic partnership with leading fintech outfit Prospa has hit yet another milestone for the burgeoning non-bank finance sector, delivering over $10 million in funds to small businesses across the country within its first 18 months. The continued growth of the Reckon Loans platform further cements the role of small businesses – the engine room of Australia’s economy – in fuelling the nation’s fintech revolution. Launched late-July 2016, Reckon Loans empowers small businesses with swifter loan processes and easier access to capital, with the approval of funds from $5,000 to $250,000 available within one business day and no security required to access up to $100,000. […]
