Search Result: prospa

Feb
27

M&A in online business lending sector tipped as banks move in

Mergers and acquisitions in the alternative small business lending sector are inevitable in 2017 as investors in fledgling start-ups push for scale to achieve profitability faster, according to David Goldin, global chief executive of one of those online lenders, Capify. Mr Goldin is one of several leaders of the alternative finance scene in Sydney for Monday’s AltFi Australasia Summit, which will be addressed by ANZ Banking Group chief executive Shayne Elliott. The Australian Financial Review understands ANZ is conducting due diligence on local SME lender Moula with an eye to forming a partnership that would bring Moula into a network of start-ups that ANZ is building to assist small business […]

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Feb
27

Fintech Business Awards winners revealed

The winners of Momentum Media’s Fintech Business Awards 2017 have been announced, acknowledging the achievements of the industry’s leading lights. The premier awards night for the fintech industry, the Fintech Business Awards is dedicated to celebrating the accomplishments of the disruptive businesses and innovators reshaping the way Australians access financial services. This year, Daniel Foggo of RateSetter Australia was recognised with the Fintech Business Excellence Award for individuals, beating out the other individual winners awarded at the event, with financial planning software firm Midwinter taking out the Fintech Business Excellence Award for companies. Over 300 nominations were received for the 18 awards, with the winners selected by a panel of […]

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Feb
24

Aussie fintech funding triples: KPMG

While global fintech investment almost halved last year, the budding Australian sector finally bloomed, according to KPMG International’s latest report. Heedless of the 47.2 per cent evaporation in total global investment in fintech companies (which dropped from US$46.7 billion in 2015, to just US$24.7 billion last year), Australian fintech funding in 2016 was in full flood, more than tripling over 12 months, after a string of deals and funding rounds. According to KPMG, Australia’s total fintech investment last year topped US$626 million across 25 deals, a major increase on 2015 – which saw $185M across 23 deals – and a figure contrary to the receding global trend. Ian Pollari, global […]

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Feb
23

Australia weathers fintech slump

Global investment in fintech companies almost halved last year as “froth” comes out of the burgeoning industry and investors wait to see if they can successfully disrupt incumbents such as banks and insurers, according to a new report. Fintech investment funding declined to $US24.7 billion ($32.17bn) last year from a bumper $US46.7bn in 2015, driven by fewer merger and acquisitions, and private equity investments, KPMG found. However, the less mature Australian fintech industry bucked the trend as investment soared to a record high of $626 million last year, up from $185m in 2015 and $461m in 2014. The increase was powered by Champ Private Equity’s acquisition of Pepperstone, Stirling Products’ […]

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Feb
20

GetCapital gets capital and aims for fintechs

Online small business lender GetCapital has secured a $100 million debt facility to launch a new brand, aiming to become the mainstream leader in the fintech industry mirrored on the success of Seek and Carsales. GetCapital chief Jamie Osborn said the fintech, or financial technology, industry was at a “tipping point” and the new subsidiary, businessloans.com.au, wanted to be the go-to online small business lender, as Seek was in employment, REA in property and Carsales in vehicles. He added that unlike the banks who were coming under pressure to increase interest rates, GetCapital was experiencing falling funding costs as lenders got more comfortable with credit risks, allowing it to almost […]

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Jan
13

FinTech: UK Vs Australia

by Matthew Parker, The MitchelLake Group Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin. I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast. The UK hit its stride at […]

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Dec
13

Reckon Loans breaks $1Million milestone

Australian cloud accounting software provider Reckon (ASX:RKN) has announced its new Reckon Loans (powered by Prospa) platform has funded over $1million to small businesses, proving the online lending market is growing at an extraordinary pace. In partnership with Prospa, Australia’s leading online lender to small businesses, Reckon Loans provides SME’s a fast and simple service with approvals and funding of loans from $5,000 to $250,000 available within one business day. Reckon Group COO Dan Rabie said Reckon Loans is a disrupter in the fintech space, adding diversity and removing the red tape from the small-business loans market. “This is a significant milestone for our business and clearly shows there’s a […]

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Dec
01

StartupAUS’s Crossroads report reveals 14-point plan to transform economy

Two-and-a-half years ago, StartupAUS declared that Australia was at a crossroads. We released our first report, bearing the Crossroads name, and called for a future that embraced technology start-ups and innovation. Today we released the third report in that series. You can find it online at www.startupaus.org/crossroads/. The question in 2016 isn’t which path to go down, but how far and how fast we are prepared to travel. In the last 18 months, we’ve seen encouraging progress across all areas of the nation’s start-up ecosystem. Right from inception, start-ups are better equipped to find a home. Hubs for specific start-ups such as SproutX (agtech) and Stone and Chalk (fintech) have […]

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