Xero Passes Quarter Billion Annualised Revenue
Managing to cash flow break-even with cash on hand Trillion dollars of transactions recorded on Xero platform in last 12 months Performance highlights (All figures in NZ$) Strong global revenue and subscriber growth Paid subscribers hit 717,000 globally, with 242,000 subscribers added in the 12 months to 31 March 2016 Annualised committed monthly revenue of $257.9 million, a year-on-year increase of 62% Operating revenues of $207.1 million, an increase of 67% on FY15 Global year-on-year revenue growth of 95% in international markets, and 57% in Australia and New Zealand Improvement in operating metrics Gross margin increased by 6 points year-on-year to 76% Net loss of $82.5 million for the year, […]
Meet eight fintechs changing financial services
When you have just seven minutes to sell your idea as the next big thing to change banking and investment, every moment counts. Thirty of the country’s best fintechs are pitching to a room full of 160-plus bankers, brokers and venture capitalists at the Grand Hyatt ballroom in Melbourne, where their story, business plan and even looks are all being judged. From payments to wealth management, peer-to-peer lending and crowd funding, fintech start-ups are taking aim at the heart of the financial services industry and a pot of revenues that Goldman Sachs estimates at $4.7 trillion. The banks are all vying for a stake in these disrupters before they join […]
Forget Melbourne v Sydney, Australian fintech must take a global view
In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed. Fast forward more than 100 years and nothing has really changed. Squabbling continues around everything from which city has the better cuisine to which has the better events. All good, natural competitiveness, but then last year it encroached on one of our most promising industries – the emerging fintech startup ecosystem. This Sydney-Melbourne fintech civil war risked diverting founders and investors away from the global opportunity. Domestic squabbling was followed shortly by another irrational fear of overseas markets […]
Waddle Integration With Xero Transforms Invoice Financing
Media Release Waddle Loans Pty Ltd (Waddle) has today announced a first-of-its-kind invoice financing product that integrates with Xero’s cloud accounting software. The solution is available through Xero’s Australian add-on marketplace giving small business owners a simple way to fix their cash flow by establishing a revolving line of credit based on the businesses unpaid invoices within Xero. This new financing solution enables small businesses to use their Xero data to boost cash flow by drawing funds against unpaid invoices the instant they are created, automating every aspect of the financing through a two-way real-time data exchange made possible by the connection. The new offering transforms the traditional “factoring” system, whereby small businesses sell outstanding invoices to a third party financier in […]
Founding Partner of SecondMarket joins PrimaryMarkets
PrimaryMarkets today announces that Philip H. Reicherz, former Partner and Managing Director of SecondMarket (USA), has joined its Advisory Panel.
Australia-Korea Business Council event with Senior Trade Commissioner Brett Cooper
Australia-Korea Business Council members and guests are invited to join us on Friday the 15th of April to hear from Brett Cooper, Senior Trade Commissioner Korea. Brett Cooper will provide an informal update on the Australia-Korea trade and investment relationship. Date: Friday 15 April 2016 Time: 7.30am – 8.30am Venue: Ernst &Young, Level 33, 680 George Street, Sydney Cost: Free A light breakfast will be provided. Limited places available. RSVP essential to [email protected] There are strong growth opportunities between Australia and Korea in the Fintech sector so this event is worthwhile attending. And for more information please click here.
How to embrace change and survive digital disruption
Digital disruption is a trend that’s here to stay and no industry is safe. Traditional industries like manufacturing, transport, retail, tourism and hospitality, print media and entertainment may have been hit first, and hit hard, but it’s only a matter of time before others, including the advice industry, feel the heat. The banking and finance industry could lose almost a quarter of its revenue to fintech disrupters by 2021, based on a new report by PricewaterhouseCoopers. The report, ‘Blurred lines: How Fintech is shaping financial services’, says the disruption of the financial sector is already underway. It’s currently reshaping the nature of consumer banking and payments, and a second wave […]
UK experts kick off week of FinTech in Australia
Chris Woolard and Shaul David bring cutting-edge insight and expertise on FinTech regulation and innovation to Australian audiences. Chris Woolard, Director of Strategy and Competition at the UK’s Financial Conduct Authority (FCA), and UK Trade and Investment’s FinTech specialist Shaul David are in Australia this week to take part in a range of events to strengthen links with the Australian FinTech community. Both visitors spoke at UK Trade and Investment’s sell-out event on FinTech Innovation and Regulation at Sydney’s FinTech hub, Stone & Chalk, this evening. The event attracted over 150 of Sydney’s brightest in FinTech and focused on navigating the regulatory challenges facing both Australia and the UK. Earlier […]
