Search Result: propell

Aug
01

Global fintech investment hits a record high with Australian funding continuing to grow

Investment in Australia’s fintech sector followed the upwards tick of global growth patterns in the first half of 2018, with US$63.7 mil invested, up from US$56.1 mil in 2H’17 and US$56.0 mil in 1H’17, though remained lower than the highs recorded in 2H’15 and 1H’16 according to KPMG’s Pulse of Fintech report.   Much of the investment in Australia, however, is concentrated across a small number of deals. Australia saw just seven deals during the period, down from 12 in 2H’17 and 16 in 1H’17. Total VC, PE and M&A investment amounted to US$171.5 mil, across 14 deals.   “Significant outliers still dominate the Australian fintech ecosystem, propelling the majority […]

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May
26

Bitcoin blows past $2,500, $2,600, and $2,700

The bitcoin rally just keeps going. Thursday’s action has run bitcoin above $US2,500, $US2,600, and $US2,700 for the first time. It hit a high of $US2,749 before paring its gains. Currently, the cryptocurrency trades up 11.2%, or $US270, at $US2,682 a coin. It has gained in 27 of the past 30 sessions and has tacked on more than 130% over that time. Bitcoin has climbed aout 20% since Tuesday’s close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York. The announcement was the latest bit of good news for the cryptocurrency. In early […]

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Moneysoft analysis shows worth of financial coaching as personal debt reaches record levels

High-quality financial coaching and automated tracking software can help Australians almost halve their discretionary spending, according to an analysis of Moneysoft’s client database. The ability to overhaul negative spending habits has never been more important as Australians’ total household debt recently reached a record 185 per cent of annual household disposable income. However, 101 Moneysoft clients working with a financial adviser were able to reduce their average spending on irregular discretionary items such as entertainment, travel, hobbies and existing credit card repayments from $11,400 to $5,730 after 12 months. The most marked reduction in discretionary spending was in the 25-35 age bracket. Source: Moneysoft analysis of 101 clients over first […]

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Jan
05

Bitcoin rises to record on currency controls

Bitcoin hit an all-time high overnight, according to Bloomberg data, thanks to continued adoption in China and other parts of the world where traditional currencies are tightly controlled. The digital currency, which just turned eight years old, reached $US1140.64, which was higher than the $US1137 it hit in November of 2013. In December, bitcoin also surpassed its previous all-time high in total market capitalisation, which now exceeds $US16.1 billion. The latest increase was driven by capital or currency restrictions in countries ranging from China to India and Venezuela, where people purchased bitcoin to protect their savings, as well as increased adoption by investors. The digital currency beat every other currency, […]

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The ten year gap in financial services technology

In my estimation, technology in traditional financial services lag other industries by about a decade. Having trouble remembering what your online life was like in 2006? Here’s a benchmark: Facebook, Twitter, and the iPhone are each more than 10 years old. Sure, the word fintech has been all the rage the past couple of years, but it’s not a good sign when the word “tech” is wrenched into a moniker to explain what the companies involved actually do. We don’t refer to Uber as “taxitech,” just like we don’t think of Airbnb as “hoteltech.” It just works. It’s how we live. I’m not sure who coined the term fintech, but I can confidently say it’s been popularised […]

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Australian FinTech Company, Cashwerkz, Capitalises on Market Inefficiencies and Takes on $1.2 Trillion Cash Market

The term deposits industry has become the latest sector in consumer finance to be shaken up by a new technology platform aimed at empowering self-directed consumers to invest their cash.   Arguably one of the most enterprising Australian FinTech companies to date and backed by seasoned investors and an aggressive multi-million-dollar marketing campaign, Cashwerkz, began trading this week and is looking to get a piece of the huge $1.2 trillion-dollar cash market.   The platform has created a new marketplace that offers a quick and easy way for customers to research, buy and manage term deposits, reducing the complexity of the transaction between the consumer and the financial institution.   […]

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