Morrison to fintechs: ‘Don’t stuff it up’
Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy. With the major banks lifting technology investment to fend off disruptive threats, Mr Morrison said he’s relying on start-ups to use his open banking and comprehensive credit reporting policies to increase pressure on the incumbents. “You are all in the business of financial technology disruption. I am in the business of policy disruption,” Mr Morrison said at Ashurst on Wednesday night. “I am frankly counting on […]
Open data revolution ramping up: What fintechs need to know
By Steve Philpotts, General Manager – Data Quality and Targeting, A/NZ at Experian In case anyone thought the open data revolution was settling down, last month’s advances have proved that we’re only just getting started. The government set new deadlines for Australia’s Open Banking regime, set aside millions in the budget for funding broader ‘Consumer Data Right’ measures, and announced that they will hire a National Data Commissioner. All this occurred in the shadow of data security concerns, and debates around the nuances of comprehensive credit reporting. Understandably, many financial services organisations have been left wondering how they can keep pace. As regulators across Australia are increasingly looking to […]
Meet Lex Greensill and the fintech that’s Australia’s newest $2b unicorn
A supply chain financing company with its roots in regional Queensland, Greensill, has become the country’s next $1 billion-plus unicorn, thanks to a $US250 million ($336 million) capital injection from growth equity firm General Atlantic, which also creates the country’s newest rich listers. Greensill, founded in 2011 in London by Bundaberg-born farmer Lex Greensill, 41, provides businesses in industries from telecommunications to manufacturing with working capital based on their invoices, allowing them to be paid faster and fulfil the work, without shortening payment terms for buyers. The capital raise, which is the first for the previously bootstrapped company that had only taken capital from family and friends, values Greensill at […]
Despite sensationalism and fear, blockchain is the real deal for businesses
It would seem that blockchain is gaining a bad reputation from many, thanks to the hyperbole being perpetuated in certain quarters. But while sensationalist and negative headlines confuse, a handful of banks are destined to have the last laugh as they move forward with adoption of the technology. The most common mistake being made, is that the terms “bitcoin”, “cryptocurrency” and “blockchain” are being used interchangeably. Cryptocurrency simply runs on blockchain – or distributed ledger technology – and that’s where the connection ends. One recent article was titled “Banks claim they’re building blockchains. They’re not” – the article was actually focused on bitcoin and cryptocurrency, meaning a more accurate title […]
What Every Investor Should Know Before Buying Cryptocurrency
by Mary Ann Callahan If you are here, then you have probably grown curious enough to find out more about the next big investment opportunity everyone has been screaming about. Techies call cryptocurrency the money of the future or digital gold, and skeptics refer to it as a bubble that will burst anytime soon or the biggest digital scam ever. Needless to say, beyond the initial noise that surrounded the global rise of cryptocurrencies, there seems to be a growing interest and increasing curiosity about the potentials of these digital coins. New investors are attracted by the fact that cryptocurrency has managed to turn many who have been bold enough […]
Airwallex in the money with $108m raise
Melbourne-based fintech start-up Airwallex has closed the second-largest fundraising round in Australian start-up history, taking in $US80 million ($108 million) for a Series B round led by Chinese conglomerate Tencent Holdings, alongside Sequoia Capital China and Melbourne’s Square Peg Capital. The company, which was founded by five Chinese-Australian 30-somethings, has built a system to enable cross-border payments by combining payments and foreign exchange transfers into a single transaction. In 2017 it raised $US19 million ($26 million) from the same investors, but it has now also added two more backers from China’s booming venture capital scene in Hillhouse Capital and Hong Kong-based Horizons Ventures, as well as Indonesia’s Central Capital Ventura. […]
Alex Waislitz’s Thorney Investments, Regal back Credit Clear ahead of IPO
Rich lister Alex Waislitz’s Thorney Investments has taken a significant stake in debt payment fintech start-up Credit Clear, ahead of a potential float in mid 2019. The investment from Thorney was part of an $8.5 million capital raise, which was also supported by Regal Funds Management and some high net worth individuals. The raise was lower than its original target of $10 million, but co-founder Lewis Romano said the round was actually over-subscribed, with the company having made the decision to scale back the raise to $6 million and go after just one international market, the US, rather than expanding to the US, UK and Asia at once. “The lead […]
Australian fintech success Optal seeks new global investor
Forget Prospa, SocietyOne and the like; a new fintech has popped on to dealmakers’ radars and it is one with more than a decade’s history and a significant amount of earnings. Street Talk understands there is at least a stake up for grabs in Australian-based but globally focused business to business payments company Optal Ltd, which is the liquidity event some of its early backers have been waiting for. Optal CEO Rob Bishop and his team have hired a boutique adviser in the United States, FT, to market the stake to potentially interested parties and set up a sale process. Optal is known in fintech and payments circles worldwide, and has had no shortage […]
