Australia’s first equity crowdfunding deal closes successfully
Equity crowdfunding platform OnMarket has successfully closed Australia’s first equity crowdfunding offer. Revvies Energy Strips Limited (Revvies) has become the first company in Australia to raise capital by utilising the government’s new equity crowdfunding legislation. Equity crowdfunding is the new way for everyday investors, mums and dads, and the millennial generation to invest in early-stage and growth-stage businesses. Where traditionally, this capital raising space was dominated by wealthy individuals, venture capitalists and angel investors, now everyone is able to handpick a company, invest and gain a stake. OnMarket founder Ben Bucknell said “Equity crowdfunding brings entrepreneurs and consumer investors together for the first time, and that is what we have […]
GROW Super begins group insurance innovation
GROW Super is partnering with one of the world’s largest reinsurers to explore the potential for blockchain technology within group insurance. Entering a joint venture with Hannover Life Re Australasia, GROW will use R3’s Corda blockchain infrastructure to deliver improved customer experiences. “Combining the scale, knowledge and brand of Hannover Re with GROW’s innovative technology and unique way of solving problems promises fantastic outcomes for customers,” GROW Super chief executive Josh Wilson said. “Using Corda allows us to be completely confident in the integrity of infrastructure of the distributed ledger. This will allow us to focus with Hannover Re on creating customer experiences that will eventually be seamless, immutable and […]
Moneycatcha uses blockchain to streamline mortgage applications
MoneyCatcha is using blockchain technology to make home loan applications quicker and cheaper. One of the most time consuming and costly processes banks go through is signing customers up to a mortgage. The full loan application process can take weeks and has a significant cost. Data is often captured and manually re-entered several times resulting in potential errors and a further waste of resources. As a highly competitive part of retail banking, and perhaps its most profitable activity, being able to differentiate from other banks is critical. Also, with increased scrutiny on loan documents as we’ve seen through the Royal Commission on banking, the need to be able prove the […]
Moneysoft makes client engagement more compelling with its new user interface
Moneysoft has re-launched its client engagement and financial wellbeing platform with a more intuitive and streamlined user interface that cuts the time it takes professionals to analyse their clients’ key financial data. The launch follows a 12-month research and design process including extensive interviews and testing with a range of financial professionals who use Moneysoft’s personal financial management tool. Founder and Managing Director, Peter Malekas, said that seeking feedback is central to Moneysoft’s ethos of ongoing product and customer service improvement. “We encourage our users to tell us the features they’d like to see next, so that we can focus on making improvements that deliver the biggest impact to their […]
Chatbots just the beginning for AI in banking
Over the two years since professional Go player Lee Sedol was defeated by AlphaGo, a computer program created by Google’s DeepMind, artificial intelligence (AI) has continued its rapid march. Technology systems using machine learning are controlling distribution centres, monitoring energy systems and diagnosing serious medical conditions. Voice-activated digital assistants being rolled out by tech giants are powered by natural language processing, an area of AI. The banking sector is also accelerating its adoption of AI. Over the past year, many experiments have moved into production. The technology is being used to deliver personalised banking experiences to customers and helping bank staff make better decisions. An initial AI deployment in banking […]
What’s coming for Fintech lending in 2018
Continued Growth The alternative finance industry had a strong period of growth last year as borrowers become increasingly aware that there are financing options outside of the banks. The 2nd Asia Pacific Region Alternative Finance Industry Report conducted by The University of Cambridge in conjunction with Monash University and Tsinghua University released in September 2017 showed 53.3% growth from 2015 to 2016 in the Australia Alternative Finance market. The largest market sub segment was balance sheet business lending, followed by peer-to-peer (Marketplace) consumer lending, and invoice trading. Discussions with lenders across both consumer and SME sectors indicate higher growth rates for 2016-2017. The loan enquiry levels across the sector have […]
Aussie Regtech secures recognition as leader in Compliance Innovation space
Leading Australian RegTech Lucsan, has been announced as a Fintech Business Awards finalist in the Compliance Innovator of the Year category. As one of the 10 nominees contending the award, Lucsan is thrilled to be named alongside some of the industry’s best in class by being acknowledged as a leading organisation making a contribution to the rapidly growing RegTech and fintech communities. The exciting development further signify Lucsan’s presence as an in-demand RegTech. It also follows on from the announcement late last year that one of Australia’s largest financial services technology providers, IRESS, took a minority stake in Lucsan. Additionally, Lucsan recently welcomed former ASIC man, Stuart Frith, as their Group […]
Equity crowd-funding up and running to open new investment doors
FROM gin distillers to energy-boosting mouth strips, opportunities are popping up for investors to grab stakes in start-up Australian businesses with as little as $50. The Australian Securities and Investments Commission last month licensed seven online platforms that let anyone pump money into emerging businesses, and despite a slow start there is expected to be a surge in opportunities online soon. It’s equity crowd-funding, where individuals buy shares in businesses well before they list on the stock exchange. This early-stage investment potentially delivers them the biggest profits but also carries the greatest risks. One of the seven licensed companies, Equitise, is currently raising money for Xinja, Australia’s first independent digital […]