Aggregator announces fintech partnership
Liberty Network Services (LNS), the branded distribution arm of non-bank lender Liberty, has partnered with online lender Moula to better service small business clients. Through the partnership with Moula, in which Liberty acquired a part stake in last year, LNS brokers will be able to refer any small business customer directly to the fintech lender through an online portal. LNS managing director, Brendan O’Donnell, said the partnership was formed to meet the growing needs of small businesses that struggle to secure short term finance with the major banks – while also helping brokers to diversify their business. Liberty supplied Moula with $30 million in funding last year to finance its […]
NAB enlists venture capitalists to invest in start-ups
National Australia Bank is turning to the venture capital sector to run its $50 million fund that will invest in fintech start-ups, a plan aimed at boosting innovation across the lender. The bank has appointed Todd Forest, an entrepreneur, angel investor and digital media executive, to run NAB Ventures, which expects to make its first investment in the next month or so. Alongside Mr Forest, NAB has hired Melissa Widner, one of the most senior women in Australian venture capital, who has also worked in the United States, as general partner. A co-founder of leading Australian fund Blackbird Ventures, Bill Bartee, will also work with the NAB fund as an […]
Robo advisers keen for improved regulation
Digital advice providers have given the thumbs-up to proposals for clearer regulations governing the sector, suggesting they would improve the legitimacy of the burgeoning industry. Josh Golombick, co-founder of robo advice provider CapitalU, said regulation from the Australian Securities and Investments Commission will “really put the spotlight” on robo-advice. “Maybe a lot of people may not have even heard of robo advice before this regulation came out – it just legitimises it further,” he said. Digital or robo advice involves the provision of simple to complex financial plans which are created using algorithms and technology. Research by KPMG show robo advice platforms will manage around $US2.2 trillion worth of assets […]
Greg Medcraft urges innovation on blockchain technology
Australian Securities & Investments Commission chairman Greg Medcraft has called on market regulators around the world to “start thinking about” the challenges of blockchain, the technology behind cyber-currency bitcoin. Mr Medcraft, who is also chairman of the International Organisation of Securities Commissioners, urged regulators to consider the potential challenges of blockchain at a recent meeting in Madrid. In an interview with The Australian, Mr Medcraft said the broader commercial use of the blockchain technology was “on the horizon” with industry claims that it could “save billions of dollars if they can make it work”. He said it also had the potential to “improve liquidity” in some financial instruments, “which is […]
Investec buys into H2 Ventures
This is great news for Ben and Toby Heap, the brains behind H2 Ventures, with Investec Australian taking a stake in their businesses. This is also great news for the Australian FinTech industry. Investec Australia has taken a stake in the fintech accelerator H2 Ventures, a move the specialist lender believes will put it in the box seat to win work from entrepreneurs as they scale their businesses. The amount of Investec’s investment in H2 has not been disclosed but is understood to be several million dollars. David Phillips, the head of principal investing at Investec Australia, will join the board of H2, whose only other two shareholders are the […]
Seven Australian fintechs to watch in 2016
It’s set to be a flagship year for Australian fintechs, as the local ecosystem strives to become the “top dog” in Asia. It’s a “pivotal” year that could prove to be “make or break” for many local fintechs, MoneyPlace co-founder Stuart Stoyan says, and many startups are already “punching above their weight” worldwide. While the last few years have seen the various stakes being placed in the ground, Prospa co-founder Beau Bertoli says 2016 is all about growth for fintech. “A lot of the groundwork has been done this year and 2016 is going to really be when the industry starts to get some serious momentum,” Bertoli says. As Stone […]
Auswide Bank lends $60m, takes 20pc in MoneyPlace
Auswide Bank is offering $60 million in personal loans over five years via fledgling peer-to-peer lender MoneyPlace along with a 20 per cent stake in the start-up to boost its personal loans to younger borrowers. Martin Barrett, the managing director of the small, listed Queensland bank, which has a loan book of about $2.4 billion, said it had been in talks with MoneyPlace about investing in and via the platform for about a year while it was seeking its credit licence from the corporate watchdog. “What the P2P guys have to offer is something that is more advanced and capable than what we would be able to put into the […]
