Australian FinTech Company Profile – RateSetter
COMPANY: RateSetter FINTECH SECTOR: Peer-to-Peer Lending WEBSITE: www.RateSetter.com.au CONTACT: [email protected] PHONE: 1300 768 710 FOUNDED: 2012 FOUNDER(S) / CEO: Daniel Foggo – CEO DESCRIPTION: RateSetter provide a transparent peer-to-peer marketplace where lenders and borrowers, empowered by technology, can transact together and share the benefits. KEY STATISTICS: Value of loans Funded: $43,807,549 Number of Loans facilitated: 2,578 Average Loan Value: $16,993 Average Loan Term: 38 months Average Borrower Age: 39 Average Borrower Income: $90,513 Male – Female: 69% – 31% Number of People registered: 61,215 Applications under consideration: $4,186,959 Enquiries in past 30 days: […]
Robo-adviser Six Park launches with Brian Watson, Lindsay Tanner and Paul Costello on Advisory Board
Australia’s pre-eminent financial experts have joined the next generation of automated financial advice providers with the launch of robo-adviser Six Park. Six Park’s team includes former Federal Finance Minister Lindsay Tanner, founding chief of the Future Fund Paul Costello and Six Park co-founder and former J.P. Morgan Australia Chairman Brian Watson on the company’s Advisory Board. Six Park has raised $1.4 million in seed funding pre-launch and combines the use of cutting edge technology with more than 100 years of investment expertise and wisdom led by co-founders Patrick Garrett (CEO) and Mr Watson (Chairman of Advisory Board). Independently-owned and operating in beta-mode for over a year to […]
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 […]
Global FinTechs take on Big Four in new Australian frontier
When U.S.-based financial technology company Acorns launched in Australia in February, its mobile app that helps people invest loose pennies in stock markets received nearly 70,000 downloads in just over two months, beating its own expectations. The ‘virtual piggy bank’ chose Australia as its first foreign market thanks to the country’s deep Internet and mobile penetration and tech-savvy population, Managing Director George Lucas told Reuters. Acorns’ entry is a reflection of rising interest in Australia from overseas financial technology – or FinTech – companies, drawn by its heavy banking concentration and limited competition, consultants and financial advisors said. The country’s $348 million alternate finance lending market, which includes peer-to-peer lending […]
Fintech Market Growth to Add A$1 Billion New Value to Australian Economy by 2020
The global Fintech sector exhibited robust growth in 2014 when investment activity tripled to US$12.21 billion from US$4.05 billion in 2013. This activity continued in 2015 with an increase in global funding into Venture Capital (VC) backed Fintech startups. Fintech growth in 2015 was international, and Frost & Sullivan anticipates this international dispersion, as well as the global growth trend to continue with more Fintech companies successfully reaching the exit stage of funding in 2016. In the Asia-Pacific region, Fintech investments were concentrated in Australia, China and Singapore, and in 2015, skyrocketed to reach US$3.46b – a four-fold increase from 2014 to 2015. Asian Fintechs garnered strong support, with funding […]
Australian Fintech firm recognised as global market leader
This week, Australian-owned Financial Technology (Fintech) firm, Fincast, was announced as a category winner and finalist in Sony Corporation’s global Fintech Innovation Challenge. Andrew Connors, Co-Founder and Managing Director of Fincast, said, “we are delighted to have won the “under-banked/under-invested” category in the Sony Fintech Innovation Challenge. Being recognised by a global brand like Sony is fantastic validation and endorsement of our applications”. The Challenge attracted over 50 applications from Fintech firms from across 28 countries. Fincast was the only Australian company named as a finalist. Fincast’s technology is unique amongst other automated advice capabilities, enabling appropriately licensed advice providers with 2nd generation technology that automatically adapts […]
Signal Ventures hunts Australian early stage tech startups with $10m fund
Early stage Australian tech startups will soon have a fresh option for seeking funding with the formation of a new $10 million venture capital fund backed by US and Australian investors. The fund is to be run by Signal Ventures, which has been founded by Melbourne-based startup industry backer Atlanta Daniel and experienced US-based tech investor Niel Robertson. It is in the midst of raising a $10 million warchest, and expects to have closed its funding round by the end of April. The fund will target so-called seed investing rounds, or the first external funding round for up and coming startups, and is likely to inject around $150,000 to $250,000 […]
SocietyOne sees potential to work with banks
The new chief executive of SocietyOne, Jason Yetton, says there is potential for the peer-to-peer lender to work with a big bank such as Westpac, his former employer, as it tries to distribute loans to a wider range of customers. SocietyOne is one of the emerging group of “marketplace lenders”, which are eyeing off the profits that banks make from unsecured lending, by using online platforms to allow investors to lend directly to borrowers. P2P lenders typically promote themselves as a lower-cost option for borrowers, prompting banks to consider their defences against the new online threat. Mr Yetton, who previously ran Westpac’s retail and business bank, will also use his […]
