Reckon Loans breaks $1Million milestone
Australian cloud accounting software provider Reckon (ASX:RKN) has announced its new Reckon Loans (powered by Prospa) platform has funded over $1million to small businesses, proving the online lending market is growing at an extraordinary pace. In partnership with Prospa, Australia’s leading online lender to small businesses, Reckon Loans provides SME’s a fast and simple service with approvals and funding of loans from $5,000 to $250,000 available within one business day. Reckon Group COO Dan Rabie said Reckon Loans is a disrupter in the fintech space, adding diversity and removing the red tape from the small-business loans market. “This is a significant milestone for our business and clearly shows there’s a […]
StartupAUS’s Crossroads report reveals 14-point plan to transform economy
Two-and-a-half years ago, StartupAUS declared that Australia was at a crossroads. We released our first report, bearing the Crossroads name, and called for a future that embraced technology start-ups and innovation. Today we released the third report in that series. You can find it online at www.startupaus.org/crossroads/. The question in 2016 isn’t which path to go down, but how far and how fast we are prepared to travel. In the last 18 months, we’ve seen encouraging progress across all areas of the nation’s start-up ecosystem. Right from inception, start-ups are better equipped to find a home. Hubs for specific start-ups such as SproutX (agtech) and Stone and Chalk (fintech) have […]
Deloitte Technology Fast 50 Australia
Congratulations to those Australian FinTech companies that appeared on the Deloitte Technology Fast 50 Australia winners list and taking out the Top 3 places! #1 – Cashrewards #2 – MoneyMe Financial Group #3 – OpenMarkets #6 – Prospa #12 – DigitalX #24 – Mobile Embrace #42 – Class Read all about it here.
Morgan Stanley’s Jeffrey McMillan says collaboration is key in fintech
It makes more sense for a global banking giant such as Morgan Stanley to collaborate with innovative fintech start-ups than to try to be innovative itself, according to the bank’s chief analytics and data officer, Jeffrey McMillan. “Probably 75 per cent of our technology that we build is coming from the fintech sector,” Mr McMillan told The Economist’s Finance Disrupted conference in New York. “We don’t really want to be innovators — that’s not what we’re really good at. “We have $US2 trillion ($2.8 trillion) of assets, 2.2 million customers, 16,000 advisers and that’s our intellectual capital. But we’re not known for being nimble and quick. ”But the bank wants […]
Fintech lender launches unique broker portal
An alternative online lender has launched a free digital marketing portal for mortgage brokers as it looks to strengthen its relationships with the third-party channel. Small business lender Prospa recently launched the Prospa Uplift Marketing Portal (PUMP) an online marketing resource of its partners. PUMP enables brokers to download application forms and fact sheets, send customised email and direct mail to clients and download images to use for social media. “There are over 60 registered partners in the first week who took it on board and ran activities with it,” Prospa CEO Beau Bertoli told The Adviser. “It is an easy to use but very powerful online marketing platform that […]
NAB eschews fintech push, keeps online business lending in-house
National Australia Bank has decided against partnering with a “fintech” company for its first automated online business lending product, ensuring a tighter grip on customers as the banks cautiously explore the burgeoning sector that threatens to eat into profits. The bank yesterday revealed QuickBiz Loan, one of the first products from in-house innovation hub NAB Labs, would be launched early this month, offering small businesses up to $50,000 unsecured via a new online application process. The move contrasts with Commonwealth Bank and Westpac, which are working on referral partnerships with business fintech lenders OnDeck and Prospa. NAB business lending division chief Angela Mentis said that while partnerships could be done […]
The fintech phenomenon: Do Aussies only want to borrow from banks?
Marketplace lending, online business loans, robo-advice, blockchain – none of it means anything without consumers. So what do Aussies think of fintech? The threatening, disrupting nature of fintech is a widely discussed topic, with consumer benefits often being the focus. However, what’s interesting is that in the push to get companies, ideas and funding across the line, the actual customer — whether they’re a borrower, investor or seeker of advice — often gets left behind. Robert Allen, director of payments technology and consulting at PwCm spoke about what’s driving fintech at a Fintech Sydney event this week. “Fintech is being pushed forward by a new way of thinking, by millennials, […]
Tech Pioneers Top 50
Congratulations to the Australian & NZ FinTech companies that have made the Tech Pioneers Top 50 as compiled by H2 Ventures, with the support of Investec. 2. Xero 6. OFX 8. Vend 9. Invoice2go 15. Harmoney 18. Tyro 19. Prospa 20. SocietyOne 24. Moula 25. Nitro 43. Stockspot 47. Hey You 49. Equitise
