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May
22

Fundraising rules need fixing to keep crowdfund dollars rolling

It’s the unbridled good news story of the week: children’s newspaper Crinkling News has been saved from closure by a massive last-minute fundraising effort. The paper, aimed at seven to 14-year-olds, had run out of seed funding and urgently needed $200,000 to develop the business and stay afloat. So editor Saffron Howden launched a “Save Crinkling News” campaign on crowdfunding site, indiegogo, warning “without your help we will publish our last issue this week”. Within two weeks, more than $211,000 was raised. “We are very grateful to get so many people behind us,” says a relieved Howden, who set up Crinkling with her own funds a year ago. Crowdfunding online […]

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OnDeck launches ‘Turn That No Around’ campaign

Small business loan specialist OnDeck Australia has kicked off a campaign, #turnthatNOaround, targeted at small business owners who are looking to seize growth opportunities, but are unable to do so due to lack of funding from traditional sources. The campaign, which is already running on radio, is scheduled to run across outdoor, social (LinkedIn and Facebook) and digital media to encapsulate an integrated multi-channel outreach. With the #turnthatNOaround campaign, OnDeck aims to reach small business owners who have experienced a “no” from their banks, giving them an opportunity to secure a loan that is much faster than the banks – it takes just one business day. “Small business owners, which […]

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May
09

Australians are turning to alternative types of investments

Australians unable to buy in an overheated property market are turning to other investments to boost their wealth. As property prices in capital cities particularly Sydney and Melbourne continue to soar and returns on cash in the bank remain around two per cent, many savers have had to look at alternative ways to grow their money. KILL your debts quicker than ever before Ray Corcoran, 29, who runs his own marketing consultancy has put off buying property and instead is investing his money through a Robo-adviser — an automated investment service. After having his savings in an online account collecting interest at a rate of 1.6 per cent he decided […]

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Apr
12

New FinTech TaxCapture leverages electronic banking to help banish Aussie tax dodgers

Recent media reports quote Federal Government tax revenue losses of an estimated $15 billion due to the widespread cash economy.

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Perth fintech Peppermint Innovation provides payment services to the unbanked in the Philippines

There is much to debate about the growth of Australia’s startup ecosystem, but it is a truth almost universally (well, in Australia, at least) acknowledged that the local fintech sector is doing well, bolstered by government support and corporate involvement. While most startups look to develop sophisticated products and services to tackle problems across every niche imaginable in the sector for savvy local consumers and companies, Perth fintech Peppermint Innovation thought there were significant opportunities to be found with those entirely new to banking. Founded by brothers Chris and Anthony Kain, who grew up in the small town of Narrogin, the company is providing mobile remittance services to the unbanked […]

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Feb
28

Fintech investments hit US$656m

Investment in Australian fintech hit US$656 million ($854.2 million) in 2016 across 25 deals, according to a survey. In an announcement by the Federal Treasurer, Scott Morrison, an analysis by KPMG found the average growth rate of fintech was around 90 per cent over the four years to 2016. This compared to the 47 per cent slide in fintech investment globally to US$24.7 billion in 2016. “The Turnbull Government is keenly aware that the financial services sector plays a critical role in the Australian economy,” the announcement said. Morrison noted the Government’s Fintech Advisory Group’s progress of the review of opportunities for blockchain, the examination of ways to improve data […]

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Feb
06

Cashless society on horizon as Aussies embrace digital transactions

The march towards a cashless society is gathering momentum, with a rise in digital wallet use prompting more companies to offer online only products and services. A report by UK-based Juniper research predicted that digital wallets- in the form of smartphones and other devices used to make online payments- will account for $1.35 trillion in global spend by the end of 2017- a 32 per cent increase on 2016. The research comes just over a year since the Westpac Cash Free report revealed the majority of smart phone users believed Australia could become cashless as early as 2022. Smart phone users already made 53 per cent of their payments digitally […]

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Jan
25

Scott Morrison to tell global finance leaders Australia backs fintech

The federal government wants to see the fintech sector “grow big, to thrive and deliver benefits for consumers and the economy”, Treasurer Scott Morrison will tell global central bank governors and finance ministers on Wednesday. In a speech to a high-level G20 conference in Wiesbaden, Germany, Mr Morrison will say fintech can boost banking competition and facilitate access to new forms of finance. He will also tell leaders of the global economy that Australia is “strongly pursuing” blockchain technology, and wants to unlock the “enormous untapped potential of Australia’s data”. After the Productivity Commission in November called for consumers to receive a “comprehensive right” to their data, which would allow […]

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