SocietyOne sets new record with triple milestones in 2017
SocietyOne, Australia’s pioneering and leading consumer marketplace lender, has set new records for lending with growth in 2017 already surpassing the level of volumes for the whole of 2016. Total lending since the company started operating five years ago has now topped $350 million as the current loan book also reached $200 million for the first time in SocietyOne’s history. These were new records for a consumer finance marketplace lender in Australia with SocietyOne having originated more than twice the loans than that of the company’s nearest competitor. SocietyOne has now enjoyed seven successive quarters of strong growth as it scales up. New lending to borrowers in […]
Locked out of property market? Five better places for Millennials to put money
By Clayton Howes – CEO of MoneyMe Life sucks for an aspiring property owner right now. You probably already know that the average price of a house in Australia ($656,800) is several (eight) times that of the average full-time yearly income ($78,832). You’ve probably already heard that in the past five years alone, wages have grown significantly slower (13 per cent) than house prices (41 per cent), especially if that house is in Sydney (70 per cent). It’s enough to make you want to drown your sorrows in the most expensive smashed avo and latte combo available! But honestly – enough, already. If you’re as bored as I am of […]
Prospa raises $20m from Partners for Growth
Online business lender Prospa has raised $20 million from Silicon Valley-based Partners for Growth through a tailored debt facility that will allow it to ramp up loans and further develop its technology allowing credit assessments to be made in seconds. Prospa, which has lent more than $400 million to small businesses, up from $250 million in February after a strong fourth quarter, has deals with 4000 distribution partners, including finance brokers and cloud accounting platforms. It also has a referral partnership with Westpac Banking Corp. Prospa chief financial officer Ed Bigazzi said some of the new capital will be used for product development, including in invoice financing, and a stronger […]
Westpac’s Reinventure buys tech start-up Doshii
The Westpac-backed venture fund Reinventure has splashed its cash on Melbourne-based payments platform start-up Doshii, a spin-off of Australian point-of-sale vendor Impos. Westpac is the largest investor in Reinventure, which recently launched a second $50 million fund to invest in about a dozen Australian technology ventures. It comes amid a broader trend of Australia’s biggest banks investing in fintech companies aiming to disrupt the payments market, which has so far produced mixed results for the incumbent financial giants. Doshii is the country’s only application programming interface company, and gives app developers a common platform that works with hundreds of point-of-sale systems. Its aim is to overcome a problem in the […]
How integrating digital can help banks save money, improve sales
By Don Bergal, CMO at Avoka Retail banks are successfully integrating digital into a continuous omnichannel experience for customers across marketing, selling and delivery of their products. With the internet continuing to make inroads into almost every aspect of our daily lives, the need for this integration — and the opportunity it presents — is obvious. Digital Customer Engagement Heavy use of digital for promotional and marketing purposes — through social media, internet search, digital ads, websites and so on — is now commonplace. The service element, i.e. how customers consume financial products, has also been transformed by the rise and popularity of online banking. For instance, most banks now […]
5 Tips For Better Understanding Peer-to-Peer Property Lending in Australia
As a bumper year for property investment comes to a close, emerging trends towards non-bank finance in the property space gather steam heading into the new year. Developers need more funds to deliver their projects as the major banks pull back on finance. As more investors get comfortable with researching higher yielding investment opportunities, we take a look at the key things you need to know about ‘Peer-to-Peer’ (P2P) debt-style lending in the Australian property market. Don’t Chase High Returns If a debt offering is returning 18-30% and is a mezzanine type, deal chances are it is extremely risky. A developer is only paying this pain money as a […]
Barry Lambert predicts 2017 The Year of the Robo
“YOU DON’T REVOLUTIONISE YOUR COBB & CO BUSINESS BY BUYING FASTER HORSES.”. IGNITION WEALTH INVESTOR AND MENTOR BARRY LAMBERT PREDICTS 2017 THE YEAR OF THE ROBO Digital financial advice is poised for rapid uptake in Australia, with 2017 set to be the year when professional financial businesses adopt ‘robo-advice’ as an essential element of their client offering. Ignition Wealth is at the forefront of the pack of Australian digital financial advice technology providers. “Everyone is talking about the cloud revolution and many are looking to change their technology because they want to look smarter. Changing technology is very expensive if it does not revolutionise your business. Financial planning, a […]
How can I better manage my portfolio?
Managing your own portfolio means you can minimise fees and maximise returns, but if you’re not using the right tools, you could be creating more work for yourself. Here are some handy ways to make investing easier. If you’re a retail investor in Australia and you’re not using technology, you are probably missing out. There are plenty of new investing tools that are out there for the DIY investor that can make life easier. Whether it’s using an online broker to execute your trades instead of a full service stockbroker or using one of the many portfolio management tools to help you work out your investment position, it’s becoming easier […]
