peer to peer

Aug
09

DirectMoney closes funding deal

DirectMoney Limited (ASX: DM1) announce the completion of a wholesale funding agreement with 255 Finance. The agreement is structured around the purchase of $50 million in DirectMoney originated loan assets, with the intent to increase this in the future. 255 Finance will also receive equity in DirectMoney and options that vest based upon specific hurdles being met. Significant growth in both lending volumes and the operational performance of DirectMoney is anticipated as a result of the facility. The documents have been formally executed by both parties and the facility for consumer loans originated and serviced by the DirectMoney platform will become fully operational within a matter of weeks. 255 Finance […]

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Aug
04

Blockchain Explained: What you need to know

As emerging technologies continue to revolutionise the way we live and transact, concepts like ‘cryptocurrency’ and ‘blockchain’ are becoming increasingly relevant to our collective financial future. Major banks are already talking about and beginning to use blockchain, a technology that could drive the digital transactions of the future. And it’s become a major buzzword in financial circles around the world for its potential to change the exchange of value as we currently know it. While the technology itself is in the very early stages of existence and is complicated to understand, businesses and entrepreneurs around the globe are looking at ways to effectively use it in the belief that blockchain […]

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Jul
29

Fintechs target millennials with online financial services

Millennials, a demographic group born ­between 1980 and 2000, make up one of the largest living generations and have now overtaken the baby boomers. Millennials are likely to fall into three categories: • Inheritors: With wealthy parents, they are major consumers while they wait to inherit. • Strivers: Coming from a more modest background, they are studying, saving and working hard with ambitions for promotion. They will borrow to support their lifestyle, not unlike inheritors. • Given-ups: They are more likely earning a low salary but continue to consume as much as the other two categories. Buying a house is not on the agenda, so they do not see the […]

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Jul
28

Government must leave encryption alone, or it will endanger blockchain

If we could give Malcolm Turnbull one piece of economic advice right now – one piece of advice about how to protect the economy against a challenging and uncertain future – it would be this: don’t mess with encryption. Earlier this month the government announced that it was going to “impose an obligation” on device manufacturers and service providers to provide law enforcement authorities access to encrypted information on the presentation of a warrant. At the moment it’s unclear what exactly this means. Attorney-General George Brandis and Malcolm Turnbull have repeatedly denied they want a legislated “backdoor” into encrypted devices, but the loose way they’ve used that language suggests some sort […]

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Jul
25

Search for 2017 Fintech 100 innovators kicks off

Nominations are now open for the 2017 KPMG & H2 Ventures Fintech 100, the annual list designed to recognize leading fintech innovators.   Visit www.fintechinnovators.com by Thursday, 31 August 2017 and nominate your company, or any fintech you think should be considered for the Fintech 100.   The Fintech100, available at www.fintechinnovators.com, is compiled by fintech investment firm, H2 Ventures in collaboration with KPMG’s Global Fintech practice. The annual Fintech 100 includes both the leading 50 established fintechs, and the most intriguing 50 “emerging stars.”   How to nominate and the judging process: Nominations for the Fintech 100 can be made at www.fintechinnovators.com website by Thursday, 31 August 2017.   […]

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Jul
25

Fintech the future

According to Kate Carnell, there have been less than 10 complaints about fintech operators in Australia since March 2016. “None of these have been fully-fledged complaints,” the small business ombudsman says. “It was more a misunderstanding or even confusion as to the contract they entered.” Burgeoning industry There are an estimated 600 fintech operators in Australia. The industry is burgeoning and continues to attract new players, so receiving less than double-digit complaints in 16 months isn’t a bad track record. “In addition to those 600 there’s probably another 20 to 30 overseas-based fintech companies that are operating here such as PayPal, Stripe and Square, for example,” says Cameron Dart, Australian […]

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Jul
14

Peer-to-peer lending remains unfamiliar for borrowers and investors

IT’S one of the fastest-growing financial products in Australia but two-thirds of us still have no idea what peer-to-peer lending is. New research by Finder.com.au has found despite the sector growing from one to eight lenders since it launched in Australia in 2012, 65 per cent of consumers don’t know about it and women are less likely than men to understand and use it. Peer-to-peer providers such as SocietyOne, Direct Money and RateSetter are fintech companies that link investors with borrowers using online platforms, typically offering better interest rates than people get from the banks. “Generally P2P providers may have fewer funds to spend on marketing,” Finder spokeswoman Bessie Hassan […]

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Jul
10

SocietyOne breaks through $300 million of lending

SocietyOne, Australia’s pioneering and leading marketplace lender, has broken through $300 million of total originations since it started operating five years ago with 2017 on track to set further lending records. SocietyOne advanced over $100 million of new lending during the first half of 2017, underlining its position as the clear leader in the Australian consumer marketplace lending sector. Combined lending of $45 million in the first quarter of 2017 and $57 million in the second quarter resulted in year-on-year growth of almost 70% for the six months ending 30 June 2017. That compares to $61 million of new lending advanced in the first half of 2016. SocietyOne’s loan book […]

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