peer to peer

Apr
19

Forget Melbourne v Sydney, Australian fintech must take a global view

In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed. Fast forward more than 100 years and nothing has really changed. Squabbling continues around everything from which city has the better cuisine to which has the better events. All good, natural competitiveness, but then last year it encroached on one of our most promising industries – the emerging fintech startup ecosystem. This Sydney-Melbourne fintech civil war risked diverting founders and investors away from the global opportunity. Domestic squabbling was followed shortly by another irrational fear of overseas markets […]

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Apr
18

Growing pains: Peer to peer lending hits puberty

The eye-popping climb in the number of people attending the LendIt USA conference over the past four years reflects a real coming of age for peer-to-peer lending. The first, in 2013, attracted 300 delegates. The second lured in just under 1000, while 2500 attended in 2015. Last week, the number swarming the Marriott Marquis hotel in San Francisco was nudging 4000. Peer-to-peer lending (also known as “marketplace lending” to reflect the large proportion of funds that come from institutions rather than retail investors) matches borrowers with yield-hungry investors on an internet platform. A decade since it was born in the United States, marketplace lending is now mainstream. In the past […]

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Apr
18

Fintech hub Stone & Chalk aims to become regional ‘glue’

The nation’s newest fintech hub, Stone & Chalk, has identified five key Asian cities for the first stage of its FinTech Asia program as it ramps up plans to become the “glue” that connects the fintech ecosystem in the region. Stone & Chalk this week held its first meetings with the Hong Kong government’s investment promotion department, Invest Hong Kong, before moving to mainland China as part of the giant Australian trade delegation spearheaded by Malcolm Turnbull. It also hosted a panel session at the Hong Kong offices of HSBC on Monday evening that brought together Hong Kong’s key financial regulators — the Securities and Future Commission, the ­Office of […]

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Apr
18

Fintech hub Stone & Chalk aims to become regional ‘glue’

The nation’s newest fintech hub, Stone & Chalk, has identified five key Asian cities for the first stage of its FinTech Asia program as it ramps up plans to become the “glue” that connects the fintech ecosystem in the region. Stone & Chalk this week held its first meetings with the Hong Kong government’s investment promotion department, Invest Hong Kong, before moving to mainland China as part of the giant Australian trade delegation spearheaded by Malcolm Turnbull. It also hosted a panel session at the Hong Kong offices of HSBC on Monday evening that brought together Hong Kong’s key financial regulators — the Securities and Future Commission, the ­Office of […]

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Apr
14

UK fund to back ThinCats Australia

ThinCats Australia has announced that UK-based alternative finance fund ESF Capital will acquire a 30 per cent stake in the peer-to-peer (P2P) business lending platform. ESF Capital will also provide $10 million in funding for loans on the platform in the first year, joining another 300 lenders on ThinCats’ panel. ThinCats Australia CEO Sunil Aranha said the injection of capital and funding by ESF will provide a significant boost to the platform as well as the many SMEs seeking loans. “The injection of capital by ESF will allow us to ramp up our operations and technology platform, lift our market presence and hire more staff to tap into the largely […]

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Peer-to-peer SocietyOne completes $25m raising

Peer-to-peer lender SocietyOne has completed a $25 million round of funding, which was supported by its leading shareholders. SocietyOne, now led by former senior Westpac executive Jason Yetton, announced yesterday that its loan book had shot through the symbolically important $100m barrier in the first week of April. This came after strong growth from the beginning of the year, with personal loans and ­agribusiness finance jumping by $30m. While the funding round has been under way for several months, its completion is a show of faith in SocietyOne’s direction under Yetton, who was appointed early last month, and the lender’s growth trajectory. The company took six quarters until the second […]

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SocietyOne’s Yetton: loans soar as banks struggle

New SocietyOne chief Jason Yetton says its loan book is healthy despite mixed economic conditions and record loan growth that pushed the nation’s biggest marketplace lender through the $100 million barrier. Mirroring similar trends by other new “fintech” companies, SocietyOne yesterday revealed $30m of new personal loans and agribusiness finance had been written in the first quarter, pushing total lending since August 2012 past $100m. Rival online “peer-to-peer” or “marketplace” lenders, which directly match borrowers with investors, include RateSetter and DirectMoney, which have also been posting record growth. Meanwhile, the banks’ bad debt charges have risen because of the mining slowdown and lending to sectors facing structural challenges, such as […]

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Apr
07

Marketplace lender DirectMoney delivers record monthly loan settlements

Highlights: Record lending month in March 2016 with $1.92 million loans settled – up from previous record month of $1.5 million of loans settled in January 2016 Q3 FY 2016, a record lending quarter with $4.71 million of loans settled – 48% growth over previous quarter Loan origination growth being driven by strong partnerships with broker aggregators and direct online channel marketing Total value of $15.7 million loans written to 810 borrowers at weighted average interest rate of 12.7% since lending began in October 2014 Strong credit performance continues – no losses on loans written in FY 2016. Less than 1% of loans written in FY 2016 have payments > […]

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