peer to peer

Nov
30

RateSetter putting pieces in place to be Australia’s biggest consumer loans provider

CEO Daniel Foggo on the last four years and how Australia’s market is playing to its advantage. When RateSetter started operations in Australia four years ago, the peer-to-peer (P2P) lending industry was in its infancy and its risk-based, investor-funded loan was seen as an alternative. But a lot can happen in four years. Today, major banks such as CommBank, HSBC and Citi use risk-based pricing, once only the domain of P2P lenders, while the formerly “alternative” RateSetter funded over $25 million in consumer loans this month. “We’re literally funding just about to the dollar what I thought we’d be funding every month,” said CEO Daniel Foggo, reflecting on how he […]

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Nov
06

Wirecard brings its platform services around digital financial technology to Australia and New Zealand

Wirecard, the global innovation leader for digital financial technology, today announced its platform expansion in Australia and New Zealand. The Wirecard platform is now available in New Zealand for e-commerce services and Australia for omnichannel solutions. With this expansion, Wirecard is extending its ecosystem of real-time value added services around innovative digital payments in Oceania. This leverages on the global Wirecard strategy of digitizing payments worldwide as Australia is leading innovation in areas such as contactless payments, bill payments, digital commerce, and point-of-sale applications, and the market is ready to make the next transformation. Research and Markets found out that the Australian payment mix is shifting heavily toward electronic payments. […]

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Nov
01

Bitcoin: Ten Years On

A mysterious, anonymous entity known as “Satoshi Nakamoto” posted a white paper on October 31 2008 entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. It was the first time that the concept of Bitcoin entered the world. But outside of the cypherpunk mailing lists – those promoting the use of privacy-enhancing technology – this event was hardly noticed. Ten years on, who hasn’t at least heard of the cryptocurrency? On just nine pages, the white paper explained how the Bitcoin system would work. Many attempts at electronic cash had already been made going right back to computer scientist David Chaum’s “Digicash” developed in the 1980s. Using an intricate dance of cryptography, […]

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Oct
22

RateSetter signs $100 million deal with the Federal Government’s CEFC for South Australian Home Battery Scheme

Australia’s leading peer-to-peer lender, RateSetter, has signed a $100 million funding deal with the Clean Energy Finance Corporation (CEFC) to deliver the benefits of the South Australian Government’s Home Battery Scheme – one of the world’s most ambitious Government-funded home battery schemes – to South Australian householders and investors. Under the arrangement announced today, the CEFC has committed up to $100 million to finance loans where the upfront costs of the home battery system installations are not met by the South Australia government subsidies. The CEFC finance will be delivered through RateSetter’s new South Australia-specific renewable energy lending market. At the same time RateSetter will enable South Australian retail investors […]

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Oct
10

Personal loans: Young borrowers desert banks for better deals

Borrowers are turning away from traditional banks when applying for personal loans, flocking to digital, mobile-centric platforms and peer-to-peer lenders. A recent CommSec Economic Insights report showed loans by non-bank financial institutions were up 10.3 per cent for the year to August. This was an indication that banks were engaging in “more considered” lending and borrowers had other options, according to CommSec chief economist Craig James. “Banks are facing greater competition from non-banks,” Mr James said. “At the same time bank deposits are only lifting at a 2.5 per cent annual rate, putting greater reliance on external funding. It is clearly a competitive and challenging environment for financial institutions.” Peer-to-peer […]

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Oct
04

BitTorrent’s creator wants to build a better Bitcoin

In 2001, a 25-year-old unemployed college dropout named Bram Cohen crafted an elegant protocol for moving data around the internet. Titanic numbers of pirated songs and movies, and countless lawsuits, later, he’s putting the finishing touches on what he hopes will be another world-changing protocol—this time for moving around money. Cohen’s earlier invention was BitTorrent, a specification for peer-to-peer file sharing that delighted millions but angered entertainment moguls, and at one point consumed more than a third of global internet traffic. His latest creation is a digital currency and startup called Chia, aimed at making cryptocurrency acceptable to the financial industry. “I like hard technical problems,” says Cohen, with a […]

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Sep
25

FinTech NewGen interviews – Daniel Foggo, RateSetter

Daniel Foggo is CEO of RateSetter Australia and a true Fintech pioneer. He introduced Australia to the marketplace lending (or peer to peer) model back in 2014, paving the way for Fintech to go mainstream. RateSetter turns 4 in October so it seemed like the perfect time for Daniel to reflect on his journey. Read on in this enlightening interview with Tier One People’s Dexter Cousins. For people who aren’t familiar with the marketplace lending model, can you explain how it works? Daniel: RateSetter provides a marketplace, much like a lot of other disruptive businesses (Uber as an example.) We provide investors with access to strong, stable investment returns via […]

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Sep
19

A first for Australian fintech: SocietyOne becomes first Aussie P2P to hit $500M in lending

SocietyOne has today become Australia’s first and only marketplace lender to reach $500 million in loan originations across its personal loan, agri lending and marketplace business, and is now setting its sights on reaching $1 billion by the end of calendar year 2019. The milestone follows a record August and the recent appointment of ex-Westpac and Citibank exec, Mark Jones, to the top job of CEO. “We’re delighted to have reached this significant milestone as we deliver an even better deal for our borrowers and investor funders,” said Mr. Jones. “We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities […]

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