Joanne and Dexter bring you the latest Fintech news from Australia.
It’s been a quiet week on the capital raising front, but still we have positive news to share.
Indebted raised $22.5m and Finspo raised $4m to support their growth.
We talk to Angus Gilfillan Finspo CEO about their plans in the podcast.
It’s been a busy week on the share market for Moneyme, Zip and Openpay.
MoneyMe’s loan book hit $1.4bn, a four-fold increase since the 4th quarter of 2021. Which saw the share price rally this week to 85c.
Zips share price increased a whopping 159% in July. A 27% increase in quarterly revenue to $160m was supported by strong results overseas.
Openpay shares hit 50c last week but have settled to 32c today.
Prospa announced a record-breaking set of results for quarter 4. $104m of originations were written in June.
Digital payments firm Novatti announced a 97% increase in revenue to $32.5m. Leading to an average year-on-year growth of 76% over the last 5 years.
Some strong fundamentals and Green shoots of a recovery then for Listed Fintechs - but we are still some way off the dizzying share prices of 2021
Up bank’s new initiative “MayBuy” is in contrast to the BNPL trend.
Their “save now, buy later” movement encourages customers to plan for future purchases. By creating savings pots in the app they are hoping to discourage impulse buying. There’s been a flood of positive responses on Socials.
Our friends at Lendi continue to push for domination outside of the Big 4 banks by adding La Trobe Financial to its panels last week.
The addition will allow a greater range of products to their growing network of Aussie, Lendi and Domain Home loans brands.
Tic:Toc has entered a partnership with AFG to develop it’s mortgage broking operations as the digital home loans market grows.
This will allow Tic:Toc to offer customer loans from the AFG network if customers fall outside of Tic: Toc’s credit criteria from its current underwriters Bendigo and Adeliade Bank.
Westpac is set to launch a digital mortgage process, with full approvals gained in less than 10 minutes. The initial rollout will be for refinancing before a full rollout in 2023.
With the sad collapse of Volt a few weeks ago, the company has reported that the clean-up has been completed and all deposits have been returned to customers.
Any potential losses will be born by equity investors only, with no losses sustained by tax payers.
It is hoped that the selling off of the company technology will recoup some of the $213m invested.
Ed Bunting has joined Immutable the Web3 rocketship from BNPL player OpenPay as their Chief Legal and Risk Officer
Fintech OG Tyro has appointed Paul Keen from Nuix as their new CTO. Paul replaces Dave Coombes after his 5 year stint - good luck to both Paul and Dave.
Rob Bell the ex-CEO of 86 400 is back taking on a NED role with HFC Bank in Fiji - great to see Rob back in action and refreshed after leaving 86400 earlier this year
And Finally if you are looking for your weekly podcast fix last week I caught up with Dan Silver, Co-Founder of Stake
Since launching, Stake has amassed over 450,000 customers across Australia, New Zealand, the UK and Brazil by spearheading commission-free brokerage.
Stake now offers investors access to over 8,000 stocks across the US and ASX markets through a sophisticated and seamless platform.
Stake has grown to 135 staff and is booking $20 million in revenue a year. Stake recently completed its $90 million Series A funding from Tiger Global and DST Global Partners.
Dexter chats to Dan about his experience of giving up a corporate career and launching his own business. Dan shares his lessons on scaling, leadership, resilience, global expansion, bootstrapping and capital raising.
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