Fintech myprosperity, which has created an online platform to help financial advisers better work with their clients, has partnered with Macquarie Wealth.
Australian fintech startups are seeing median revenues of $95,000 a month, up from a median of $30,000 a month last year, the 2017 Fintech Australia census has found.
As far as the startup landscape goes, the fintech sector has emerged as the real winner of Treasurer Scott Morrison’s 2016 Budget. A key focus has been made on supporting innovative ideas to ensure Australia is a leading destination for fintech companies and global disruptors.
Auswide Bank has entered into a partnership with peer-to-peer lending startup MoneyPlace that will see them take a 20 percent equity stake in the company and provide $60 million in funding over five years. This deal is the first time an Australian bank has invested directly into a homegrown fintech, highlighting the enormous growth of the sector over the last year.
Melbourne FinTech startup MoneyPlace has launched after becoming just the second peer-to-peer money lender to attain a full licence from ASIC. The startup, founded by former NAB executive Stuart Stoyan last year, will provide unsecured consumer loans from $5000 to $35,000, with rates starting at 8.9 percent. The rates are determined through risk-based pricing, with loans offered by wholesale and retail investors.
Stuart Stoyan is urging fintech startups in Melbourne to complete a non-invasive 17-question survey as part of a broader initiative aimed at establishing a collective voice and creating better support mechanisms for Melbourne’s fintech community. Information gathered from the survey will be used to propose support from government, both at local and state levels, as well as corporates.