The government is moving to regulate buy-now-pay-later (BNPL) services under the Credit Act and force companies like AfterPay, to follow a set of responsible lending obligations. Financial Services Minister Stephen Jones on Monday that he wanted to maintain innovation and competition in the market but stop the “harmful effects of poor marketing practices and poor… Read more »
Australia is the third country in the world to offer Apple’s Tap to Pay, which lets small businesses accept payments via in-person contactless payments on the iPhone. Retailers, restaurants and other merchants can now use an iPhone to accept Apple Pay, contactless credit and debit cards, and other digital wallets with no extra hardware or… Read more »
Early stage investment company Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies. Startup Daily is sharing the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, sharp understanding of the startups and people… Read more »
The first mover advantage that turned Block-owned Afterpay enjoyed since its launch nine years ago is about to end, with the world’s most valuable tech company, Apple, set to become Australia’s leading buy-now-play-later (BNPL). The Roy Morgan Digital Payments Report reveals it’s taken just 7 years for Apple Pay to build its local market penetration,… Read more »
Move over ‘financial wellness’, the next frontier for fintechs is ‘financial intelligence’, says the founder of digital banking alternative Yondr. Money management is something of an obsession for Melbourne-based entrepreneur Shane Chanel. He first knew he wanted to be a financial planner as a 16-year-old student at Melbourne’s Nazareth College. After studying financial planning at Deakin… Read more »
As inflation and interest rates continue to rise, digital banking alternative Yondr is stepping up to help Australians save on hidden fees and budget better. Backed by former ANZ CEO Mike Smith, the fintech startup was developed and founded by Shane Chanel in 2018. Bringing more than 15 years of experience in finance and banking to… Read more »
Fintech Zeller is taking on the big four banks to offer financial services to the small business sector, launching a new transaction account, debit card, and app. It’s a major shift in strategy for the Melbourne startup, founded by former Square exec Ben Pfisterer and Dominic Yap. The three-year-old venture launched in 2021 with a… Read more »
FinTech Australia has announced the new Positive Impact award, which celebrates social impact in fintech. They are now calling for entries for its seventh annual awards. The Positive Impact award will consider the social, environmental, and economic impact of fintech companies. They introduced the new award to honour work on this within the sector. FinTech… Read more »
Digital challenger bank Alex has been granted its full banking license by the Australian Prudential Regulation Authority (APRA). The approval authorised deposit-taking institution (ADI) comes 18 months after the fintech, founded in 2018 by CEO Simon Beitz, a former Suncorp exec, and Chief Financial Officer Craig Fenwick, was granted its Restricted ADI licence amid a… Read more »
Buy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws. In the 2021-22 financial year, according to data from the Reserve Bank of Australia, the number of active BNPL accounts in Australia rose from 5… Read more »
The Commonwealth Bank has launched its third technology hub around Australia this year, teaming up with Queensland educators to set up shop in Brisbane’s CBD. CBA has partnered with The University of Queensland (UQ), Queensland University of Technology (QUT) and TAFE Queensland, to offer students and graduates the chance to join CBA’s Tech Associates and… Read more »
Ethic Adviser, a sustainable investing solution for financial advisers, investment brokers and accountants, is looking to raise $1 million in Seed funding to expand the globally. The fintech was developed by Tom Culver last year, before launching in March, to give advisers a SAAS solution offering specialist sustainable investing tools and information. “With the acceleration… Read more »
Privacy-focused payment startup Xiippy was the big winner from the River Rival pitch competition that closed out Brisbane’s Something Tech conference last week, taking out both the judge’s award for Best in Product and tying for the Best of the Best award with diabetes medicine subscription service Stripped Supply. Xiipy is encouraging retail merchants to… Read more »
The annual Australian fintech census by consulting firm EY reveals the sector continues to grow strongly, despite the headwinds of the last 12 months, but founders face the same challenges and concerns when it comes to talent, salary costs and access to capital as other startups The 7th EY FinTech Australia Census report, collaboration between… Read more »
Commonwealth Bank-backed fintech Klarna’s Australian foray is starting to look like a disaster for the Swedish buy now pay later startup. Banking Day reports that just two years after its launch, an EY audit of Klarna Australia’s CY2021 performance reveals a net loss of $56 million, with revenue falling 71% on its first year of… Read more »
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