Three months after announcing its proposed acquisition of Sydney fintech startup Pocketbook, zipMoney has this week closed the deal, acquiring the startup for $6 million in cash.
Sydney fintech startup zipMoney has announced an oversubscribed placement of $20.6 million to institutional and sophisticated investors. The placement is part of zipMoney’s funding plan to further expand its product offering, rollout new payments product zipPay and acquire personal finance management software, Pocketbook.
Over the past two years, Sydney-based FinTech startup Pocketbook decided to focus on growing its user base; and is now finding ways to generate revenue through value-adds. On Wednesday, Pocketbook released its Tax Returns iPhone app, allowing users to lodge their tax return in 10 minutes.
Innotribe, SWIFT’s fintech initiative, is calling for startups to apply to its 2015 Startup Challenge, which helps connect startups with leading fintech experts and investors.
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Six months ago, personal finance and budgeting application Pocketbook were announcing they had just reached the 50,000 users milestone. Today it was revealed they announced 100,000 users.
In Australia, there are two main tech startups emerging as front runners in this vertical – Pocketbook and MoneySoft. While they both target personal budgeting, they do so in very different ways.
On the surface it all seems like a nice gesture, two teams of passionate startup founders giving back to the community, but when we start to peel back the layers of the onion, we begin to see the framework of a very clever acquisition strategy that, in the long term, benefits Pocketbook and puts them on the path of reaching 1 million users.
For some students, the idea of starting a business is too far-fetched. Others are sitting on the idea, and need a metaphorical kick in the behind to get them going. To help foster a culture of entrepreneurship, startups Pocketbook and Zookal have come together to launch a scholarship programme for Australian university students.
Right now in an apartment lounge room come makeshift office, is the global headquarters for Australia’s newest startup in the financial industry Pocketbook. Founders and long time friends since high school, Bosco Tan and Alvin Singh have given up the regular pay dates from their jobs in marketing and development [Bosco was previously at Pollenizer] for the dream.
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