Shares in Melbourne-based buy-now-pay-later fintech Afterpay are up more than 5% in the first hour of trade this morning to top $100 after the company announced it had signed a deal with Westpac to offer savings accounts and cash flow tools to its Australian customers. The partnership will allow Afterpay (ASX:APT) to provide Westpac (ASX:… Read more »
Financial platform Douugh makes its ASX debut in a reverse takeover of suspended telco Ziptel. The former Ziptel will be resinstated for trading as Douugh (ASX:DOU) when the market opens for trading at 10am today. Financial reports lodged with the ASX ahead of the relisting reveal that Douugh lost $1.29 million in FY2020, down from… Read more »
Many in the fintech sector will remember 2020 as a period of tough decision making, hardship and sacrifice. Countless plans for growth have been adapted or scuttled altogether in the name holding the business together, to weather this once in a lifetime pandemic. But by the end of October, we believe we will have a… Read more »
An Australian Government promise to pay its suppliers faster has led to a collaboration between an e-invoicing startup from South Australia and the federal Treasury. Based in Adelaide, South Australia, invoice delivery service provider Link4 will connect Treasury with the Pan-European Public Procurement Online (PEPPOL) network, allowing the government department to instantly receive invoices from… Read more »
Small business lender Lumi is on the hunt for $20 million from investors to expand its team and markets over the next year. Cornerstone backer the Josh Liberman Investment Group will tip in again as the company looks to develop additional product lines and improve its technology platform. The fintech offers unsecured business loans of… Read more »
The Commonwealth Bank has launched a near-identical “no interest” credit card just a day after NAB announced it was launching its flat fee StraightUp Card on Thursday. Aside from slightly different monthly fee rates, the only other key difference is that while NAB partnered with Visa, CBA’s “CommBank Neo” is a Mastercard product. Like StraightUp,… Read more »
Big four bank NAB has responded to the growing popularity of buy-now-pay-later services among millennials eschewing credit cards, by introducing a “no interest” credit card that instead charges a monthly fee. The NAB StraightUp Card offers credit of up to $3000, and has a “no use, no pay” feature, meaning that if there’s a $0… Read more »
The Commonwealth Bank’s VC fund, x15 ventures, is holding a second Xccelerate fintech pitch event, with the winning idea landing $150,000 from CBA. The virtual pitch on November 3-4, and applications for Xccelerate are open until September 27. You can apply here. The shortlisted startups will be notified by October 23. x15 ventures is running Xccelerate… Read more »
While Australia officially slips into the first recession in 30 years, it is clear that we need more jobs. But we must embrace technology to be globally competitive. There is no other way. The Senate Select Committee on Financial Technology and Regulatory Technology was established in September last year, and following an extensive round of public… Read more »
The elephant entered the buy now, pay later (BNPL) room on Tuesday and the rockstar stocks of the ASX took a massive hit as a result. PayPal announced the launch of its ‘Pay in 4’ platform in the US, which mimics Afterpay’s 4 instalment solution. The announcements sent Australian-listed BNPL shares into a nosedive, with… Read more »
FY20 loan originations of $450.9 million, down 10.1% on FY19 FY20 total revenue of $142.1 million, up 4.2% EBITDA loss of $19.5m (FY19: -$0.8m) EBITDA $4m, excluding Covid-19 provision, and a one-off loan receivable adjustment of $5.5m Total ANZ customers up 43.5% over 30 June 2019 Customer repayments since June 30 better than expected Prospa… Read more »
Fintech Australia board members at The Finnies (l-r), Lauren Caplin of Reinventure, Simone Joyce of Paypa Plane, chairman Alan Tsen, GM of Stone & Chalk Melbourne, Carla Harris of Longevity, Melissa Mack of MoneyPlace, GM Rebecca Schot-Guppy, and Tim Dean of Credi.com. Up Bank, Airwallex and Afterpay are among the major winners of the 2019… Read more »
Daily startup news and insights, delivered to your inbox.
