The Commonwealth Bank’s US$300 million investment in BNPL Klarna has turned from golden egg to millstone

- November 1, 2022 2 MIN READ

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 »


‘A good first step’: Fintech Australia responds to Council of Financial Regulators report into de-banking

- October 4, 2022 3 MIN READ

A review into how to tackle the ongoing problem of de-banking in the fintech sector by the Council of Financial Regulators has come back with four key recommendations for the Australian government that industry lobby group Fintech Australia describes as “a good first step” on the issue. In March, the former Coalition government asked the… Read more »


Fintech Paytron scores $250,000 from CBA’s x15ventures

- September 30, 2022 2 MIN READ

Sydney fintech Paytron has won the Xccelerate 2022 run by the Commonwealth Bank’s x15ventures, landing a $250,000 SAFE note. Paytron, a full-suite workflows and spend management platform, was chosen from four finalists focus on payments, including Cape, Persollo and YouPay, pitching to the investment committee last night. The deal with x15ventures gives the fintech access… Read more »

x15ventures, Toby Norton-Smith

Here are the 4 startups CBA’s x15ventures is looking at backing

- September 27, 2022 2 MIN READ

The Commonwealth Bank’s venture-scaling arm, x15ventures, has selected four payments startups as the finalists for its Xccelerate22 program. The four – Paytron, YouPay, Cape and Persollo – were chosen from 16 fintechs chosen to take part in the  Xccelerate Community Day a fortnight ago, going on to take part in a a deep-dive session known as the Pathway to… Read more »


BNPL Afterpay is better known in Australia than payments rivals such as PayPal and BPay

- July 28, 2022 2 MIN READ

The 25-year legacy of local payments platform BPAY and US rival PayPal count for little in the fast-moving fintech space with buy-now-pay-later market leader Afterpay now better known by a majority of Australians according to the latest Roy Morgan Digital Payments Report. The report found that 17.5 million Australians aged 14+ (82.8%) are now aware of buy-now-pay-later… Read more »


Airwallex valuation holds at $7.6 billion as Visa runs ruler over fresh $150 million+ round

- July 21, 2022 2 MIN READ

Global payments platform Visa is reportedly looking at investing in a new in Melbourne fintech Airwallex in a raise worth up to A$290 million in an additional Series E round. Bloomberg, citing anonymous sources “familiar with the matter”, reports that the deal could be done with Airwallex maintaining the A$7.6 billion (US$5.5bn) valuation it had… Read more »


Swoop CEO Andrea Reynolds headlines Fintech Australia’s Intersekt

- July 14, 2022 2 MIN READ

Ticket sales for FinTech Australia’s annual conference, Intersekt 2022, have opened, with the event set to repeat last year’s sellout status. FinTech Australia GM Rehan D’Almeida said this year’s Intersekt promises to be the biggest yet, featuring several international speakers, including the founder and CEO of the UK’s leading finance fintech Swoop, Andrea Reynolds, who… Read more »


A major bank has been fined for failing to share customer details under the Consumer Data Right

- July 13, 2022 2 MIN READ

Complaints from the fintech sector that some major banks have been slow to get with the program when it comes to open banking have proved true with the competition watchdog slapping a $133,200 fine on the Bank of Queensland. The Australian Competition and Consumer Commission (ACCC) issued the penalty and infringement notice against BoQ for allegedly… Read more »


Fintechs Monoova and Moneytech FX have merged

- July 12, 2022 < 1 MIN READ

B2B payments automation provider Monoova has merged with foreign exchange fintech Moneytech FX to build out its cross-border payments offering. The terms of the merger deal were not disclosed, with Moneytech now sitting under the Monoova brand, and headquartered in Sydney with a team of around 70. Monoova cofounder and CEO Christian Westerlind Wigstrom said… Read more »

Daniel Cannizzaro

Volt collapse hits fintechs with butterfly effect

- June 30, 2022 2 MIN READ

The collapse of Volt is sending shockwaves through the fintech sector as startups closely connected to the neobank, such as Parpera, scramble to regroup. The fintech partnered with Volt for banking services, meaning its 500+ small business customers have lost banking, payments and cards functions until a new banking collaborator is found. In a post… Read more »