A group of shareholders with more than 20% of the issued capital in failed neobank Xinja are pushing the company to keep its banking license. Xinja announced in December that it was handing back its backing licence and has since returned more than $250 million in deposits to customers Investors have been presented with two… Read more »
FinTech Australia has added two new awards to the annual Finnies, which are now open for entries. The new Excellence in Open Data award will examine how companies are managing and controlling their data, a issue that’s come to the fore with the launch of the consumer data right and open banking in July last… Read more »
Big four bank NAB is taking control of neobank 86 400, just 18 months after the fintech launched. The proposed deal ends the “challenger bank” dream of British banking pioneer Anthony Thomson, co-founder of the UK’s Metro Bank and publicly-listed digital bank Atom, and CEO Robert Bell, a former ANZ Japan boss. It was only… Read more »
The Commonwealth Bank venture scaling entity, x15ventures, has made its fifth acquisition in the 12 months since launching, adding hospitality platform Doshii to its portfolio. The cloud-based startup connects food apps with a venue’s point of sale system. The acquisition was announced at CBA’s 2021 technology update at the bank’s new tech hub at South Eveleigh,… Read more »
Buy-now-pay-later fintech Zip has nearly doubled the amount it raised in its Share Purchase Plan (SPP), issuing more than 10 million new shares worth $56,739,524. Zip (ASX:Z1P) set out to raise $30 million through the SPP, but also accepted an extra $26,739,524.95 in oversubscriptions from eligible shareholders, who could subscribe for up to $30,000 worth… Read more »
Xinja’s neobank adventure is over after just three years, with the fintech startup announcing it will hand back its banking license. The company hopes to continue with its US share trading platform, Dabble “should circumstances allow”, but that project has already been delayed indefinitely. The bank says customers won’t be able to put money in… Read more »
ASX-listed buy-now-pay-later fintech Zip Co. is moving into territory recently claimed by rival Latitude Pay, announcing it will offer it Zip BNPL product at Harvey Norman, Domayne and Joyce Mayne franchisee stores. Co-founder and COO Peter Gray said the partnership delivers on Zip’s strategic vision. “We are thrilled to partner with such iconic brands. We… Read more »
Big four bank NAB has is introducing ‘smart receipts’ by Sydney fintech Slyp onto the bank’s mobile app in an Australian first. Slyp, founded three years ago by former PayPal and ANZ executives Paul Weingarth, Spiro Rokos, and Mike Boyd, already has the backing of the big four banks as investors, including NAB Ventures. The… Read more »
The buy now, pay later sector has been given a stay of execution in its fight to stop merchants passing on the costs of the service to consumers with an ongoing review by the Reserve Bank of Australia (RBA) concluding the sector has not yet reached a tipping point in favour of introducing the change.… Read more »
Shouta, a new gifting app for small presents – think sending someone a coffee or beer – launched today. The idea emerged during the Covid-19 lockdowns with co-founders Carly Shamgar in Sydney and Nick Redwood in Melbourne collaborating to develop a “fun yet meaningful way to show friends and family that they were thinking of… Read more »
The former Flexigroup, now rebranded as Humm, the name of its BNPL product, is launching a US line of credit, marketed as a BNPL solution in the highly competitive US market in a joint venture with fellow ASX-listed fintech Douugh. The proposed JV will result in “Douugh powered by humm” as a “BNPL” solution involving… Read more »
Less than a year after “Australia’s best savings account”, the high interest rate on Xinja’s Stash savings account appears to be a millstone around the neobank’s neck, with the fintech slashing the interest-bearing cap by two-thirds to just $50,000 on any deposits. With the launch of Xinja US share trading platform Dabble now delayed indefinitely,… Read more »
78% of survey respondents were familiar with Open Banking (CDR). 71% of industry respondents intend to use CDR, 58% of whom stating that they intend to use CDR data within the next 12 months 64% of banks and lenders, and 54.6% of technology providers plan to spend more than $500,000 54.2% of fintechs expect to… Read more »
Debit payments platform eftpos is hoping to crack the digital wallet market by acquiring payments app Beem It. Beem It is free app that allows people to pay in real time, downloaded more than 1.4 million times. The joint-venture fintech owned by CBA, NAB and Westpac and other banks as well as major retailers such… Read more »
Airwallex took out four major awards at the 2020 Finnies, including the top prize, Fintech Organisation of the Year and the People’s Choice Award. The company also received the Excellence in Payments award, while the Melbourne-based global unicorn’s co-founder and president, Lucy Liu, was named Emerging Fintech Leader of the Year. Airwallex and Athena Home… Read more »
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