NAB has partnered with major banks in Canada, Brazil and the UK in a hunt for the greater fintech innovation. The Global Open Finance Challenge is a virtual event seeking entrepreneurs and startups with globally scalable solutions for open finance. NAB is part of the initiative with CIBC, Itaú Unibanco and NatWest Group. They’re looking… Read more »
Blockchain banking startup Lygon has scooped up $5 million in a pre-series A before pushing on with its next raise later this year. The round was led by Aura Ventures as the first external investor in the year-old fintech, which became an independent commercial entity last year after originally being created from a collaboration between the… Read more »
Fintech is hot with venture capitalists globally, with investment in the sector hitting US$98 billion (A$133bn) in the first half of 2021 according to global advisory firm KPMG. The company’s bi-annual Pulse of Fintech report on investment trends found a US$10.9bn jump in investment on H1 FY20, including M&A, private equity and VC. Australian fintech… Read more »
Not hustling your bank for a better home loan deal is costing Australians more than $3.6 billion annually, despite low interest rates, according to a former Commonwealth Bank executive who’s launched his own fintech startup to solve the problem. Pete Steel was the chief digital officer at Australia’s biggest bank and this week launched mortgage… Read more »
A non-bank lender looking to offer same-day bridging loans for property buyers has raised $50 million in venture debt. Sydney-based TechLend markets itself as “Afterpay for home loans” offering “interest-free”, paperless, bridging finance with same-day pre-approval. San Francisco lender Partners for Growth, which has a Sydney office, has delivered the $50 million in venture debt… Read more »
Peak body Financial Counselling Australia (FCA) has written to advertising regulator Ad Standards asking for Afterpay’s TV ad featuring Rebel Wilson to be banned over its “gratuitous and inappropriate” use of a children. The ad features Wilson sitting in a play room with a young child saying “if credit cards and cash had a baby… Read more »
Big four bank ANZ will turn its ANZi ventures and incubator business as a stand-alone entity in the hope that it will operate more like a startup. The bank is hoping the new venture, which will change its name from ANZi to 1835i, will have greater freedom to act quickly as it develops a pipeline… Read more »
Buy-now-pay-later market leader Afterpay (ASX: APT) is getting into ibanking, launching an app-based no fee deposit account paying 1% interest. The ASX-listed fintech has been granted an Australian Financial Services Licence (AFSL) by ASIC so it can provide general financial product advice and distribute basic deposit products and debit cards. Called Money by Afterpay, the… Read more »
Australia has a new bank, with fintech Alex granted a restricted authorised deposit-taking institution (Restricted ADI) licence from the Australian Prudential Regulation Authority (APRA). The digital bank has already been busy lending, writing more than $8 million in personal loans since it was founded in 2018. The neobank has already raised more than $35 million… Read more »
Fintech Australia has announced it will postpone the annual Finnies awards until September to give Sydney-based fintechs the chance to be part of the celebrations. It’s the second time rolling COVID-19 lockdowns have forced the date to shift. Originally scheduled for June 9, The Finnies awards then moved to July 21, after Victoria went into… Read more »
Small and medium-sized business (SME) lender Judo Bank has seen its valuation climb by $300 million to $1.9 billion after raising an extra $174 million in capital. The challenger bank raised $284 million in a round 4 just four months ago for a $1.6 billion valuation. Judo has now raised $688 in 13 months and… Read more »
A new savings app offering a 3% fixed income return and targeting millennial savers has seen $3.4 million from 850 investors flow into its coffers in the week since it launched. Blossom, which is targeting women, and honours the nickname of founder Gaby Rosenberg’s late grandfather, is being backed by Fortlake Asset Management, which has serial… Read more »
Three months ago, Lygon launched the world’s first digital bank guarantee using blockchain technology, marking the beginning of the end for the paper-based guarantee which has been the dominant form of contractual surety in the western world for around 200 years. The launch of Lygon was the first time a bank guarantee had been fully… Read more »
Multi-currency payments startup Paytron has raised a $4.35 million seed round as it launches it product for the SMB market. Australian VC fund Carthona Capital and Germany’s Picus Capital were the major backers in the raise. Co-founders and former banking execs Jaco Veldsman and Francois Henrion set out to address the pain point of small… Read more »
It’s no secret that when it comes to superannuation, Australian women continue to suffer undue and persistent disadvantage. A series of structural inadequacies and varied dynamics over the course of a woman’s life can, and in many cases do, lead to superannuation poverty. The concept of compulsory superannuation was designed with a full-time worker in… Read more »
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A billionaire who spent 10 years predicting things his companies still haven’t achieved gets triggered by tech prophecy 
Richard White sells more than $440 million worth of WiseTech shares 
After buying the founder’s own business for $43 million, Employment Hero spends another $112m on a Canadian rival 
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