No ‘passive’ stakes for CBA in new fintech push
CBA hopes to get the edge on rivals by launching 25 new fintech businesses over the next five years via the bank’s new fully-owned fintech entity named X15.
Resimac takes controlling stake in IA Group
ASX-listed Resimac Group Ltd has announced that it has taken a controlling stake in Australian fintech company IA Group (effective 1 January 2020).
‘Be your own hedge fund’: Investment startup Stake raises $3.5m
Stake will continue to challenge traditional banks and brokers on investing costs after closing a $3.5 million funding round to expand its base.
Resimac acquires stake in fintech finance company
Resimac has purchased a 15% stake in Australian fintech company Positive Group, a pool of finance companies dealing with asset finance, mortgages and advice
Collection House acquires $8.5m stake in Volt Bank
A pathway set up by regulators to incentivise new entrants in the banking sector is starting to gather momentum, with Volt Bank receiving an $8.5 million investment from listed company Collection House (ASX: CLH). The Australian Prudential Regulation Authority (APRA) yesterday granted Volt a licence to operate as an authorised deposit-taking institution (ADI) without restrictions, as part of a framework set up in May 2018 to assist small firms with limited financial resources. At the time, APRA chairman Wayne Byrnes said making it easier for aspiring ADIs to enter the market would help enhance competition and potentially innovate new business models, while the scheme would also maintain safety and stability […]
US firm triples its stake in Radium
Rocketing growth at a fledgling Perth fintech has prompted its US financial partner to buy a bigger slice of the firm under “a multimillion-dollar” deal. New York-based Brevet Capital has tripled its stake in Radium Capital to 50 per cent by buying stock from the WA group’s seven other shareholders led by company promoter Tony Brennan. Mr Brennan’s son David founded Radium with schoolmate David Weir nearly two years ago to give cash-poor companies quick access to the Federal Government’s research and development rebate. While others also operate in the same space, Radium believes it is differentiated from those rivals by its sole focus on the R&D rebate, proprietary technology […]
ASIC wants stake in global regtech sandbox
Australia’s financial regulator has joined 11 other watchdogs from around the world in proposing a new Global Financial Innovation Network (GIFN) to help regulators cope with the rapid rate of technological change in the sector. The Australian Securities and Investments Commission (ASIC) says the new collaborative body would create a “global sandbox” for regtech, fintech and suptech solutions to be tested across international markets so that regulators and firms can stay on the pace emerging trends. The bold push comes as regulators around the world struggle to stay on top of the increasing speed of developments ranging from coin offerings to real time payments and settlement. Of particular concern is […]
Stake drops minimum funding to $50, giving every Australian direct access to $31 trillion US share market
Australia’s fastest growing stock broker Stake has today made it even easier for Aussies to invest directly in the $31 trillion US share market, lowering its minimum investment amount from $500 to $50. The lower entry point gives even more Aussies direct access to more than 3,000 game-changing companies and shares listed in the US, including Apple, Tesla, Google, Disney, and Amazon. The move to lower its minimum investment to AU$50 is part of Stake’s dedication to remove barriers to global trading, adding to the work it’s already done offering $0 brokerage, fractional investments, and same day money transfers. The announcement follows the launch of Stake’s iOS app on 4 July, which […]
