Fintech heads list of growth companies across Asia-Pacific
When Prospa launched in Australia in 2011, the online lender to small companies had an intimidating task before it: taking business from the country’s biggest banks. Small companies in search of working capital had long relied on traditional lenders, before the global financial crisis curtailed banks’ appetite for risk. Seven years on, Prospa has topped this inaugural list of high-growth companies, in revenue terms, from the Asia-Pacific region. The expansion of digital services combined with a desire for flexible financing fuelled Prospa’s growth. It is hardly a lone disrupter. Hot on its heels at the top of the list are New Zealand-based fintech firms Pushpay, a mobile payments service, and […]
Reckon smashes $10 million loan milestone for Aussie small businesses
Australian cloud accounting provider Reckon’s (ASX:RKN) strategic partnership with leading fintech outfit Prospa has hit yet another milestone for the burgeoning non-bank finance sector, delivering over $10 million in funds to small businesses across the country within its first 18 months. The continued growth of the Reckon Loans platform further cements the role of small businesses – the engine room of Australia’s economy – in fuelling the nation’s fintech revolution. Launched late-July 2016, Reckon Loans empowers small businesses with swifter loan processes and easier access to capital, with the approval of funds from $5,000 to $250,000 available within one business day and no security required to access up to $100,000. […]
Fintech business lenders to self-regulate
A lack of transparency around fintech borrowing costs for small businesses has prompted the industry committing to adopt a code of conduct and standardised interest rate and fee disclosures. The fintech sector hopes moves to self-regulate will help start-ups win trust and avoid concerns that helped prompt the royal commission into the banks. The Australian Small Business and Family Enterprise Ombudsman, FinTech Australia and the Bank Doctor, an SME advocate, will drive start-ups to improve disclosures that will allow small business customers to compare total costs, understand obligations and penalties if payments are missed, and ensure disputes are dealt with quickly and fairly. The moves come after a survey of […]
Numerous Australian Fintechs on the Deloitte Technology Fast 50 2017
The Deloitte Technology Fast 50 2017 Australia recognises and profiles fast growing technology companies. Now in its seventeenth year in Australia, the program ranks the 50 fastest growing public or private technology companies, based on percentage revenue growth over three years (2015 to 2017). Congratulations to all the Australian Fintech companies on the winners list: 2017 Deloitte Technology Fast 50 Winners: No.2 – zipMoney No.10 – Metamako No.12 – GetCapital No.15 – Prospa No.21 – EML Payments No.24 – MoneyMe No.31 – Zetaris No.36 – Avoka No.47 – HUB24 2017 Leadership Award Winners No.2 – Prospa No.3 – EML Payments No.7 – HUB24 Go here to read more […]
Wary banks to enter fintech waters
While larger financial institutions have traditionally stayed out of the fintech space, this could soon change, according to some of Australia’s leading experts. “To date I’ve actually taken the view that I don’t think the banks have really played much in this space because it’s disruptive and it’s easier for them to not necessarily add fuel to the fire or to accelerate that disruption,” said Anthony Millet, CEO of BRICKX, in a panel discussion at the Millennial 20/20 conference in Sydney (14 November). This is now changing with new legislation being introduced in Australia that makes it easier for start-ups to enter the market, he said. “I think we’re going […]
10 Australian Fintech companies in the 2017 Fintech100
The Fintech100 represents the most innovative companies, creating products and services at the juncture of technology and financial services who are seeking to disrupt the existing processes and products that dominate the marketplace, with fintech companies from 29 countries featuring in this year’s 100. Congratulations to the Australian Fintech companies who made the H2 Ventures KPMG 2017 Fintech100 Top 50: 24. Prospa 37. zipMoney 44. AfterPay Touch And congratulations to the following Australian Fintech companies who made the Fintech100 Emerging 50: Airwallex Cover Genius Hyper Anna Macrovue MoneyMe Tic:Toc Valiant
IDC names top 10 fastest growing fintech companies in A/NZ
IDC Financial Insights has unveiled a list of 10 fast-growing fintechs in Australia and New Zealand (A/NZ) as part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fastest Growing FinTechs in Australia and New Zealand Afterpay Touch Group Airwallex CoinJar Data Republic Harmoney HashChing identitii Prospa SocietyOne Xero Note: List is arranged alphabetically, Source IDC, 2017 IDC’s fintech list makes a reference to the Financial Insights’ Triple U framework — ubiquity, utility, and usability. This is a framework that evaluates fintech data across key metrics such as addressable […]
Australia’s Alternative Finance Future goes from strength to strength
Australia is emerging as a regional leader in the $300bn global Alt-Fi market. Alternative finance (or Alt-Fi) is a catch-all phrase used to describe emerging, digital financial services models such as peer-to-peer and marketplace lending (business and consumer finance), crowdfunding and invoice lending. However, for Australia to stay ahead greater consumer and business awareness is needed as well as policy and regulatory settings that continue to evolve with the development of this nascent sector. Globally this market is expanding quickly, up 100 percent year-on-year, with China the dominant world market (in terms of absolute volume), accounting for 85 percent of the total market. A staggering US$243.28 billion was raised through […]
