Aussie equity crowdfunding platform Sharequity has reportedly been backed by Jack Quigley, a founding director FinTech Australia, and CrowdfundUP founder.
Founded by former GMP Asia Pacific Securities Chief Operating Officer, Geoff Reilly, Sharequity is an Australian equity crowdfunding platform that provides easy access to a wide range of business equity and capital investment opportunities through its digital portal.
“We bring investors, brokers and companies together. By leveraging technology and the power of crowdfunding, we disrupt more traditional methods of business capital raising and equity investing. Our platform simplifies and streamlines the investment process, offering a wider range of opportunities to a larger investor audience, helping more businesses and investments to grow.”
As previously reported, the Australian Senate approved the Corporation Amendment (Crowd-Sourced Funding) Bill of 2016 earlier this year. The legislation legalizes equity crowdfunding. At the time of the approval, FinTech Australia lauded the Parliament’s vote to support and said that the approval will provide a major avenue for companies to raise capital and create new jobs.
According to StartupSmart, Sharequity is currently waiting for approval from the Australian Securities and Investments Commission (ASIC) to receive its equity crowdfunding license. Reilly believes will be approved by early 2018. Speaking about the filing process to launch the platform, he stated:
“September was when the applications went live, and they said it could take three months. iw ould be very surprised if any company gets their license this side of Christmas. Whoever the first three or four [equity crowdfunding providers] are, ASIC will spend a fair bit of time review the applications I would think.”
“I believe that startups that display strong fundamentals as a business will be best suited to equity crowdfunding in Australia. This might be a startup hat is looking to scale and has successfully displayed a proof of concept to the market, but make no mistake, it won’t just hbe startups utilizing equity crowdfunding. Companies that meet the regime’s eligibility requirements should strongly consider utilizing equity crowdfunding to their next capital raised.”