Tagged: australia

Payment Processor Checkout.com Announces Acquisition of Australian Startup Pin Payments

Global payment solution provider Checkout.com announced on Thursday it has acquired Australian startup, Pin Payments. Checkout.com reported that the acquisition represents the next chapter of the company’s momentum across the Asia-Pacific (APAC) region as it continues to support both international and domestic merchants to grow… Read More

APAC Region Expected to Experience Significantly Increased Adoption of Digital Banking and Fintech Platforms by 2025: Report

Digital banking services are increasingly being adopted in the Asia Pacific (APAC) region. The use of all-digital banks and platforms is expected to increase further in the coming years. This, as 63% of consumers responding to a recent survey said they’d be willing to switch… Read More

Australian Digital Bank UBank Updates its Product Offering, Based on Customer Feedback

Australian digital bank UBank has made significant changes to its bank account products. UBank, which is owned by the National Australia Bank (one of the four largest financial institutions in Australia), confirmed on May 11, 2020 that it will be simplifying its digital product offerings,… Read More

Former Westpac Executives Secure $33 Million For Home Loan Fintech Startup Verteva

Former Westpac executives, Andrew Walker and Chris Lumby, has reportedly raised $33 million for their new home loan fintech startup, Verteva. Verteva is described as an ambitious financial technology start-up building a transformative digital alternative for customers in the home lending space. The Australia-based startup… Read More

Australian Digital Bank 86 400 Plans to Capitalize on Current Situation, as Incumbents Struggle Due to COVID-19

The COVID-19 crisis has significantly reduced the revenue generated by some of the largest banks in Australia. The pandemic may present opportunities to banking challengers such as 86 400 to gain market share. As the nation’s Big Four banks try to deal with a dramatic… Read More

Australia’s Judo Bank Secures $250 Million Through Latest Equity Round & Achieves Unicorn Status

Australia-based SME challenger bank Judo Bank announced on Thursday it raised $250 million through its latest equity at a post-money valuation to more than $1 billion, which the bank reports has lifted it into an exclusive club of local unicorns and showing the support of… Read More

FinTech Australia Names Fibre & Network Solutions Provider Vocus a New Ecosystem Corporate Partner

FinTech Australia recently announced it has formed a partnership with specialist fibre and network solutions provider, Vocus. The organization reported that Vocus has signed up as an ecosystem corporate partner of FinTech Australia, in addition to supporting its major events. The partnership will notably see… Read More

Xinja Bank Set to Cut Stash Savings Account Rate to 1.8%

Xinja Bank, an Australia-based neobank, announced on Thursday it will move the interest rate on its Stash savings account to 1.8%, effective May 11th. Xinja reported launched Stash, a savings account linked to your Bank Account (transaction account) designed for customers to save by separating… Read More

Co-Founder of Atom Bank Joins DayTek Capital

Co-Founder of the UK’s 1 st Digital Bank Atom Bank, has joined DayTek Capital in Australia as Chief Technology Officer. Paul Hanks, who was previously CTO at Atom Bank, is joining DayTek as the firm “gears up to launch ‘Infinity’, a unique, product disruptive, Australian… Read More

Payment Verification Tech Provider ISignThis Loses Legal Battle to Suppress Australian Securities Exchange’s Reasons for Share Suspension

ISignthis (ASX:ISX), a Melbourne-based provider of remote AML/CFT KYC-enhanced due diligence identity proofing, has reportedly lost its initial legal battle with the Australian Securities Exchange (ASX) over the suspension of its company shares. The suspension was announced following an order from the federal court which… Read More

Chinese Tech Giant Tencent Acquires $250 Million Stake in Melbourne’s “Buy Now Pay Later” Firm, Afterpay

Tencent Holdings Ltd., a Chinese multinational conglomerate holding company whose subsidiaries offer various Internet-related products and services, has acquired a 5% stake, valued at about A$390 million (appr. $250.38 million), in Melbourne-based “buy-now-pay-later” firm, Afterpay. Tencent’s management confirmed that they built up their stake during… Read More

Digital Identity: Eftpos Australia to Begin Testing its Mass-Market Online Customer ID Service, backed by Leading Banks, Merchants

Eftpos (electronic funds transfer at point of sale) Australia confirmed that it will begin running pilots of a mass-market digital identity service, which is reportedly backed by the nation’s leading banks and merchants. According to a document submitted to the Australian government’s Select Committee on… Read More

Fintech Australia Posts Recommendations on Post COVID-19 Response to Support Financial Innovation

At the end of last month, the Australian Senate Select Committee on Financial Technology and Regulatory Technology submitted a request for input as to the impact of the COVID-19 pandemic on the Fintech sector. The committee said that it is “keenly aware” to the impact… Read More

Insurtech: Singapore-based Axinian, an Insurance Technology Firm, Rebrands itself to “Igloo”, Secures Additional Funding

Singapore-based Axinian, an insurance technology (Insurtech) firm, has reportedly finalized its Series A+ investment round. To date, the company has secured $16 million in capital for its ongoing growth and development. Axinian’s funding round was led by InVent, the corporate venture capital division of Intouch… Read More

Australian Fintech Airwallex Secures $160 Million Through Series D Funding Round; Bring Total Equity Raised to $360 Million

Airwallex, an Australia-based fintech company, announced on Thursday it secured $160 million through its Series D funding round from various investors, such as ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures. The latest funding brings Airwallex’s total equity… Read More

As Sporting Events Shut Down, SportsBet Took Wagers on Stock Indexes Until Regulators Shut Them Down

Necessity is the mother of invention. This we know. Sportsbet, an Australian online bookmaker, saw betting tank just like most other businesses as the COVID-19 pandemic spread. At the end of March Stuart Allott, Sportsbet head of corporate affairs, told BI Australia: “Given the unprecedented… Read More

Open Banking: Fintech Frollo Introduces Product Data API Service for Banks to Help Data Holders Meet Regulatory Requirements

North Sydney-headquartered Frollo has introduced a product data API service for banks, which helps data holders with adhering to relevant Open Banking regulations. The API solution satisfies the requirements specified by the Australian Competition & Consumer Commission’s (ACCC) initial guidelines. Frollo is notably one of… Read More

Australia: Prospa to Participate in Government’s SME Guarantee Program

Online lender Prospa Group Limited (ASX: PGL) has received access to the Australian government’s SME Guarantee Scheme to support small businesses impacted by the COVID-19 pandemic. The Fintech believes it is uniquely placed to implement the Government’s initiative. The Coronavirus Small and Medium Enterprises Guarantee… Read More

Contactless Payments: Commonwealth Bank of Australia Reports Significant Increase in Digital Wallet Transactions Following COVID-19 Outbreak

The Commonwealth Bank of Australia (CBA), a global bank with businesses across New Zealand, Asia, the UK, and the US, recently noted that there’s been a significant increase in mobile-based digital payments at point-of-sale (PoS) terminals. This, as Australian residents may be trying to avoid… Read More

Australian Neobank 86 400 Secures $34 Million in Capital from Morgan Stanley, Others

Cuscal-backed digital bank 86 400 has secured $34 million in funding from its first outside investors. The Australian neobank’s Series A investment round was led by Morgan Stanley. The banking challenger has acquired a total of $90 million in capital. The bank’s latest round included… Read More

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