Octet secures increased $300m warehouse funding facility to support growing demand for supply chain finance

Sydney, 16 September 2021: Innovative supply chain finance and technology provider Octet today announced it had secured a $300 million warehouse facility via a fund managed by MA Financial Group (formerly Moelis Australia) and at least two other major Australian financial institutions, enabling it to meet growing demand amongst Australian businesses for alternate funding solutions, including trade and receivables finance.

The new facility is significantly larger than Octet’s previous warehouse funding lines and reflects growing interest from Australian corporates and SMEs alike in using supply chain finance as a tool for working capital management. Demand for these financing approaches is accelerating, from both domestic and international suppliers, particularly pureplay ecommerce firms, finding that traditional lenders will not give them funding to ride out economic disruption or invest in opportunities because they can’t offer physical securities. At the same time, regulatory initiatives such as the Payment Times Reporting Framework will likely spur additional funding demand from larger companies to accelerate cash flow.

Octet is one of the largest full-service supply chain financiers for SMEs in Australia, with more than 200,000 users in 72 countries now transacting on its innovative and secure platform. Octet supported more than $3 billion in supply-chain and trade finance transactions in FY21, recording a 40% YoY growth in transaction volumes, excelling through the COVID-19 effected period.

Octet Chief Commercial Officer, Brett Isenberg, said the new major funding facility would support growth and client funding flexibility in Octet’s trade and receivables financing portfolio and continued innovation in Octet’s market-leading supply chain technology.

“Managing cashflow has always been a key issue for businesses, particularly SMEs, but financing via the supply chain, as a means for releasing cash and managing working capital, has historically been poorly understood. Now, interest in Octet’s supply chain finance solutions is growing rapidly because companies can see that on cost, speed and service terms, our finance solutions stack up very favourably against traditional alternatives,” said Mr Isenberg.

“COVID accelerated the already exponential growth of ecommerce by forcing more businesses and consumers to move online. With the backing of MA Financial Group and other major financial institutions, Octet’s expanded facility positions us strongly to continue to power Australian businesses with their cash flow and growth ambitions.” he said.

Octet’s finance solutions include Trade Finance, for companies seeking to procure both internationally and locally from suppliers for goods and services prior to shipping; Supply Chain Finance options enabling established buyers of goods and services to pay their suppliers earlier or to access discounts; and Debtor or Receivables Finance, typically accessed by businesses across a wide range of industries as an advance on invoices payable.

Octet also offers a secure, full-service platform for suppliers and purchasers to transact, with advanced payment and real-time FX functionality and in-built protection against fraud and money laundering.

The company plans to launch an Octet-branded virtual corporate card within the next year.

Commenting on the warehouse funding agreement, MA Financial Group Investment Manager, Guy Kaufman said: “We are delighted to partner with Octet in this important initiative, which supports the working capital needs and growth ambitions of Australian businesses by offering innovative funding solutions. In light of current conditions, this is something that is arguably now more important than ever.”

The Payment Times Reporting Framework was introduced by the Federal Government in 2020. The Framework requires all companies with more than $100m in annual turnover to disclose the time taken on average to pay their suppliers’ invoices. The first report arising from the Framework, covering FY21, will be published on 30 September this year.

___

Media contact:
Iain Waterman
Sefiani Communications
Iwaterman@sefiani.com.au
0401 719 935

About Octet

Australia’s leading supply chain financier, Octet specialises in providing working capital and payments solutions to Australian business’ and their global and local trading partners.

Established in 2008, Octet’s vision is to connect and grow the world’s businesses via simpler, fairer and faster supply chain finance solutions.

APAC banks lagging behind in digital transformation

New report by The Financial Times Focus and Mambu shows banks must reposition themselves and embrace technology to avoid extinction

  • One third of APAC banks are concerned that their legacy platforms are holding them back
  • Three in five APAC banks believe they will cease to exist in 5-10 years unless they change their business models

SINGAPORE | SYDNEY, 16 September 2021 – Two in three (67%) banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus).

The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future.

The results illustrate the urgent need for banks to modernise their offerings, with 58% of global respondents predicting they will completely cease to exist in the next five to ten years unless they change their business models.

Looking more closely at Asia Pacific, the FT Focus report indicates that the region is lagging behind other regions on transformation, however, APAC banks are taking steps to ‘catch up’ to the rest of the world, with plans to increase investment in big data, machine learning and blockchain at significantly higher rates than other regions.

Myles Bertrand, Mambu’s Managing Director APAC, said: “The research illustrates how the banking industry is diverging on its approach to digital transformation. While less than one third of APAC banks describe their digital transformation strategy as mature or advanced, there’s an emerging cohort of digital ‘evolvers’ that is bucking this trend and really leading the way. What we’re seeing is these forward-thinking players helping those lagging behind to level up their transformation efforts, setting a blueprint for the rest of the industry to follow while demonstrating the business case for a customer-centric approach.

“And while the strong commitment from APAC banks to increase their investment in new technologies is very positive, banks in the region also need to change the way they approach innovation, and start proactively embracing new partnerships and collaborations. The ‘ecosystem’ approach has been incredibly successful in other regions, and with half of APAC banks concerned that they lack key internal workforce skills necessary to transform, it will prove very effective here too.”

Kristofer Rogers, General Manager ANZ at Mambu, added: “Digital transformation can’t be viewed as a long-game anymore, and in fact three in five APAC banks believe they will cease to exist within the next five to ten years if they don’t change the way they operate. That’s a very sobering statistic. And a third of banks are concerned that their legacy technology platforms are holding them back, so there’s still a lot of work to be done. On a positive note, 72% of banks in the region said that their speed-to-market has increased over the past 12 months, so there’s clearly an understanding of the need for speed when it comes to digital transformation… now banks just need to get the execution right.”

Globally, two fifths (40%) of respondents said they intend to modernise to a platform-based offering post pandemic, working with third party providers to develop plug-and-play banking services run on flexible, independent systems. Modernising to a platform-based structure and investing in data capabilities are key factors that separate digitally-advanced companies from the rest of the banks.

But while these forward-thinking players can see the benefits of digital transformation, outdated perceptions of banking are slowing down progress at a time when ESG goals and the customer experience are set to be the key growth drivers of the future.

81% of retail banking leaders strongly agree that replacing outdated mindsets with a progressive social purpose is vital to growth strategy, with this statistic reflected in profit falling down the priority list for banks, with ‘increased revenues’ ranked as only the fifth biggest benefit of moving to a customer-centric banking model.

Elliott Limb, Chief Customer Officer at Mambu, said: “The last 18 months have shown banks just how important it is for them to have a robust and agile digital banking offering. And with 53% of those surveyed admitting they’re at risk of missing digital transformation targets, it’s time the industry took note of the financial ‘evolvers’ that are leading the charge in this space. These are fintechs, challenger banks, and forward-thinking traditional players that are prioritising purpose-driven services and great customer experience.”

The report also highlights the slow progress and challenges banks are facing as they move away from traditional and legacy banking services towards digital.

With nearly a quarter of banking leaders describing their digital strategy as either ‘nascent’ or ‘exploratory’, the findings reflect the need for greater collaboration within the banking community, as well as the opportunities for forward-thinking players that embrace innovation through fintech ecosystems.

Download the global Evolve or be Extinct report.

__

About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 700 employees​ that support 200 customers in over 65 countries – including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com

Cape and Basiq join forces to speed up SME access to credit and spend management tools through Open Banking

Cape joins as a flagship partner of Basiq’s newly-released Startup Launchpad program

Sydney, 15th of September, 2021: Cape, the spend management platform issuing corporate cards, and CDR accredited Open Banking platform Basiq have today announced a new partnership to accelerate SME access to credit and tools to help them save time and money. 

Cape has joined as an exclusive flagship partner of Basiq’s newly-released Startup Launchpad. The program supports fintech innovators on their journey to scale, by helping qualifying early-stage startups access real-time financial data and access to Basiq’s suite of products for free. 

Integrating Basiq’s Open Banking technology into the Cape application and risk analysis process will allow prospective SME borrowers to seamlessly connect their business current

account to instantly verify their identity, account and income information with Cape. They plan to eliminate the need for customers to manually enter any details or send additional documentation to Cape, saving time and improving the customer experience. 

The partnership will also allow Cape’s customers to benefit from Basiq’s Open Banking technology by increasing the accuracy of the underwriting process by using real-time financial data. 

Damir Ćuća, Founder & CEO, Basiq, commented: 

“We’re proud to announce Cape as our flagship partner on the Startup Launchpad and look forward to seeing their journey. 

Basiq’s ability to verify account and transaction data in real-time will streamline the onboarding process for Cape’s business customers, as we work together to re-design business spending. 

This will set the standard for how all alternative finance lenders and banks can enhance the customer experience by utilising Open Banking technology to convert analogue processes to seamless digital journeys.” 

Ryan Edwards-Pritchard, Founder & CEO, Cape, commented

“We start as we mean to go on, our partnership with Basiq will help make it easier and faster for future customers to apply for our Cape products digitally. 

Open Banking technology offers a way to radically speed up the digital application process by offering instant decisions and personalised products. It also reduces the administrative burden on businesses when applying for credit or a change of terms. 

When looking for an Open Banking partner, Basiq was a clear favourite given they are the leading Australian open banking platform and a strong supporter of startups.” 

————— 

About Cape 

Cape is building APAC’s first spend management platform that issues virtual corporate cards designed to help companies strengthen their cash flow. Cape provides businesses with full visibility and control on purchasing to cut wasteful spending and the time taken on financial administration work relating to expense management. 

Cape will be launching its business credit card in the coming months. Founders, CFO’s & Accountants interested in learning more should download the Cape waitlist App from the Apple App Store & Android Playstore. 

www.hellocape.com 

About Basiq

Basiq is a CDR-accredited Open Banking platform that provides the building blocks of financial services. Our APIs enable secure access to customer financial data and tools to uncover valuable insights. Backed by AP Ventures, Salesforce Ventures, Reinventure, NAB Ventures and Plaid, over 200 fintechs and banks rely on our platform to deliver innovative financial solutions across lending, payments, wealth, digital banking and more. 

https://basiq.io 

Media contact
Ryan Edwards-Pritchard, ryan@hellocape.com, +61 (0)406 252 332

Raymond James renews partnership with GBST and upgrades its Syn~ post-trade solution

Raymond James has renewed its existing contract for a further term and successfully completed its upgrade to the most advanced version of GBST’s middle-office post-trade solution, Syn~TAC. A GBST client for more than seven years, the US multinational independent diversified financial services company has already experienced more than a 40 percent increase in straight-through-processing (STP) by using GBST’s Syn~TAC. With its recent version upgrade, the firm expects to benefit beyond its current STP capability to even further lower cost per trade.

 

Raymond James manages approximately $1.18 trillion in client assets, $7.6 billion of shareholder’s equity, and has over 8,400 financial advisors. The firm’s recent upgrade of Syn~TAC will enable it to offer an even greater level of automated post-trade allocation service to buy-side clients than previously available, with greater efficiency and cost benefits as well. It will facilitate the management of exceptions across multiple Electronic Trade Confirmation (ETC) providers to further enhance STP times with limited user interaction required.

Raymond James will benefit from improved data maintenance services to meet regulatory data retention requirements, while simultaneously sustaining the service levels expected by the sales and trading support personnel.

The new release of Syn~TAC also allows Raymond James to provide an alternative Financial Information eXchange (FIX) messaging service to its client base, as the DTCC moves away from and retires its antiquated Oasys ETC services. Syn~TAC will accommodate DTCC’s CTM step-out* trading functionality to ensure Raymond James’ client base can migrate before the October 2021 deadline.

Denis Orrock, Head of Capital Markets at GBST, said, “We are thrilled to continue our long-standing relationship with Raymond James and extremely pleased with how smoothly the upgrade proceeded. The entire process was performed remotely by our global teams due to Covid-19 restrictions. There is a range of additional features and functionality that Raymond James will be able to utilise for the benefit of its business and clients.”

Susan Horn, Managing Director, Global Equities and Investment Banking at Raymond James, said, “Upgrading to Syn~ 3.3 was key to further advancing the automation function in our middle-office environment. We were delighted with the professionalism displayed by GBST’s upgrade team and their deep expertise and domain knowledge.

“We commenced the upgrade on a Friday after the US markets closed and were ready when the first trade was processed from our London office early Monday morning. As a result of the upgrade, we will now be able to accommodate future trading volumes in excess of our substantial growth over the past two years.”

Syn~TAC is GBST’s automated middle-office trading solution that processes trades up to the point of clearing across multiple asset classes. It features intelligent tools to manage exceptions, correct errors, and enrich trades with settlement and reporting information.

Additional information

*Step-out trading is the execution of a large order by several brokerage firms that are each assigned portions of the trade by another brokerage firm.

Media contact
Andrew Byrne – Marketing
+61 9005 0922
andrew.byrne@gbst.com

Fundsquire raises $75 million strategic investment from Fasanara Capital

MELBOURNE, Australia, Sept. 14, 2021 – Fundsquire, a source of capital for startup and scale-ups globally, today announced they have received a strategic $75 million AUD (£40 million) debt and equity investment from Fasanara Capital.

This investment will support Fundsquire’s goals to launch new funding products in its existing markets in AustraliaCanada, and the UK, as well as enable tech development and market expansion in the coming year.

“We are thrilled about this partnership,” said Francesco Filia, CEO at Fasanara Capital. “Fundsquire is led by an extremely professional team with a unique offering on the market for R&D driven companies. We are looking forward to years of successful growth together.”

Fundsquire was founded in 2016 by passionate entrepreneurs with a goal to offer simple, non-dilutive growth capital options to businesses. Transitioning from a startup to a scaleup, Fundsquire’s own journey motivates it to create solutions that empower businesses to take control of their funding timeline.

Over the past year, Fundsquire has doubled it’s investments in category-leading businesses that are conducting R&D. This rapid growth has been enabled by strategic expansion of the team and operations along with technology platform development.

Several leading advisors, investors, and accountants have developed partnerships with Fundsquire to enable seamless funding options for businesses. Fundsquire’s expansive community of partners and perks offer clients a holistic network of support and connections.

“Our mission has been to invest capital into growing businesses across the world, and to make that process as straightforward, quick, and personalised as possible for our customers,” said Damien Petty, CEO & Founder of Fundsquire. “This investment accelerates our global growth and expansion of game-changing funding solutions for cutting edge businesses.”

About Fundsquire
Fundsquire is a global source of capital that invests in innovative businesses in Australia, the UK and Canada. We work closely with our customers to provide straightforward, non-dilutive capital to grow, accelerate and strengthen the value of their business. Visit fundsquire.com.au for more information.

About Fasanara Capital
Established in 2011, Fasanara Capital is a quantitative fintech investment company authorised and regulated by the FCA, offering access to inventive disruptive products and real-economy impact investment solutions, making extensive use of proprietary financial technology. Fasanara’s unorthodox portfolio construction and unconventional investment strategy is a response to today’s transformational financial markets, away from twin bubbles in public equity and bonds.

Media Contact: Scott Spence, Managing Director, Canadascott@fundsquire.ca, (647) 569 4575

E&S e-invoicing using Attaché software

The E&S Electrical Wholesalers group has adopted e-invoicing as part of the digitisation of their Procure-to-Pay processes. E&S selected e-invoicing Access Point Link4 for the implementation, and it is the first business in Australia to use Attaché (an Access company) software for e-invoicing. 

Attaché is the financial management and payroll software provided by the Access Group. Attaché is yet another example of an accounting software package that has been proven to integrate with Link4. 

“We have been working closely with the Attaché team to enable e-invoicing for E&S, but now any business using Attaché can benefit from e-invoicing with Link4,” says Sam Hassan, CTO of Link4. 

Link4 allows E&S to deliver their e-invoices through the Peppol network. If a customer is not yet on the network, Link4 will still deliver the invoice securely, giving customers the option of downloading a copy as a PDF, XML or CSV file. 

Link4 is a complete invoicing solution that will deliver both e-invoices and regular invoices. For E&S, more than 1,000 invoices were sent via Link4 within the first 2 weeks of going live. 

Digitising E&S’s invoicing processes will enable safer and faster invoice processing for their customers. It will also improve cash flow for E&S and streamline the process for their customers, because the invoice will be delivered directly into their accounting software without the need for long hours of data entry. 

“It is great to see E&S join the e-invoicing network,” stated Robin Sands, Link4 CEO. “They have shown how easy it is for any Attache user to make life easier for their trading partners – especially their small business customers.” 

The partnership between Attaché (an Access company) and Link4 will be strengthened through this integration led by E&S. By digitising their procure-to-pay process, E&S are taking the lead in encouraging more businesses to adopt e-invoicing. The benefits as more companies embrace this technology will be felt throughout the entire business ecosystem. 

About Link4 

Link4 is an award winning, PEPPOL certified Access Point that provides seamless e-Invoicing services throughout Australia, New Zealand, Singapore and the UK. Counted amongst Link4’s clients are BOC Australia, the BGW Group, and thousands of Australian SMEs that use Xero, MYOB or QuickBooks as their accounting system.

Regtech startup LAB Group expands into global markets

LAB Group is an Australian regtech (regulation technology) startup that provides compliance services to the financial services industry.

The company has adopted a global expansion strategy in the middle of the COVID-19 pandemic. It set up its first European office in 2020 and has doubled its workforce in the first six months of 2021.

In this case study, Nick Boudrie, CEO, LAB Group explains how the company has evolved, including:

  • how his company navigates the regulatory environment
  • the challenges and opportunities in regtech
  • the role Austrade played in the company’s expansion strategy.

Australia is a growing hub for regtech expertise

Regulatory compliance is a critical aspect of risk management in the finance industry. It is also highly complex. For example, disclosure and privacy rules pull banks in opposite directions.

‘Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) legislation require disclosures and audit trails,’ says Boudrie. ‘Meanwhile data privacy laws mean that finance companies must adhere to strict information-security rules.’

LAB Group helps finance companies to navigate this difficult path. The company’s cloud-based services helps clients to manage customer enrolments so the process complies with finance regulations. This includes the use of biometric verification.

The challenges of creating regtech exports

According to Boudrie, creating an exportable regtech product is a constant challenge.

‘The regtech domain is unique,’ says Boudrie. ‘On the one hand it requires global consistencies and compatibility. On the other hand, regtech has to adhere to local laws and practices.

‘We have created standardised workflows and configurations for these jurisdictions, as well as industry verticals to minimise customisation requirements and speed up implementations. We also support them through the technology adoption process as their use of the platform expands, and as it evolves with ongoing regulatory and technological changes.’

Role of Austrade in overseas expansion

Austrade has worked with LAB Group to help them grow in overseas markets. For example, Austrade invited LAB Group to join the Australian FinTech Mission at key trade events.

Two of these events were ‘Money 20/20’ in Singapore in 2019 and the Paris FinTech Forum 2020. These events provided opportunities to network and make introductions. This enabled executives to meet potential partners and local regulators.

Boudrie says that participation in trade missions has helped his company grasp the subtleties of the regtech landscape in different markets. Attendance also helped LAB Group make key decisions about product roadmaps and market entry in different jurisdictions.

‘Austrade helped us to set up some of our global operations, and to structure them’, he says. ‘They also helped with product promotion and distribution.’

Made in Australia, for the world

LAB Group now has an impressive client list across the region. This includes customers in New Zealand and Japan. The company raised $4 million from Costa Asset Management in March 2021. It will use the capital to expand into new markets in Europe and Asia.

‘Regtech is well established in Australia, but we lag behind other countries when it comes to raising funds,’ says Boudrie. ‘A part of that is due to the lack of exposure and experience. To that extent, Austrade has been a valuable partner.’

‘Our Australian experience has helped us develop a robust suite of solutions,’ he adds. ‘To expand, however, we need to understand specific markets. With new capital, we look forward to consolidating our offerings and expanding our global footprint.’


About Austrade

The Australian Trade and Investment Commission (Austrade) is the Australian Government’s international trade promotion and investment attraction agency.

We deliver quality trade and investment services to businesses to grow Australia’s prosperity. We do this by generating and providing market information and insights, promoting Australian capability, and facilitating connections through our extensive global network.

To discover how we can help you and your business, visit austrade.gov.au or contact us on 13 28 78 (within Australia).

 

Finder and Envestnet | Yodlee Extend Partnership to Fuel the Continued Growth of Finder App

Finder app has over 250,000 users and is powered by Envestnet | Yodlee’s Data Aggregation Platform 

Finder app recently launched its crypto wallet and continues to grow and innovate  

The growth of the app comes as Finder expands globally, most recently opening its Denver office 

 

Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, has today announced its contract renewal with Finder, Australia’s most visited comparison platform, as it expands overseas and continues its mission to drive financial wellness among Australians.  

The partnership began two years ago as Finder set out to launch its free Finder app, featuring tools that allow Aussies to manage their money effectively, track their credit score, and more. Envestnet | Yodlee’s user-permissioned, data aggregation platform is used by Finder to link users’ bank accounts to the app and categorise data – which is critical to giving users the insights they need on their financial standing.  

The app also uses Envestnet | Yodlee’s data intelligence to enable its users to automatically compare their financial products with Finder’s extensive database. According to Finder’s Loyalty Tax Report, an estimated eight million Australians stay loyal to their financial providers by not switching regularly – a habit which costs a combined $67.8 billion a year. Finder, however, estimates that Australians could save up to $8,496 each year across four common financial products – home loans, savings account, health insurance and credit cards – if they simply switch providers to a better deal. The free app analyses members’ financial products and their spending and notifies them of potential savings across a range of financial products including the aforementioned four, as well as car insurance, broadband, mobile phone, energy, and more.  

Since the launch of the Finder app in March 2020, it has garnered over 250,000 users – and is fast becoming one of Australia’s leading money apps. Built on solid foundations and powered by Envestnet | Yodlee, Finder has been able to innovate and add additional tools to the platform, including crypto trading, which allows users to buy and sell Bitcoin and Ethereum within the app.  

“We built the Finder app to further our company’s mission of helping Australians make better financial decisions and improve their lives,” said Fred Schebesta, Founder of Finder. “Envestnet | Yodlee’s technology was critical to launching the Finder app by allowing members to have more visibility over their financial data and benefit from tools and personalised insights.” 

The growth of the Finder app has come in tandem with the rapid expansion of Finder’s wider organisation, both locally and internationally. It recently launched its office in Denver, announcing plans to hire 200 staff – adding to its existing workforce of 80-plus team members in North America. Finder has more than 400 staff globally and its platform for comparing banks, insurance and telcos is now live in more than 80 countries, with 10 million consumers using its services every month. 

As Finder sets its sights on being the top comparison website globally, with plans to aggressively expand into Southeast Asia; Envestnet | Yodlee’s technology has been earmarked as having the capabilities to support the company’s continued expansion. 

“Envestnet | Yodlee is proud to continue its partnership with Finder, a true Australian FinTech with a mission to help Aussies and people around the world be better off financially,” said Timothy Poskitt, Country Manager at Envestnet | Yodlee.  

“Envestnet | Yodlee has been present in Australia for over a decade and has a truly global footprint – working with some of the largest banks and finance companies in the US, UK, Australia, New Zealand, and more. Our empowerment of the Finder app is a brilliant example of how our technology quietly sits in the background and allows finance companies to build incredible products, which are not only innovative – but serve consumers in the best way possible. I am excited about the partnership’s future and seeing Finder continue to flourish.”  

 

About Envestnet 

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc.  Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Nearly 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients. 

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn. 

REA’s PropTrack joins FinTech Australia’s partnership program

REA Group’s data business PropTrack has joined FinTech Australia’s ecosystem partnership program, becoming the 14th major partner the peak body has signed in a year.

The program embeds companies within the fintech ecosystem and assists in the fostering of relationships with the fintech industry’s key players.

PropTrack is a property data and valuations business servicing customers including Australia’s major banks with trusted property data analytics and insights, customised data platforms and an Automated Valuation Model (AVM).

Other companies involved in the program include: Xero, the Sydney Stock Exchange, Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank, RSM Australia and the Newcastle Permanent Building Society.

“This is an exciting partnership for FinTech Australia, as we’ve always seen a key link between the property sector and the fintech industry,” FinTech Australia CEO Rebecca Schot Guppy said.

“Property is crucial to wealth and investment in Australia, there’s a substantial number of fintechs operating in the sector. Our partnership program will assist PropTrack in building those key relationships to help create new opportunities.”

Melina Cruickshank, Chief Executive Officer, PropTrack, said: “PropTrack is uniquely placed to provide unparalleled access to property data and insights through the integration of proprietary REA Group demand data and industry-leading software, apps and tools. We’re excited to connect with new fintechs to help build their competitive advantage with trusted market intelligence.”

Media contact
Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618

About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

FeeSynergy and Equifax have partnered to help revolutionise the way accounting and legal firms assess client credit risk and better manage client relationships.

Leading debtor management software fintech, FeeSynergy, and global data, analytics and technology company, Equifax, have partnered to help accountants and legal firms to better assess client risk, providing greater visibility of a client’s credit risk and ability to pay.

With economic uncertainty and many businesses feeling the pinch from Covid lockdowns, having insight to the credit standing of customers is essential to help reduce time spent chasing bad debtors and ensure cash-flow to enable business growth.

As the number one provider of debtor management software, payment gateways and fee finance solutions to accounting and legal firms in Australia and New Zealand, the FeeSynergy Collect platform is used by hundreds of leading firms to manage their entire debtor management process, from engagement right through to payment.

The partnership with Equifax will enable accounting and legal firms to access an Equifax business credit score and credit report as part of their risk assessment process. It will also offer FeeSynergy clients the ability to identify business advisory opportunities within their client base.

FeeSynergy’s Managing Director, Malcolm Ebb, says “Our partnership with Equifax is ground- breaking. The product we are bringing to market has been over two years in the making and will provide our accounting and legal clients with valuable insights enabling them to better manage risk and enhance client engagement.”

“In the current economic climate, managing the credit risk of customers and suppliers is crucial. Understanding a client’s risk and ability to pay can help better protect cash-flows. Our partnership with FeeSynergy enables the accounting and legal sector to access a more complete picture of prospective and existing clients so that they can make informed decisions when it comes to credit risk and client engagement.” Scott Mason, General Manager Commercial and Property Solutions at Equifax adds.

For more information contact hello@feesynergy.com.au

Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise