Databricks joins FinTech Australia’s partnership program as Gold Partner

Databricks, the Data and AI company, has become a gold partner in FinTech Australia’s corporate partnership program. It joins other major technology companies such as Facebook, Google, Amazon Web Services (AWS) and Xero, all of whom have become members in the past 12 months.

FinTech Australia’s ecosystem partnership program assists in the fostering of relationships with the fintech industry’s key players and aims to further embed them in the growing ecosystem. 

In joining the program, Databricks aims to work more closely with digital natives on leveraging data to drive both more engaging customer experiences and greater returns on equity. 

“With Open Banking now rolling out in Australia, data has become an increasingly valuable asset for the fintech industry — one that many in the sector are still working out how to best utilise,” FinTech Australia CEO Rebecca Schot-Guppy said.

“Given this, we welcome Databricks as a gold member in our corporate partnership program, and believe the move to join the program is incredibly well-timed.” 

Bede Hackney, Regional Vice President for Australia and New Zealand at Databricks said: “Data is the lifeblood of every company and is fundamental to driving innovation in what is one of the world’s most dynamic fintech industries.  

“As the sector continues to diversify and new entrants challenge traditional financial business models, we look forward to collaborating with Australian fintechs, and enabling organisations to unlock greater value from their data.”


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

Adatree launching Australia’s first non-financial CDR use case

Adatree is excited to announce the launch of COVID Hotspot Alert, an innovative new service using the power of CDR for Good. COVID Hotspot Alert helps keep Australians safe during the pandemic by leveraging a user’s card purchase data and matching with COVID Hotspot locations released by the Government. Alerts are sent directly to a customers phone if they have purchased at a COVID Hotspot location within minutes of new exposure sites being announced.

COVID Hotspot Alert has been built with Adatree proprietary Data Recipient Platform, which is currently active and receiving bank data from data holders couple with Adatree’s new Analytics Engine, machine learning algorithms that run the complex matching process.

Adatree fundamentally believes in applying the Consumer Data Right not only for financial gain, but also for use cases that help our society. We created this product to demonstrate that the CDR is live and working and to show that the CDR can be used for greater social good.

For more information about COVID Hotspot Alert and to join the waitlist for this innovative service, go to covidhotspotalert.com.au

FinTech Voice October 07: Sponsored By Signiflow

We’re in the last quarter of 2021 and we can’t wait to get to meet in person again!

Over the last fortnight, FinTech Australia held two important events – the roundtable with Minister Hume and the Fintech Megatrends Webinar with Amazon Web Services. We were delighted to have such a high level of engagement during the roundtable and record attendance for the Webinar.

We are excited to celebrate the success of fintech on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week

Save the date for the Finnies 2021!

Celebrate the night with your FinTech peers, virtually!

 

Following on from our recent submission in response to the Consumer Data Right version 3 of the rules consultation, the Government has finalised their amendments to the Consumer Data Right Rules (version 3 of the rules).

You may have also received a separate email day before yesterday inviting you to the 2021 edition of the EY FinTech Australia Census. We hope you can join us for the special webcast with EY, FinTech Australia and Austrade to hear, for the first time, the outcomes of the EY FinTech Australia Census 2021 on Wednesday, 20 October 2021.

If you are searching for great people with digital skills, join the Digital Jobs Program in association with Vic Gov’s Digital Jobs program:to bring new skills and new talent into your business. Businesses can host candidates through a 12-week internship arrangement (partially subsidised by VicGov) after candidates receive 12 weeks of free digital skills training through the program.

Finally, we also welcome our growing member base with new members – CODAT, Fincue, Quest Finance Australia and Canvas

Regards,

Rebecca Schot-Guppy
CEO
FinTech Australia

SigniFlow is an Advanced Electronic Signature (AES) provider that offers compliant alternative to wet-ink signatures. It can be deployed as a SaaS, on-premises or integrated into third party applications. All on premise deployments benefit from unlimited signatures or document workflows, which is unheard of. Unlike simple electronic signatures, SigniFlow embeds a signer’s digital ID (email address, mobile number, IP address, browser and geolocation) into the PDF using encryption. This ensures non-repudiation in a court of law.

Integrated with Australia Post’s Digital ID for KYC, SigniFlow can verify signer identity before documents are signed. eSign with total confidence, wherever you are. There’s no need to pay what our competitors charge.

InsureTech Whitepaper

We are continuing to work closely with our Insurtech policy working group and policy partners towards completing our whitepaper.

Questions on Notice

We have submitted our responses to the Select Committee on Australia as a Technology and Financial Centre in relation to the questions we took on notice regarding cryptocurrency, de-banking and the ACCC’s proposed changes to the laws surrounding mergers & acquisitions.

A copy of our responses is available to read, here.

Digital ID

We are submitting on the Government’s latest Draft legislation release for the Australian Government Digital Identity System. We are collecting member feedback

Further information on the consultation is available here.

Consumer Data Right Rules

The Government released their CDR Rules version 3 update – available here.

👩🏻‍🎓 The demand for digital skills is growing, and the Victorian Government’s new Digital Jobs program is helping build Victoria’s digital workforce to help businesses thrive. Over the next three years, mid-career Victorians will complete a six-month program that includes 12 weeks of industry-backed training followed by 12 weeks in a paid digital job with a Victorian business. Some of the state’s top employers will host candidates, including ANZ, Carsales, Zendesk, Amazon and MYOB.
If you are searching for great people with digital skills, learn more and apply now

🗞️ NSW Going Global Export Program 2021-2022 is now open for applicants. Through this free engagement program, NSW Government will provide knowledge, expertise, and support to expand your business to the right customer in the right global markets. Enroll today! – Link here

🏦 BDO Australia is hosting their free virtual masterclass series. In three, two-hour financial education sessions, they will help you understand your business’s numbers and plan for a sustainable future. Learn more about the masterclass here

📊 A panel discussion on How Consumer Data Right (CDR) payment initiation intersects with PayTo presented by New Payments Platform (NPP) on October 12Register here and join the panel

📱 Want to know more about how technology is playing a key role in delivering leading experiences through the different phases of the design process. Join the webinar on Technology Initiatives: Design & Discover the Right Solution with Jade World12 October – Register here

💲 Hear from the leading Business and Industry leaders at the online launch event, exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector. Register for Fintech in Vietnam Event Launch on 27 Oct – 3:00 PM – 4:30 PM AEDT

💰 Save the date for the Fintech Connect webinar hosted in collaboration with the Australian Trade & Investment Commission, the Canadian Trade Commission, and the New Zealand Trade and Enterprise. A webinar featuring local and international speakers in the fintech industry. Book your slots here

📊 Join the online launch event exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector with FinTech in Vietnam Event launch on 27 October. For more information and registration, visit here

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  • Openpay supported by Australian Trade and Investment Commission (Austrade) has now launched its BNPL and B2B payments services in the United Kingdom and the United States.
  • The National Health and Medical Research Council (NHMRC) is now receiving e-invoices from suppliers to combat fraud and improve payment times – selecting Link4 as an Access Point provider
  • BTC Markets recently ran a survey with over 1,800 participants to find out more about what the average Australian cryptocurrency investor looks like.
  • IDEMIA, globally renowned for Augmented Identity and for their innovation in payment cards now provides a member exclusive metal card offer
  • Leading commercial credit reporting agency CreditorWatch recently launched its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.
  • Australian founded and headquartered payments disruptor, Till Payments (Till), has closed its Series C funding round, raising $110 million in private capital for global and local expansions.
  • GetCapital, a provider of credit and payment platforms to Australian businesses, recently joined the Tech Council of Australia.

Five Fintechs On Friday – October 08, 2021

The new edition of the five fintechs on Friday is here!

But first, news from the industry…

Independent Reserve becomes first Australian cryptocurrency exchange licensed in Singapore. Some major partnership deals recently with Zip’s global partnership with all-in-one payments platform Adyen and Stake partners with fintech unicorn Airwallex. New launches! 1WordFlow launching the digital edition of Scott Farrell’s Payments System and TrueLayer launches its global Open Banking Platform in Australia!

Aussie fintech disruptor Till Payments raises $110 million in Series C funding round for global and local expansion.

Lastly, we have 5 days to go for the Finnies! We are excited to celebrate the success of the industry on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week.

Below are five fintechs we shortlisted for this fortnight

 

Taulia

Headquartered in San Francisco, Taulia is the leading fintech provider of working capital management solutions who believe in building a world in which every business thrives by liberating cash trapped in the supply chain. They help companies access value tied up in their payables, receivables, and inventory. Taulia also helps companies transition from inefficient and often manual working capital management practices into technology-led, working capital optimisation strategies where every party across the supply chain has the cash they need to thrive. Over 2 million businesses use Taulia’s platform to determine when they want to pay and be paid. Taulia processes more than $500 billion each year and is trusted by the world’s largest companies including Airbus, AstraZeneca and Nissan. They recently continued their development in Asia and have a strong presence in Australia and New Zealand.

Meeco

Pioneering since 2012, Meeco unlocks the power of consent-based personal data, giving organisations the tools to empower their customers to access, control and create mutual value from their personal data. Meeco offers FinTech, RegTech, LifeTech and KidTech solutions across, banking, telecommunications, government and health. Meeco’s technology is a Privacy and Security by Design, ISO certified suite of products: a decentralised wallet (incorporating identity, verifiable credentials along with micropayments and tokens), a key management store, a secure data enclave (vault) and a credential brokerage service. Meeco’s technology is decentralised on Hedera Hashgraph and a strategic Consumer Data Right enabler.

Precinct

While some in the community are ‘digital native’ and a growing number have fully migrated to digital banking channels, there remains a majority of the population that use physical banking channels either sometimes, most of the time, or all of the time. At Precinct, the purpose is to ensure sustainable access for that segment of the community, both businesses and consumers. This purpose is increasingly needed as bank branch networks continue to reduce. They are strongly supportive of the continuing advances of digital platforms and solutions, but we feel a strong obligation to ensure that we don’t leave people behind – those people are often the most vulnerable in the community. The team is building both a physical and digital infrastructure, with services from a number of fintechs as part of our architecture, to allow businesses and consumers to continue to bank physically with their bank if that is their preference or need.

Fundsquire

Fundsquire is a global source of capital that invests in innovative businesses in Australia, the UK and Canada – working closely with the customers to offer straightforward, personalised, non-dilutive funding through R&D tax credit loansgovernment grant funding and revenue based financing. Transitioning from a startup to a scaleup, their own journey motivates them to create unique solutions that empower businesses to take control of their funding timeline for accelerated growth. Over the past year, Fundsquire has doubled its investments in category-leading businesses. This rapid growth has been enabled by strategic expansion of team and operations along with technology platform development. Fundsquire also brings its customers an expansive network of partners and perks to enable seamless funding options for businesses at all stages of growth.

Global Processing Services

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading challenger fintechs, including Revolut and Paidy. GPS has to-date issued over 170 million cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions through its platform. Joanne Dewar, CEO of GPS, commented: “Agility is key to fintech success, and the winners will be those that learn how to collaborate with the best technology providers as true partners rather than suppliers. This collaborative approach that harnesses the collective experience is one of the real secrets to success, regardless of the size of the organisation.”

 

Check out our previous issues here!

A$1.1M upgrade to the Spenda system released to support continuing customer growth

Following the commercial release of the Spenda Payment Suite in May 2021, this week Cirralto released a major upgrade to the Spenda system.

In addition to the increased functionality enabled, this upgrade delivered the necessary changes and assurance of our transaction scaling capabilities to support our growing customer numbers.

This software release involved the strategic investment of $1.1m to unlock multiple competitive advantages that the company believes will have a payback period within the current financial year and provide the foundation for accelerated domestic customer acquisition and international expansion.

Major enhancements in this release include;

  • Further enhancements to key competitive advantages in customer acquisition technologies, credit profile, deal underwriting and margin enrichment,
  • Inline integration of the Invigo B2B Buy Now, Pay Later (BNPL) services,
  • T+1 automation of merchant funding for BPSP & BPA (Business Payment Solution Provider agreement) & BPA (Business Payment Aggregator agreement) payments,
  • Expanded capabilities for collaborative commerce and data sharing,
  • Scaling capability changes and assurance to support increased payment transaction volumes, and
  • API services to support expanding engagements with technology and marketplace partners.

The release builds on the significant competitive advantages Cirralto currently employs, which can be classified as follows:

Customer Acquisition

  • Our integrated solution enables a viral customer acquisition strategy at little or no cost as customers can seamlessly invite their customers into the Spenda network with all parties obtaining a commercial benefit from the process. This is further enriched as customers become borrowers through our in-software lending triggers, resulting in an increase in the average revenue generated per user.

Credit Profile

  • Cirralto is providing convenience credit, or point-of-activity debt, which is aligned to standard trade discounting and as such borrowers are high quality and not in crisis. This coupled with short-cycle lending (less than 90 days) to an ever-broadening cross-section of verticals that uses the ledgers of the buyer and seller, mitigates lending risks and improves the balance of Cirrlato’s lending and payments portfolio.

Credit Underwriting

  • Ledger integration enables access to historical ‘real economy’ activity data in a usable format to make better credit decisions than traditional credit processes (e.g. point of sale data, inventory, purchase orders, buyer-supplier trading history and/or bank cash flows) don’t have access to in such a light-touch data gathering methodology. This information enables enhanced credit analysis, scorecard design/iteration and fraud prevention.
  • The use of our accounts payables and accounts receivables software for payments creates a behavioural history that enables credit decisions and progressive scientific extension of credit limits without “leap of faith” risk.

Margin

  • Following the recent acquisition of Sydney-based fintech, Invigo Pty Ltd. the service enhancement enables better control of the ledger, reducing loss and bad debts, which in turn enables Cirralto to access a lower cost of funds from wholesale lenders, enabling the company to offer more competitive rates to its customers.

 

The release of these new Spenda upgrades are cornerstone functionalities enabling pay later services in B2B trade with enforceable payment agreements at the end of the loan period, benchmarked against standard business terms of trade like 30 days from invoices and 30 days from end of month (EOM).

​​The technology is unique among other B2B pay later services, whether traditional terms of trade or emerging platforms, due to the ability for seamless data transfer and integration between both parties.

The release of the pay later functionality within the Spenda suite enables the business to continue to pursue marketplaces, suppliers, manufacturers and franchise groups and offer risk-free trade for their business customers.

Commenting on the release, Adrian Floate, CEO of Cirralto and MD of Spenda, said “The team has worked incredibly hard to get this release out on time. We have used this period to rationalise how we develop new products and our leadership has stood up through this period and thought outside the box to solve problems.

“These services are a ‘mark the day moment’ for the Company,  we took significant leaps forward with this release. It will enable us to handle more customers, more efficiently as we continue to move forwards with our growth plans.  Integrating Invigo’s products into the Spenda suite and supporting Pay Now, Pay Later as an on-demand service within the Spenda stack will enable customers to buy what they need, when they need it, with fewer capital constraints and allowing suppliers to get paid faster and convert accounts receivables to cash in near real-time.

Commenting on the release, Olly Speed, CTO of Spenda said “The successful go-live of Spenda Payment Services V2 is a significant technology achievement by the Spenda team.

“These services have been built to automatically scale to support very high sustained and peak transaction loads, on the Microsoft Azure cloud infrastructure platform.

“In an ongoing collaboration between in-house and external Architects and Designers of Microsoft Infrastructure, Application and Security solutions, the team has built an exceptional set of highly-performance and secure cloud-native microservices using Azure serverless technology.

“This means our software processes can automatically scale out under high customer transaction load while doing so cost-effectively. This cost-effective Azure serverless technology is at the heart of our technology strategy to guarantee a commercially effective processing cost per transaction while supporting the significant customer growth in demand for our Pay Now and Pay Later products.

“The team is rightly very proud of this strategic delivery milestone, bringing to market these foundational and visionary B2B software payment services on the Spenda digital ecosystem.”

___

About Cirralto

Cirralto Limited (ASX:CRO) is a feature-based payment company capable of owning transactions from any customer up and down the value chain. Through their core product, Spenda, Cirralto delivers a fully integrated digital payment and business software solution that enables businesses to transform with fast, error-free digital efficiency.

Cirralto supplies industries with a broad range of B2B payment services, digital trading software and integrated solutions. Our goal is to convert EFT payments to card payments utilising the BPSP/BPA engagement coupled with our payments collaboration framework. Our competitive advantages deliver customers end-to-end e-invoicing integration, rapid ordering, digital trust and automated reconciliation.

About Spenda

Spenda offers one connected digital platform that equips businesses with smart software applications, flexible B2B payment and lending solutions, and integration services. Ultimately, by improving how businesses trade and get paid, Spenda’s solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain.

Spenda is a core product of Cirralto Limited, an ASX listed company with over 20 years’ experience in delivering B2B payment services, digital trading software and integrated solutions. For more information, please visit www.spenda.co


Media Contact
Lauren Jones
Head of Communications at Cirralto
E: lauren.jones@spenda.co
M: 0451 059 961

Fintech leaders Slyp and DiviPay partner to launch automated in-app smart receipts for businesses

The partnership will allow businesses to capture tax-compliant receipt information in real-time, without the waste

DiviPay and Slyp, two fintechs sparking change across Australia’s financial landscape have today announced a national partnership to offer businesses in-app digital receipts at the point of sale. In a market first, DiviPay and Slyp will integrate their technologies to enable digital receipts to be accessed automatically through business expense management platforms.

Slyp’s innovative Smart Receipt technology is backed by and built in partnership with Australia’s big four banks. Its technology integrates directly with a merchant’s point-of-sale system, allowing the real-time capture of receipt information and delivery of a Smart Receipt, directly to the customer’s phone. DiviPay, backed by 1895i, formerly ANZi, is Australia’s first all-in-one smart corporate card and expense management platform. The DiviPay platform allows businesses to instantly issue their employees smart corporate cards for in-store and online purchases. This partnership means lengthy reimbursements and expense reports are replaced with an entirely digital journey.

DiviPay users will instantly receive Smart Receipts when paying at a Slyp enabled merchant. The receipts and transaction information will be automatically allocated to the business’ expense report and populated into their connected accounting systems, such as Xero, MYOB and Quickbooks. By removing the need for paper receipts, businesses can also reduce their environmental footprint. Previously, DiviPay would prompt users to manually photograph and upload receipts to their expense management platform after making a purchase. When receipt collection is left to employees, however, DiviPay has found that around 30 per cent are not uploaded. With DiviPay customers having made 185,000 in-store transactions in the past 12 months, the start-up saw a gap that needed to be filled.

Daniel Kniaz, Founder and CEO of DiviPay, says: “Up until now, there has been no expense management platform in Australia that allowed businesses to automate receipts from the point-of-sale into an app. Time-consuming uploading of receipts is a common pain point for our customers and we wanted to address the issue quickly, so we could continue to grow and scale DiviPay. Our integration with Slyp is a game-changer for business owners, finance teams, accountants and bookkeepers, who will no longer need to chase receipts from employees or spend hours manually calculating GST figures and populating expense reports with transaction information. We are confident our partnership will encourage more businesses to turn to our platform to assist them in managing and reporting expenses.”

Paul Weingarth, Founder and CEO of Slyp, says: “We’re thrilled to partner with DiviPay to enable more customers to utilise our Smart Receipt technology. The Australian fintech ecosystem is thriving and partnerships like this one are helping customers – both business and consumers – benefit from Australian innovation. We look forward to continuing to work together to evolve our offering and bring even more smart technology to the market in the future.”

Ron Spector, Managing Director of 1835i Ventures says: “The DiviPay and Slyp collaboration is an example of two Australian tech innovators working together to deliver a seamless user experience. This collaboration supports our strategy to invest in a portfolio of companies which can partner with each other and ANZ to deliver value to Australian businesses. The DiviPay-Slyp partnership is aligned to ANZ’s strategy of helping Australians to start, run and grow their businesses”1835i Ventures is part of the 1835i Group – the corporate innovation and venture partner to ANZ Bank.

Slyp Smart Receipts are now available to DiviPay customers at Slyp enabled merchants.

About DiviPay
DiviPay is an all-in-one virtual corporate card and expense management platform that enables finance teams to better manage, control and streamline spending across their organisation. Founded by Daniel Kniaz and Russell Martin in 2017, DiviPay’s easy-to-use web and mobile app comes with instant virtual corporate cards, automatic bill payments, card controls and budgeting, a real-time transaction feed, automated expense reports, powerful accounting integrations, subscription spending management and exclusive rewards. DiviPay won the 2019 Emerging App of the Year at the Xero Awards and Finder’s 2021 Best Payment Innovation Award. Businesses have used the DiviPay platform to process over $65 million in business payments. For more information, visit www.divipay.com

About Slyp
Founded by former PayPal executives in 2017, Slyp is a fintech transforming the world of receipts. Backed by the four major Australian banks, Slyp automatically delivers a revolutionary smart receipt right inside your banking app, eliminating paper receipts and creating a seamless customer experience. With Slyp, customers pay as normal and can immediately view and interact with their smart receipts in their mobile banking app, anytime. Slyp’s innovative technology is ISO certified and built-in partnership with the banks, offering bank-grade security and privacy. Introducing a new world of smarter, greener receipts – Slyp Smart Receipts. Find out more – slyp.com.au

TransUnion Invests in Monevo To Serve the Personal Credit Market

TransUnion, a global insights and information company, today announced its investment in UK-based fintech Monevo – a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties.

Eligibility, also known as pre-qualification, is an important part of consumer lending. Pre-approved offers, or an indication of the likelihood of being approved at the rates shown, enable consumers to shop for personalised credit products with ease, while ensuring multiple eligibility assessments do not adversely impact an individual’s credit score.

Operating primarily in the UK and US, as well as Poland and Australia, Monevo provides centralised infrastructure, with the technology, decisioning and integration to allow lenders and aggregators to work efficiently together to deliver the best possible consumer outcomes.

Greg Cox, CEO of Monevo said: “Our mission has always been to improve access to credit by providing the technology and infrastructure to power credit distribution globally. By partnering with TransUnion, which owns and operates key services and infrastructure in the credit ecosystem and serves a large global base of relevant clients, the potential of this investment for Monevo is huge. Both parties share a similar ethos for innovation and empowering consumers to make better credit decisions, and we’re extremely excited to work with the team at TransUnion to realise Monevo’s growth potential over the years ahead.”

Using granular data and predictive modelling, Monevo’s solutions enable credit providers to review and accept more applications. This helps consumers find the most suitable products, supporting financial inclusion and responsible lending. Monevo is well-established in this space in both the UK and the US, and through this commercial agreement with TransUnion can expand and improve its solutions.

“We’re pleased to make this investment and enter into a global strategic partnership with Monevo, expanding our offering to finance providers and aggregators to help them better serve their customers,” said Satrajit “Satty” Saha, CEO of TransUnion in the UK.

“Harnessing the synergies between the two businesses, we can leverage TransUnion’s data, analytic capabilities and decisioning expertise alongside Monevo’s market-leading technology platform, extensive partner distribution network and expert team.”

TransUnion’s Steve Chaouki, president of US markets and consumer interactive, added: “Monevo has driven fintech innovation in the consumer credit sector and our partnership will open up a broad range of new opportunities serving both consumers and businesses. For example, we will be able to incorporate targeted offers into our CreditView product and offer our consumer platform to Monevo’s existing customer base.”

Monevo is a subsidiary of Quint Group, which comprises a number of different businesses that serve consumer finance markets. As part of the investment, TransUnion will join Monevo’s board and provide dedicated resource to support long-term growth objectives.

For further updates visit www.monevo.com and www.transunion.co.uk

Further Information:
Camille Jackson
Brand & Communications Manager
Monevo, part of Quint Group
01625 505 464
cjackson@quint.co.uk

Notes to editors
The information in this release is intended for journalists and media professionals only. The information should not be construed as a financial promotion under the Financial Conduct Authority’s (FCA) Handbook of rules and Guidance.

About Monevo
Monevo is a B2BC Personal Credit Platform and API (application programming interface) that operates in the UK, US, Poland and Australia. Monevo provides the infrastructure, technology, decisioning and relationships to facilitate a highly complex global personal credit marketplace that is growing rapidly. Monevo powers personal credit comparison and search for some of the world’s leading financial services brands. Its API and white label solutions empower Partners to offer their customers personalised credit offers from Monevo’s integrated network of lenders and banks. Monevo is used by over 100 lenders and banks globally to distribute personal loans and credit cards.

About TransUnion
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®. TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. In the UK, TransUnion is a leading credit reference agency (CRA) and we offer specialist services in fraud, identity and risk management, automated decisioning and demographics. We support organisations across a wide variety of sectors including finance, retail, telecommunications, utilities, gaming, government and insurance.

REA Group and Frollo launch Proof of Concept to make home buying more accessible with Open Banking powered Financial Passport

Frollo and REA Group are exploring opportunities to make home buying more accessible to Australians, using Frollo’s Open Banking powered Financial Passport. With just a few clicks, home buyers will be able to instantly generate an in-depth overview of their finances to support their home buying journey.

Insight into the consumers’ financial situation is a critical aspect of the home buying process. For lenders when approving a loan, but just as importantly for the consumer when deciding their borrowing power.

Millions of home buyers use realestate,com.au to find their next dream home. Now, they will have the opportunity to generate a Financial Passport report that shows them what their finances look like. Using Frollo’s secure and user-friendly Open Banking service, it will take them only a few clicks to connect their financial accounts and download the report.

The Financial Passport will give them an in-depth view of their income, expenses, assets and liabilities, and help them understand what’s achievable much earlier in their home buying journey.

In this initial Proof of Concept, REA customers will share their CDR data with Frollo to generate the Financial Passport. They can then download the passport and add it to their realestate.com.au account. This negates the need for REA Group to become an Accredited Data Recipient (ADR) for the POC and has reduced the speed to market to less than 6 weeks.

The customer experience

REA - My Finances - Financial Pasport - Step 1Frollo and REA - Open Banking powered Financial Passport - Account linkingDownload passport

Eloise Wall (General Manager Financial Experiences at REA Group) says: “At REA, we want to change the way the world experiences property. Empowering Australians to easily understand how they can finance their dream home is one way we can do this. Finances are an important part of the journey, and Open Banking provides an incredible opportunity to make this process better for consumers and lenders.

“Leveraging Frollo’s technology and experience as a leader in Open Banking allows us to continue on our mission to change the way people experience property. Launching the first Open Banking use case in home buying on the REA platform will bring the benefits of Open Banking to many more property buyers.”

Gareth Gumbley (Founder and CEO, Frollo) adds: “One of the biggest opportunities for Open Banking to help improve the financial lives of Australians is by improving the home buying journey. REA Group is showing vision by being an early adopter and proving out how Open Banking data will enhance the consumer proposition.”

GetCapital joins Tech Council of Australia

4 October 2021, Sydney Australia – GetCapital, a provider of credit and payment platforms to Australian businesses, today announced that it has joined the Tech Council of Australia.

With a strong focus on tech-driven innovation and digitisation, Jamie Osborn, Founder and Chief Executive Officer of GetCapital commented that the company welcomed the chance to be part of the peak body representing Australia’s tech sector.

“Over the past seven years we’ve experienced the opportunities and challenges that come with being a fast-growing, tech-driven company,” said Jamie.

“We’re currently on a significant growth trajectory and will have expanded our technology team by over 50 per cent by the end of the year. With that in mind, we’re keen to work as part of a council of industry leaders and challengers to find ways to overcome the hurdles of talent attraction and retention, which – while not new problems – have been exacerbated by the pandemic.”

Since its inception, GetCapital’s technology teams have developed proprietary platforms that address core pain points for Australian business.

Enabled by streaming data, these platforms offer a better way for Australian businesses to trade, pay and access funds. According to Eldar Averdi, Chief Technology Officer of GetCapital, the company’s technology and data teams continue to grow, enabling further enhancement of GetCapital’s digital credit and payment solutions.

“Our current recruitment focus is on scaling up our engineering, product and UX teams as we further build out our customer and broker platforms and evolve our back-end tech stack,” said Eldar.

Jamie also commented that the company looked forward to working as part of the council on matters ranging from regulation to research and development incentives.

“The Australian tech sector is full of potential and we’re pleased to be working with some of its best and brightest to realise that potential,” said Jamie.

For more information on the Tech Council of Australia please visit www.techcouncil.com.au.

About GetCapital
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Aussie fintech disruptor Till Payments raises $110 million in Series C funding round for global and local expansion

SYDNEY, AUSTRALIA – September 30, 2021 – Australian founded and headquartered payments disruptor, Till Payments (Till), has closed its Series C funding round, raising $110 million in private capital. The funding will be used to strengthen Till’s local capabilities, bolster global expansion, and further innovate its cutting-edge technology.

The funding was raised from new and existing investors based in Australia and the US, including Avenir Growth, Woodson Capital, and Akuna Capital. Long-term investor, Australian-based Regal Funds Management, also participated in the round, recognising the success of its earlier investments. Customers with first-hand experience of Till’s unique service proposition and exceptional customer service also invested, a testament to the long-term value and growth in Till’s offering.

Till will use the funding to broaden its reach in international markets, including New Zealand, the United Kingdom, Europe and the United States. In addition to fuelling the company’s global expansion efforts, the investment is set to strengthen Till’s local team and capabilities and accelerate its technology innovation and development efforts towards a simple data-driven payment solution.

Shadi Haddad, CEO of Till Payments, said there was enormous opportunity in the payments sector, with approximately $670 billion worth of payments made in Australia every day1, and this capital injection will help Till remain at the fore of this burgeoning industry.

“Payments is a rapidly growing sector globally that is still very much in its infancy. The widespread disruption that has been experienced in the past year or so has urged businesses to call for a revolution in payments – one that’s simple, seamless and considers every consumer touch and data point during the payment experience,” Mr Haddad said. “Till is here to deliver on that demand. We have evolved through the complex value-chain to become an all-in-one payments provider that is working tirelessly to ensure our products and services not only meet and exceed our customers’ needs, but also provide forward-looking innovations that put them ahead of their competitors.

“This latest funding round will inject resources into our sales, marketing, technology and talent funnel and put us on the front foot as we double down on our international expansion efforts with regional teams. We’re committed to our mission of being an enabler for our customers, our partners and our people all around the world, and this significant milestone will help us accelerate our growth trajectory.”

Till is a high-growth, Aussie founded, global fintech disruptor taking the complexity out of payments with single-source solutions that ensure merchants can accept any payment wherever and whenever their customers shop. The Series C funding follows successful raises in 2019 and 2020, bringing the company’s total investment pool to $145 million.

Partner at Avenir Growth Capital, Jamie Reynolds, commented: “Till is uniquely positioned to be a market leader in the global payments industry with its world-class omni-channel payments platform and merchant-centric approach. We are excited to partner with Till to support their sustainable long-term growth in both the Australian and international markets.”

The business is supported by a well credentialed executive team including Chief Financial Officer, Peter Slater, former Divisional CFO of Mastercard, Chief Revenue Officer, Chris Hicks, Till co-founder and former CEO of SimplePay, Chief Operating Officer, Hadi Haddad, former Group General Manager at Bingo Industries and Fady Daher, former GM & VP Global Commercial at American Express. In the US, Till has appointed seasoned payment industry veteran Tom Tucker as Regional Director to spearhead their expansion initiatives.

This industry expertise is also represented at a Board level with Chairman Greg Miles, former global COO of Scentre Group, and Independent Directors John Banfield, Group CEO BPAY, and Edwina Gilbert, Board Member of Carsales.

As a founder-led business and Australian success story, Till is challenging the one-size-fits-all approach that banks and global processors typically impose on merchants on a global scale.


About Till Payments 

Till is the fast-moving, Aussie-born, global fintech disruptor creating a world of possibilities  for businesses seeking simple, seamless, all-in-one payments solutions. We take the  complexity out of getting paid with single-source solutions that ensure merchants can accept  any payment wherever and whenever their customers shop, be it online, in-store, or a  combination of both.  

Organisations across a range of sectors, including FMCG, automotive, parking &  transit, retail and hospitality, use our end-to-end smart and seamless payments experiences to support growth and enhance customer experiences.   

Founded in 2012, Till’s team of 125 staff is rapidly growing and headquartered in Australia,  with teams in London, Manila and across the US. Till currently serves hundreds of merchants  across 12 countries and over 500 cities. For more information about Till Payments, head  to: www.tillpayments.com 

 

Media contacts
Danielle Veivers or Alexis Carroll
DEC PR
(02) 8014 5033 / till@decpr.com.au 

Tasha Nabila
Till Payments
(03) 7064 7113 / tasha.nabila@tillpayments.com

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