Novatti Signs Three Year Licence for Overlay+

Identitii Limited (Identitii, Company) today announces that global payments company Novatti Group Limited (Novatti) will become the first customer to adopt Identitii’s brand new Software as a Service (SaaS) version of Overlay+, after signing a three-year licence agreement.

In addition to the market segments Identitii is currently focused on, Overlay+ SaaS opens several additional market segments to generate entirely new revenue streams. More than 14,000 non-bank AUSTRAC reporting entities can now use Overlay+ to submit complete and accurate regulatory reporting, with similar opportunities in other global markets, significantly expanding the total addressable market.

New market segments such as Money Transfer, Casinos, Super Funds, Insurance Companies, Foreign and Crypto Currency Exchanges can access Identitii’s fully cloud-native platform without bespoke software deployments. With shorter buying cycles, these new segments will deliver the Company faster and more linear revenue growth, supporting the long waiting periods between larger contracts with banks.

Commenting on the announcement, John Rayment, CEO, Identitii, says: “Introducing SaaS functionality for Overlay+ is an important part of our product roadmap, as it opens entirely new market segments and additional revenue streams for Identitii. We are thrilled to announce both this new functionality and the first customer to use it, as we announce a three-year licence agreement with Novatti.”

Commenting on the announcement, Peter Cook, Managing Director, Novatti, says: “This new partnership with Identitii highlights Novatti’s commitment to a strong compliance base. Working with Identitii further strengthens our AUSTRAC compliance reporting and operations, enabling Novatti to efficiently scale our business and provides our innovative fintech partners with further confidence in providing new products and solutions to market.”

Novatti and Identitii have entered into a Software Agreement (Agreement) under which Novatti will licence Overlay+ (SaaS) to streamline and automate AUSTRAC reporting. The Agreement is for three years and is worth $0.18M to Identitii. Commercials will be reviewed annually and either party has the right to terminate the contract for any reason, with 30 days’ notice.

This announcement has been approved and authorised to be given to ASX by the Board of Identitii Limited.

About Identitii 

Identitii Limited is helping regulated entities reduce their exposure to regulatory risk, without replacing existing technology systems. Founded in 2014 and headquartered in Sydney, Australia, Identitii is listed on the Australian Securities Exchange (ASX:ID8).

For more information visit: www.identitii.com

Five FinTechs on Friday – July 30, 2021

This week’s edition of Five Fintechs on Friday brings to you ArchaPaybleTechLendCertified By, and Swyftx.

Check out their offerings below!

Archa

Archa is a corporate card and spend management platform for high-growth businesses: allowing teams to issue instant virtual corporate cards, automate the reconciliation of expenses into accounting systems, locate duplicate subscriptions, and access liquidity without a personal guarantee. Simply put, Archa makes money effortless for high-growth companies. Focussed on technology and a unifying belief that “less is more”, Archa’s goal is simple: help business owners save time and money while empowering their teams to focus on what they do best. Archa is a fast-growing team of 25, based primarily in Melbourne, Australia. Join their beta program here.

Payble

Payble fixes late and failed bills before they happen. Over 75 million Aussie bills aren’t paid on time each year. Consumers incur avoidable late payment fees and find the chaser calls embarrassing and stressful. This is a huge problem for businesses too, who spend time and money following up on late payments, fielding calls from customers or retrying payments when they fail. Using open banking technology and the Payble app we ensure a better experience for customers and a better outcome for businesses. We enable businesses to identify which bills might fail and provide payment solutions like bill smoothing and payment plans via the app, lowering costs and improving cash flow. And, we empower customers to manage their bills their way. To find out more visit www.payble.com.au

TechLend

TechLend is a new non-bank lender, here to disrupt the traditional property finance market by offering homeowners INTEREST-FREE, paperless, bridging loans with same-day pre-approval, taking the stress away from buying and selling property. Our customers love our product, as it offers greater flexibility and control when selling their property. We are on a mission to leverage technology to deliver fast, fair and simple credit solutions to all borrowers and their unique scenarios.

To find out more visit us at https://techlend.com.au/

Certified By

Certified By is democratising Risk Diagnostics, Audit Automation, Quality Assurance and Certification for startups, SMEs and nonprofits. To measure themselves against, improve and be certified to international best practice standards.

Freemium online programs to better manage Cyber, GRC and ESG. A powerful tool for businesses, associations, nonprofits and supply chains to mitigate risk, improve performance and build trust in the brand, capital raising & procurement.

Check out our Free Cyber Essentials Program, (modelled on ACSC’s Essential 8), and our Lite ESG Essentials Program, (to make a different kind of impact).  If you need a little RegTech in your life, go to Certified By.

Swyftx

Swyftx is Australia’s top-rated and fastest-growing digital assets exchange. Founded by Brisbane-based friends Alex Harper and Angus Goldman, the business supports retail and corporate customers through its platform, with trading volumes of up to $3bn a month.

Alex and Angus started Swyftx from a share house in 2018 with just a handful of customers. Today, it has 320,000 customers and supports the largest range of digital assets of any Australian exchange. Swyftx’s industry-leading standards of customer service, low fees and reduced spreads have made it the top-rated exchange in the country on TrustPilot (star rating: 4.8/5).

A practical guide to tiered accreditation

As the Consumer Data Right entered its second year, Treasury published its highly anticipated proposed v3 rules amendments. It includes what has come to be known as tiered accreditation – new models to access CDR data in addition to the existing unrestricted Accredited Data Recipient model.

These rules are meant to drive adoption by creating a thriving ecosystem of CDR participants, delivering valuable use cases to consumers and businesses. They offer lower barriers to entry, limited access models and ways to share liability and responsibilities between participants.

The proposed models include:

  1. Trusted Advisor
  2. Sponsorship model
  3. CDR insights
  4. Representative model
  5. Collecting Outsourced Service Providers (COSP)

With 5 new models to get access to CDR data (plus the existing one), it can be difficult to figure out what’s right for you.

Download the guide here.

Basiq: Four new use cases for Open Banking’s Future

Basiq, an Accredited Data Recipient under the CDR, has published a white paper detailing the future of Open Banking in four novel use cases.

The current implementation of the CDR across the financial services industry – or Open Banking – has facilitated a fundamental shift in the way consumers interact with their data. Not only are businesses beginning to conform to Open Banking rails, but regulatory bodies are hoping that Open Banking will yield economy-wide benefits. (The Federal Government committed $111m committed to CDR in the recent Federal Budget in the hope of fast-tracking these benefits).

By February 1, 2022, the date that ‘full data transfer for consumers’ will be available, the Open Banking rubber will really start to hit the road in Australia, following large transformation programs by Banks and major strategic shifts within Financial Technology companies.

Australia is on the cusp of a seismic shift in innovation and there are a plethora of innovative use cases that will be able to leverage the CDR consent framework and Open Banking data made available. This will mean consumers have a lot more options, in no small part because of the inevitable unbundling of a large number of products currently provided by the Big Four. This is undoubtedly the most exciting part of the Open Banking journey.

To help surface the untapped potential of Open Banking, the paper takes a deep dive into the following:

  • Mapping the multiple stages of open banking to each stage of the Gartner ‘Hype Cycle’, suggesting a move toward an Open and Embedded Finance model:

  • Four novel case studies from autonomous finance to green fintech, exposing a futuristic look at the pragmatic applications of Open

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.

 

Cloud banking platform Mambu launches fully digital solution for SME lenders

Mambu, the market-leading SaaS cloud banking platform, has unveiled a fully digital solution for SME lenders that cuts costs and speeds time to market.

The platform not only provides banks and fintechs with robust, scalable loan management technology but also easy access to an ecosystem of partners such as web-based identity authentication, credit checks and loan origination. These partners are vital to lenders wanting to offer speedy loan approvals – a key competitive advantage.

According to the International Finance Corporation (IFC), it’s estimated that there is an unmet financing need of USD$5.2 trillion every year across 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) globally, with the APAC region accounting for the largest share (46%).

At the same time, there is more pressure on SME lenders to deliver low-risk decisions quickly via a fully digital customer experience. Mambu’s SME lending solution is designed for fast new product launches and offers great flexibility in order to quickly adapt to changes. The solution offers a variety of options to adjust loan conditions in order to support borrowers that are in financial difficulties. This flexibility helps clients to better serve SME companies and to release financial burdens during pandemic times.

The benefits of using the Mambu platform to provide this are demonstrated by several pioneering clients.

Yanir Yakutiel, CEO of Australian SME lender Lumi, said: “By utilising Mambu’s cloud-native digital lending platform we’ve been able to respond rapidly when market conditions change, updating existing products and launching new options for our customers within days. This has been invaluable during the pandemic as we’ve been able to provide the support that our SME customers have desperately needed – when they really needed it. Mambu’s cloud platform provides speed and flexibility, while also easily integrating with other best-in-class products, so we can bring in the expertise of other high-performing fintechs to build a superior solution.”

Elliott Limb, Mambu’s Chief Customer Officer, added: “Small businesses have been greatly affected by the pandemic. Whether that’s starting a new company or growing an existing one, there’s never been a bigger requirement for SME lenders to offer the services their customers need. And with Mambu’s composable approach we provide an agile way for our clients to build and shape new financial services around the businesses they want to help.”

Myles Bertrand, Mambu’s Managing Director APAC concluded: “SMEs are the backbone of our economy, and it is vital that SME lenders have the technology in place to offer these businesses flexible lending solutions. With Mambu’s cloud lending platform, SME lenders are able to service a diverse range of customers who may have been excluded from more traditional lending services, while also offering more flexible options, faster processing times, and lower overall costs.”

Nium Raises US$200+ Million Series D and Becomes First Global B2B Payments Unicorn from Southeast Asia

Nium, a leading global B2B payments platform, today announced it has raised a US$200+ million Series D round led by Riverwood Capital – a U.S.- based high-growth tech investor. Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also contributed to the round. Nium’s current valuation is above US$1 billion, making it the first B2B payments unicorn from Southeast Asia. The funding will be used to expand Nium’s payments network infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies. Total money raised by Nium to date, including this Series D, stands at nearly US$300 million.

Nium has established its platform as the preferred connection to the global payments infrastructure. Serving hundreds of enterprise clients, and with plans to onboard thousands more, Nium will use the Series D funds to expand its technical infrastructure and add new embedded fintech services. Through a single API, Nium provides access to the world’s payment infrastructure, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a service. Once connected, Nium customers can send funds to more than 100 countries (most in real-time), payout in more than 60 currencies, accept funds in 7 currencies, and issue cards in more than 40 countries. Foundational to Nium is its license portfolio, owning the most complete set of money transfer, card issuance and banking licenses in fintech, with services available in 11 jurisdictions.

“We started Nium with the humble goal of taking out regional complexity in cross-border payments,” said Prajit Nanu, Nium’s Co-founder and CEO. “Today, our sights are set higher. We believe we can be a global catalyst to increase global commerce, removing some of the payments friction which has traditionally held businesses back. The Nium platform simplifies the B2B payments experience by enabling critical financial services to be easily embedded – helping today’s local market players become tomorrow’s global giants.”

Nium’s business has significantly scaled in the past year. Nium processes US$8 billion in payments annually. It has issued more than 30 million virtual cards to date. Revenues grew by more than 280 per cent year-over-year. With revenues split almost equally across EMEA and APAC, Nium will use funds from this round to accelerate growth in the United States and Latin America. Success will be driven by two recent strategic acquisitions, including the acquisition of travel B2B payments leader, Ixaris, which added comprehensive virtual card issuance capabilities to the Nium platform, as well as the acquisition of Wirecard Forex India Private Limited, which gives Nium greater reach into India’s booming payments market. The Series D investment provides the flexibility to explore additional strategic opportunities.

“Prajit and the incredibly talented team at Nium have redefined payments for the modern era with an infrastructure that finally makes it easy for companies to embed financial services into business and banking applications,” said Francisco Alvarez-Demalde, Co-Founding Partner and Managing Partner, Riverwood Capital. “We could not be more excited about this partnership and look forward to seeing Nium continue to set the standard for how global payments are delivered.”

“Nium has built an extremely rare global footprint of licensed infrastructure that brings the world closer to global real-time gross settlement,” added Alex Porto, Principal, Riverwood Capital. “We believe that Nium is on track to be a central component of the global fabric, providing faster and
more democratic money movement and we look forward to supporting their growth in this next phase.”
The capital infusion arrives at a time when the global market opportunities for Nium in embedded financial services, cross-border transfers, and card payments are large and rapidly expanding. Nium estimates these global trends to have a total addressable market of nearly US$50 trillion.
Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor to Nium on its Series D.

About Nium

Nium is a leading B2B financial services technology platform that seamlessly connects businesses to the world’s payment infrastructure with a single API. Nium’s modular platform removes the complexity from global payments and allows banks, payment providers, travel companies, and other businesses to embed financial services, including technologies for pay outs, pay-ins, card issuance, and banking-as-a-service, in weeks, not months. Once connected to the Nium platform, businesses have the ability to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Nium owns licenses in 11 of the world’s largest and fastest-growing jurisdictions to enable seamless global payments, regardless of geography.

Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. For more information, visit: http://www.Nium.com.

About Riverwood

Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with proven technology and business model, and the proper fit in terms of culture and values. Riverwood has offices in Menlo Park, CA; New York, NY; Miami, FL; and, São Paulo, Brazil. For more information, please visit www.riverwoodcapital.com.

Airwallex strengthens end-to-end offering in Australia with new online card payment acceptance solution

  • Airwallex’s new online card payments solution provides businesses with a seamless and secure way to collect online Visa and Mastercard payments from customers around the world 
  • Today’s launch strengthens Airwallex’s end-to-end proposition in Australia, allowing Australian businesses to collect card payments as well as hold, convert and spend their funds in a single multi-currency platform
  • Availability in Australia extends Airwallex’s online payments global footprint, further enabling businesses to operate globally

To better support the growing needs of businesses, the leading global fintech platform Airwallex today launches its online card payments solution in Australia, strengthening its capability to provide end-to-end financial products and services for businesses looking to grow without borders.

Airwallex’s online card payments solution was first launched in the UK in 2020 and subsequently in Hong Kong earlier this year. Today’s availability in Australia extends the company’s online payments global footprint, further enabling its customers to operate globally.

Through the new solution, businesses now have a seamless and secure way of collecting online Visa and Mastercard payments from customers around the world. Businesses can also select from three different integration methods to enhance their digital payment strategy, based on their industry and specific needs. This includes:

  • Get Paid: One-off links that are instantly generated and issued to customers for invoice payments
  • Shopping Extensions: A suite of plugins that enables merchants using shopping platforms (such as WooCommerce and Magento) to accept card and WeChat Pay payments from customers
  • API: A payments acceptance API that integrates directly into the organisation’s website and provides a customisable checkout experience and a variety of payment options

Additionally, when funds are received in multiple currencies through Airwallex’s online payments solution, businesses can settle in more than eight currencies with zero conversion fees, hold their multi-currency funds in their Airwallex accounts, and spend directly through means such as Airwallex’s debit cards in Australia. This entire end-to-end management of business finances is made simpler, more efficient and much more cost-effective on the Airwallex platform, all while ensuring the margins and fees are fully transparent.

Craig Rees, VP, Global Head of Platform at Airwallex said: “We are so excited to launch our online card payments solutions in Australia as we continuously look to strengthen our end-to-end offering. Payments are a core part of any business and a highly-requested feature from our customers in Australia. And as we look to continue to empower businesses to grow and operate globally, we are focused on helping businesses manage their international payments more efficiently.”

“Our new online payments solution, therefore, aims to meet their demands and is designed to enable secure, transparent and cost-effective payment transactions in multiple currencies, while eliminating the need for separate tools and solutions,” added Rees.

Airwallex’s new online card payments capabilities add to its existing payment solutions in Australia, including its WeChat Pay solution that was launched in Australia last year. To accelerate its focus on research and development on more new products, Airwallex also recently announced a new Sydney engineering hub alongside its existing Melbourne hub and aims to double its 50-strong Australian engineering team by the end of the year. Outside of Australia, Airwallex has engineering hubs in San Francisco, Shanghai and Amsterdam.

New super fund designed to get Australians engaged with their financial futures

Superhero has today unveiled its new technology-enabled super fund for Australians seeking transparency and control over how their super is invested – without the need for a self-managed super fund (SMSF).

Independent research published by Superhero has found 80% of people would like to have a say in how their super is invested, and more than 50% of people under 45 regularly check in on their superannuation

“It’s clear that Australians want transparency and they want control over how their superannuation is invested,” said Superhero co-founder and CEO John Winters.

“A lack of transparency and investment choice has left younger Australians feeling disengaged with their super despite being very engaged in other areas of their finances, with more young Aussies than ever investing in shares with their savings.”

“We have been trained by the industry to blindly hand over 10% of our salary and then throw away the key for 30 years. We think it’s time to say no to this.”

Superhero Super gives members direct access to their super to invest in ASX-listed shares, ETFs, and LICs, and the ability to invest in a way that reflects their values and beliefs.

It also meets the demand for exposure to global and domestic investment opportunities without the cost and burden of a SMSF.

“We have built a super fund that offers true engagement, offering members greater control over how their hard-earned money is invested,” Mr Winters said.

Members can choose to invest directly in the top 300 ASX-listed shares, more than 150 ETFs or in a range of professionally managed index, sector and themed portfolios.

Mr Winters said, “Australia has a well-established history of self-directed investing that is in stark contrast with our habit of defaulting into black box super funds. Most people consider the barriers to entry of a SMSF too high and many just don’t want the headache.”

“Make no mistake: we are here to disrupt the status quo. We want to change the way people think about it.”

“Superhero launched with $5 ASX share trading in September 2020, then launched zero brokerage U.S. trading last month. We are proud to now be able to launch the product behind our name, Superhero, the superannuation fund we set out to create when we started out three years ago. Our vision was to offer low fees, full transparency and maximum control for Australians and really get people engaged with their super,” said Mr Winters.

Link4 in open syndicated agreement with New Zealand Government Agencies

Link4 has been selected as a preferred partner for e-invoicing adoption for government agencies in New Zealand. The Ministry of Business, Innovation and Employment (MBIE) went through a long and extensive process to provide the best e-invoicing Access Point options for NZ government departments and agencies.

“E-invoicing will be great for the NZ economy,” noted Robin Sands, CEO of Link4. This pre-approved panel will allow agencies to make a decision and implement a solution in a simple and efficient way.”

Link4 already has extensive experience working with the government and are the most popular choice across the Tasman with Australian Government agencies. They have secured large and small departments including the Treasury, the Department of Industry, Science, Energy and Resources (DISER) and Australian Prudential Regulatory Authority (APRA) to name a few.

Many agencies have chosen Link4 due to their extensive track record working with popular ERP companies like TechnologyOne, SAP, Oracle and Microsoft. “We were the first Access Point provider to work with TechnologyOne’s CiAnywhere solution. While they are able to easily process e-invoices, Link4 is needed to ensure TechnologyOne systems connect to the Peppol network,” says Sands.

As part of the open syndicated agreement, agencies will be given a buyer’s guide which enables them to see what each of the 4 Access Point providers offer and their costs. Agencies will then be able to select their preferred provider and begin to discuss their specific implementation and ongoing requirements. Link4 has long experience with onboarding suppliers which will help any agency achieve their adoption targets.

All Central Government agencies in New Zealand need to be e-invoicing ‘receive’ capable by 31 March 2022. It’s estimated that the adoption of e-invoicing in New Zealand could add $4.4 billion to the economy over 10 years.

About Link4

Link4 is an award-winning, PEPPOL certified Access Point that provides seamless e-Invoicing services throughout New Zealand, Australia, Singapore and the UK.

Five FinTechs on Friday – July 23, 2021

This week’s edition of Five Fintechs on Friday brings to you Parpera, Mambu, Nerve Solutions, 1receipt, Futureproof Financial.

Check out their offerings below!

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Upcoming Events
  1. Finnies 2021

    September 15
  2. Money 20/20 Europe

    September 21 - September 23
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