The new edition of the five fintechs on Friday is here!
Partnerships and Collaborations!
TransUnion, announced its investment in UK-based fintech Monevo to deliver highly personalised credit offers to consumers via comparison websites and other third parties. Envestnet | Yodlee recently collaborated with Intuit QuickBooks to provide Financial Data Connections to millions of small businesses. DiviPay and Slyp, two fintechs sparking change across Australia’s financial landscape have a partnered nationally to allow businesses to capture tax-compliant receipt information in real-time
Global Processing Services (GPS) raises over US$300 million to accelerate technology development and global growth. Cirralto recently released a major software upgrade involving a strategic investment of $1.1m to unlock multiple competitive advantages to the Spenda system
Below are five fintechs we shortlisted for this fortnight
Tiiik is a blockchain company on a mission to bring decentralised finance (DeFi) to everyday people. They are solving the problem of earning interest on your savings by simplifying access to DeFi products. The technical barriers of entry are removed with a regulated one-click gateway from your bank account to your DeFi digital wallet – where you can save, spend and earn on the same balance. The first stage of the tiiik journey is underway with approval for wholesale investors, and plans to launch for retail investors by the end of 2022.
Illion Open Data Solutions provides bank data aggregation and analytics services to some of Australia and New Zealand’s largest banks, lenders, broker groups and fintech companies. Providing easy access to Open Banking, illion is one of the first CDR-accredited companies, recently being granted ‘active’ status on the registrar. The company recently launched illion Transaction Risk Score (iTRS), a first-of-its-kind product which offers a highly predictive risk model derived from consumers’ banking transaction data. This is one of many new innovations you can expect to see from illion. You can learn more about illion’s products by contacting Tom Dolman at firstname.lastname@example.org.
FreightSafe is Australia’s largest third party claims managers to the Transport and Logistics industry. Managing tens of thousands of claims each year, FreightSafe partners with insurers to manage their high volume goods in transit books or directly with transport providers to provide under excess claims management. As a result of the explosion in online retail freight volume, FreightSafe has seen enormous growth over the past 2 years and its team is now in excess of 50 people and growing. If you’d like to chat about potential solutions, reach out to the FreightSafe team at email@example.com
Till is the fast-moving, Aussie-born, global fintech disruptor opening a world of possibilities for businesses seeking simple, seamless, all-in-one payments. Founded in 2012, their team of 100 staff is rapidly growing and headquartered in Australia, with teams in London, Manila and across the US. They have recently secured $110 million of funding in a Series C capital raise, which will be used to accelerate the development of new paytech innovations and boost our expansion into new markets, including the US, the UK and Europe. Till takes 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.
KOBA is pioneering Australia’s first real-time kilometre based car insurance. Customers pay an upfront cost to cover their vehicle while parked and a few cents per km you drive. This works through a KOBA Rider – a matchbox-sized device that attaches to the car’s OBD port and communicates with a smartphone app to record when the vehicle is driving. In real-time, the app measures the km you drive and charges you for the insurance you use. Future features will include digital mechanic health checks, a find my car locator and automatic collision detection to dispatch 000. KOBA launches in November. Pre-register today to join the smart car revolution.
Check out our previous issues here!
The new edition of the five fintechs on Friday is here!
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.
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.
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.
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 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 loans, government 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!
The Finnie Awards is going virtual again! We are excited to bring everyone together for the evening on October 13, 2021 (5:45 pm – 7:00 pm AEST) to celebrate the many successes in the Australian fintech industry! Register now via the following link for your chance to win a gift box! Register Now
Major partnership deals in the recent days with Volt Bank partnering with BTC Markets, Butn with Ola Ride Sharing, Bano with Nium and Trade Ledger with ScotPac. Capital also raised by Open Insurance and Azupay! And lastly congratulations to Link4 for the Treasury contract and Swyftx for launching in NZ.The industry comes together to talk about debanking and cryptocurrencies among other key challenges in the Senate Select Committee public hearings.
Sandstone Technology is a global FinTech providing comprehensive origination and digital banking solutions for financial institutions across Australia, New Zealand, Asia, and the United Kingdom. For the past 25+ years, Sandstone has been creating flexible, robust, end-to-end solutions that simplify onboarding, loan origination, retail banking, and AI & ML powered Intelligent Document Processing. When it comes to future-proofing your business and building the capability to grow in the most efficient and compliant way, you’re in safe hands with Sandstone. We are proud of our exceptionally strong track record in de-risking and delivering complex transformation programs, and our deep domain expertise in dealing with local industry regulations makes us the transformation partner of choice.
SplitOff is a Sydney based company providing a payment method that allows multiple people to pay for one order or bill. It delivers a better customer experience across e-commerce and utility sectors and gives businesses a way to combine the power of multiple people paying together within a single transaction. SplitOff eliminates the hassle of splitting mutual payments completely. As a result, businesses get lower customer acquisition costs and competitive advantages in the saturated markets such as sharing accommodations, food or drinks delivery and online gifts. SplitOff: co-payments are made simple.
Spenda delivers an integrated digital platform that manages transaction flow from quote to pay and on-demand lending. 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.
NUAI is an innovative Artificial Intelligence company that provides customised, flexible, and scalable AI solutions to empower startups and businesses. Whether you build AR/VR, self-driving cars, blockchain, mobile apps, and robots, or want to turn your data into a powerful selling machine with chatbots, personalised recommendations like TikTok and Netflix. We also help to protect your business with fraud detection or continuous identity verification. NUAI specialised in business-centric AI algorithms and models in Automated Machine Learning, Computer Vision, Natural Language Processing, and much more. You can break the pattern of manual labor, navigate the unpredictable future with NUAI’s Artificial Intelligence.
LENSELL® is the Global Platform for Corporate Performance Democratisation. Using standardisation, data analytics and AI technologies LENSELL streamlines the communication between investors and corporates. It provides users with a suite of innovative applications that make reporting and accessing corporate performance data and insights (financial and non-financial) a breeze – fast, easy, and very affordable. From digital financial reporting using international business standards to unique investment planning and pollution awareness applications, LENSELL arms investors with innovative tools they can use to make better informed decisions with confidence.
We’re back with another edition of the five fintechs on Friday newsletter. Now delivered to your inbox every alternative Friday!
Before we begin, please do participate in our annual fintech census. We need your inputs now more than ever to gauge fintech’s views and what is happening in the fintech ecosystem. This is our year to show the Government, policy makers, and the community how much the industry has grown including jobs, revenue, and as an exporter. COMPLETE SURVEY
The Australian fintech industry is evolving faster than you can google “Fintech Australia industry landscape”. Biggest from this month include Bendigo bank’s acquisition of Up Bank for $116m and Square’s announcement on acquiring Afterpay. Commbank has launched its sleuth of fintech products – BNPL Steppay, early salary access AdvancePay and its 10 to 20 minute mortgage. All eyes also on Apple Pay and how their new products could unfurl.
With Nine25.app, your employees have a platform to safely & responsibly tailor when they get paid to their own personal life situation. Nine25’s mission is to partner with progressive employers looking for a responsible way to deliver data driven employee benefits with “life changing” impact. The technology seamlessly integrates with the businesses’ internal systems to only allow access to wages that have been earned by your employees. Therefore, there is no interest, late fees & it reduces the reliance on debt as a way to make ends meet between paydays. Nine25 will also have a meaningful impact on your business performance. Increases in retention, faster recruitment of top talent & measurable boosts in morale & productivity are all impacts we have seen within our launch clients’ businesses. Interested in a demo? firstname.lastname@example.org
Q2 is a financial experience company dedicated to providing digital solutions to financial institutions globally. Our comprehensive loan origination and loan pricing capabilities allows lenders to provide cohesive, secure, data-driven experiences for their loan customers – from consumer loan to small business and corporate lending. With our digital enabled solutions lenders create automated seamless experiences and effectively manage spiralling costs and operational risk. Headquartered in the U.S. Q2 has offices throughout the world, including Sydney, Australia, and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com
Nodifi is one of Australia’s leading technology and services providers for asset finance, enabling mortgage brokers, dealerships, and other POS retailers, to offer a broader range of financial services. Nodifi’s mission is to increase profitability and efficiency for partners, by delivering bespoke asset finance solutions, including, aggregation, loan origination, credit support, marketing and lead generation – plus a suite of white-label technology solutions. This flexibility allows partners to scale their asset finance portfolio, leveraging Nodifi’s specialist team and tech solutions. Founded in 2016, Nodifi now boasts over 2,000 users, having generated over $1.5 billion in loan applications.
TAGR is a mobile self-checkout retail technology business. Unlike many other ‘scan & go’ applications starting to pop up, they provide a mobile checkout as a web app (PWA) which means no app downloads or user sign-ins, giving customers a more seamless, mobile-first checkout experience in their favorite retail stores. Accelerated through the pandemic, retailers are seeing an uplift in demand for contactless payments and solutions to reduce in-store queuing. TAGR’s scan and go technology is allowing stores to create a mobile-enabled workforce while receiving previously unseen data from in-store browsing & transacting.
SocietyOne is a leading digital finance platform, aiming to reward Australian’s with low interest personal loans for when ‘it’ happens. Whether it is for an upcoming wedding, holiday or unexpected expenses, they will make the process quick and easy. SocietyOne’s mission is to help both their borrowers and investors to achieve their goals. In addition to their personal loans service, they believe that it is important that everyone should have access to their credit scores. Borrowers can use SocietyOne’s Credit Score service for free, allowing them to understand, track and improve their credit score.
This week’s edition of Five Fintechs on Friday brings to you Myob, Forum 360, Ownhome, Trade ledger, Slyp
Note: If you’re a fintech, this is just a gentle reminder about our Census 2021. In partnership with EY we are once again gathering the highlights of our industry to better understand the landscape we are navigating post-pandemic and your input is paramount. This is our year to show the Government, policy makers, and the community how much the industry has grown including jobs, revenue, and as an exporter. COMPLETE SURVEY
Check out their offerings below!
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. They deliver end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees. Whatever success may look like for you, MYOB can help you to achieve it with innovative tools that enable business owners to be more productive and also integrated financial services in their platform that will save businesses time on paperwork. Time saved by business owners from using MYOB can then be better spent on activity that provides greater value to their business.
Among the world’s top 20 most promising digital experience providers (CIO Review, 2021), Forum 360 is an integrated research, sales and distribution platform for products and services distributed wholesale. Companies who use Forum 360 are making a step change for the better in customer experience direct and in collaboration with their distribution partners. Using Forum 360’s research, analytics and sales tools, they are strengthening their relationship with stakeholders. They are showcasing their ESG advocacy backed by Forum 360 research. Companies are moving on from low-fidelity broadcast engagement to a superior method that enables their teams to meet global, transact local using Forum 360. Forum 360 is headquartered in Sydney with operations around the world.
OwnHome’s mission is to turn renters into homeowners. The company believes all Australians deserve the opportunity to build a life and family in the security of their own home, especially the 4.5m young Australians who don’t own the home they live in. With OwnHome, customers choose their dream home, OwnHome purchases it for them and they move in. Customers make simple monthly payments and anytime from 3-7 years they have the option to purchase the home at a pre-agreed price. Aspiring homeowners gain two immense benefits compared to the traditional path of renting and saving: 1) they move into their home immediately (as opposed to many years from now, if at all); and 2) they benefit from capital gains of the property. Get in touch to find out your buying power!
Trade Ledger is a leading global technology provider for the financial services industry, supporting banks by enabling lending products to be created and offered at the right time, over the right channel. Its platform has a lending-as-a-service (LaaS) capability, supporting secured and unsecured lending, to unlock all types of working capital and business lending products for businesses that otherwise find access to finance difficult. They recently partnered with Virgin Money to deliver a quicker and more user-friendly experience for business customers applying for lending. By using the Trade Ledger’s platform, Virgin Money will be able to provide a quicker, more efficient service to its customers while reducing risk.
Founded by former PayPal executives in 2017, Slyp is a fintech transforming the world of receipts. Backed by and in partnership with 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.
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 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 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 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 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).