Are Australian Open Banking APIs up to the task?

Performance data from 2021 reveals that most – but not all – Open Banking APIs are fast and reliable

January 2022 Frollo, Australia’s leading Open Banking intermediary, has published its 2021 Open Banking API performance monitor. Based on over 15 Million API calls on its Open Banking platform in 2021, the report compares speed and – for the first time ever – reliability between banks. With only a few exceptions, most banks were found to be delivering a fast and reliable customer experience. 

On average, the API response time in 2021 was 0.86 seconds and the reliability was 98.8%. Neobank Up led the charge, with an average response time of 0.26 seconds and 99.88% reliability of their Open Banking APIs in 2021..

Performance remains stable as the ecosystem grows

From July to December the number of live Data Holders included in Frollo’s Open Banking API analysis increased from 11 to 40. Despite this growth, the average industry performance remained stable. API response times averaged below one second and reliability never dropped below 98%.

Up is the fastest and most reliable Data Holder in 2021

With an average response time of 0.26 seconds and 99.88% reliability across all Open Banking APIs, neobank, Up outperformed all other Data Holders in 2021.

Eight of the 25 Data Holders made it into the bottom right quadrant of fast (< 1 second) and reliable  (98%+) as represented in the graph below. Meanwhile, five Data Holders took more than two seconds to respond, with a reliability of less than 96%.

Neobanks up to 36x faster than slowest Data Holders

Although industry averages show a fast and reliable ecosystem, a closer look at the two most popular APIs (for collecting transaction data and account information) shows a big difference between the front runners and some of the slower Data Holders.

Neobank Up had an average response time for the Accounts API of 0.11 seconds. That’s more than 36x faster than HSBC, which took 4.05 seconds to respond on average.

11 Data Holders, including 86:400, bcu and Beyond Bank, had a response time of 0.5 seconds or less when their Transactions for accounts API was called. The slowest Data Holder (MyState Bank) took close to 4 seconds, or almost 5x as long as the leaders.


About Frollo

Frollo is a purpose driven fintech and Australia’s first Open Banking intermediary. We help businesses use Open Banking data to deliver better customer outcomes. From reducing debt and increasing savings, to providing a better, more personalised customer experience.

Our modular, end-to-end Open Banking platform enables businesses to bring Open Banking powered use cases to market quickly by leveraging Australia’s most advanced and reliable CDR Gateway, with plug & play access to lending, personal finance management and customer onboarding solutions..

Trusted by clients like ANZ, Volt, REA Group, P&N Bank, bcu and Bank of Queensland, Frollo is an Australian market leader in Open Banking.

Assets and data

Two additional performance graphs comparing speed between banks can be found below.

 

 

GPS announces over US$400m investment close

Global Processing Services upsizes round to over US$400 million with participation of new investors to accelerate investment in next generation payments technology

 

Appoints seasoned payments executive as new Chair of the Board

  • Company upsizes funding round by approximately US$100 million with participation of Temasek and MissionOG, following lead investment from Advent International and Viking Global
  • Gene Lockhart, former CEO and President of Mastercard International, appointed Chair
  • Company investing heavily in cutting edge technology to power next generation payments
  • Will expand operations across Europe, Asia-Pacific and the Middle East and North Africa
  • GPS reports record revenues and processing volumes in 2021

Global Processing Services (“GPS”), the leading global payment technology platform, today announced the closing and upsizing of its latest fundraise at over US$400 million. Temasek the global investment company headquartered in Singapore, and MissionOG, a US-based growth equity firm, joined the over US$300m initial round, co-led by growth investors Advent International – through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors.

GPS is an API-first payment technology platform, which enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. GPS’ technology and partnership approach has helped scale some of the most successful disruptive fintechs around the world, including RevolutCurveStarling BankZilchWeLab Bank, and Paidy, among others.

Through GPS’ next generation cloud platform, its customers and partners can design, launch, manage and scale card programmes across 48 countries. To date, GPS has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions, generating record revenues.

The additional investment and strategic support from the new investors aim to further accelerate GPS’ growth trajectory. Leveraging its strong reputation and innovative technology platform, the company plans to respond to customer demand by expanding internationally across Europe, APAC and MENA, and accelerating new product and technology developments. The new investors joining Advent and Viking bring deep fintech and payment expertise globally.

GPS Board strengthened with new Chair concurrent with the investment closing, Gene Lockhart, Chair and General Partner of MissionOG, has been named as the new Chair of GPS.

A seasoned investor, accomplished senior executive, and respected payments innovator, Gene has significant operational and investment experience across the financial services and payments industries. Gene’s prior leadership roles include serving as the President and CEO of MasterCard International, and serving as a board member of companies including NuBank and First Republic Bank, amongst many others.

Gene Lockhart, Chair, at GPS, said: “GPS is an innovative technology company, and we believe their unique position at the heart of the global payments ecosystem ideally positions them to power the next generation of financial services. With the deep network and experience MissionOG brings to the table, we look forward to being a trusted and valued partner of Joanne and the entire team.”

Joanne Dewar, Chief Executive Officer at GPS, said: “The upsizing of this latest round of investment is an important step forward for the company and a strong endorsement of our strategy. We are a company that has grown rapidly in recent years, driven by our commitment to innovation and the delivery of a single scalable technology platform. The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation.”


Contacts
Sumeet Vermani / Louisa Bartoszek
Marcom@globalprocessing.com

Airwallex launches global payment services in Singapore, better solution for local businesses operating internationally

Leading fintech platform Airwallex today announced its official launch in Singapore, following its grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore and a beta launch in November last year. 

Singapore businesses can now benefit from Airwallex’s suite of global payments services including global account issuance, domestic and cross-border money transfer at market-leading rates, multi-currency wallets, and online payments acceptance.

Airwallex’s global customers will also be able to receive funds locally in SGD, making their businesses more accessible to the Singapore market.

Other key Airwallex offerings such as multi-currency company and employee cards, spend management and an API suite for technology-first businesses that require embedded payments and financial services will be progressively rolled out.

Nazim Ali, CEO of Airwallex Singapore said, “Singapore has established itself as a major international hub for global technology and innovation, supported by a dynamic business community across startups, major financial service institutions and a growing talent pool. That said, many Singapore businesses – SMEs or larger enterprises – still face challenges with international payments, and are looking for better partners like Airwallex that help them tackle that cross-border payments complexity. Since we were founded, we have enabled the global growth of many businesses. With this official launch we’re pleased to be able to empower Singapore businesses in the same way by supporting their payment needs across their entire transaction life cycle.”

Founded in 2015, Airwallex is one of the fastest growing financial technology companies, operating across Asia-Pacific, Europe and North America today with over 1,000 employees in 19 locations globally, including Singapore. The Singapore team is expected to quadruple by the end of 2022.

Airwallex will continue to scale its offerings and solutions across the ASEAN region. In September 2021, the company secured a money service business (MSB) license in Malaysia with an expected launch in the coming months, raised US$300 million in its Series E and E1 fundraising rounds, and increased its valuation to US$5.5 billion.

“Our launch in Singapore is just the beginning of a wider journey,” continued Nazim Ali. “Growing our presence and payments capability across Southeast Asia is part of our ambitious expansion plan for 2022, and Singapore is no doubt instrumental to this growth. We look forward to expanding our product suite and supporting businesses in Singapore, as well as tapping into its influence as a leading tech and innovation hub to better serve our customers in the region.”


For more information:

Gina Daryanani
gina.daryanani@airwallex.com


About Airwallex

Airwallex is a global payments platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy. With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury and payout globally, without the constraints of the traditional financial system. Airwallex has secured over US$800 million since it was established in 2015, and is backed by world-leading investors. Today, the business operates with a team of over 1,000 employees across 19 locations globally. For more information, please visit www.airwallex.com.

 

VoxSmart enhances product development with new formed Product Advisory Council

VoxSmart, global leader in Communication Surveillance, have formed a Product Advisory Council to enhance product development across their rapidly growing suite of surveillance tools and technology. 

As VoxSmart scale globally, the appointment of four seasoned financial market practitioners as a Product Advisory Council will have an international footprint. Chairman Larry List, Alan Lovell CBE, Steven Nash and Alan Bennet make up the council – expanding and strengthening VoxSmart’s knowledge pool with years of combined industry experience.

The Advisory Council brings with it extensive industry knowledge from business and employee conduct to risk and financial crime, which will further enhance VoxSmart’s product suite for regulated businesses. In particular, the Advisory Council will consult on product development, business development and business strategy.

The news comes as the financial sector continues to face acute challenges around how to effectively capture, monitor and analyse trade and communication data, while also ensuring compliance with global regulation. The focus of the Advisory Council is to enable VoxSmart to continue to address these issues with practical solutions, ensuring reasonable and proportionate risk in addition to control frameworks.

Commenting on the recent appointment, Group CEO, Oliver Blower highlighted the company’s dedication in providing market-led solutions, working with the very best in the industry. He stated, “We could not be more excited to work with these experienced market practitioners to help VoxSmart build something extraordinary and completely unique in the market. Their wealth of industry knowledge and expertise further amplifies our ambitious plans and will enable us to continue our vision of helping market participants harness the true potential of their communications data”.

VoxSmart’s purpose-built capture, surveillance and data analysis technology equips wholesale financial services firms with effective data control and management solutions. These tools solve problems across many sectors with similar regulatory requirements, enabling organisations to capture, monitor and better analyse business communications.


VoxSmart are honoured and privileged to bring onboard such talent and expertise. Introducing the new VoxSmart Product Advisory Council:

Larry List (New York)

Chairing the Advisory Council, Larry – who joined the VoxSmart team in April of 2021, is a financial markets professional with more than 30 years of experience. Has served in senior COO and CCO roles primarily within global banking organisations, most recently as the Chief Conduct and Controls Officer for BNP Paribas’ Global Markets Americas business. Prior positions include Fixed Income CAO at BNP and regional COO for Commerzbank where he led the U.S. integration of Commerzbank and Dresdner Bank. Larry also has valuable experience building businesses as a member of the management team tasked with setting up the U.S. Equities division at Dresdner. In his current position at VoxSmart, Larry is leading sales and business development for the North America region and directing the company’s next stage of growth across the Americas.

Alan Lovell CBE (London)

After a long career in the UK Ministry of Defence, which included the creation and leadership of the UK’s Joint Terrorism Analysis Centre (JTAC), the UK’s first multi-agency, all source terrorism analysis centre, Alan became Global Head of Surveillance at HSBC in 2016. While there he delivered a five-year $250m transformation of the bank’s market surveillance capability. In 2019 his HSBC role was expanded to include Global Head of Insider Risk. Alan retired from HSBC in December 2020 and is currently an independent consultant.

Steven Nash (London)

Steven has 25 years in-house financial services experience in both 1st line business and 2nd line compliance roles, gained in wholesale financial services firms worldwide including Morgan Stanley, Barclays and Nomura. With extensive corporate banking, investment banking and sales and trading experience, in addition to buy side/hedge fund experience – Steven is well placed to advise and support VoxSmart and its clients to develop, deploy and calibrate technology solutions that ensure compliance, but which are also proportionate, risk based and commercially viable.  Steven has worked at both C-suite level and in day-to-day operating roles, ensuring consideration of both strategic and tactical requirements.

Alan Bennet (Singapore)

Alan was a former Financial Futures broker, trading “Open Outcry Markets” with HSBC and Cater Allen on the London International Financial Futures Exchange before starting his role in Compliance. After the move to electronic trading, he initially worked for LIFFE in the Markets Services division before starting a formal compliance role with Citigroup Global Markets in Canary Wharf. Alan brings with him over 20 years of Compliance Advisory experience from working with a wide variety of financial services firms including Citigroup Global Markets, Jefferies International, Credit Suisse and most recently NatWest Markets Singapore, where he was Head of Compliance and Financial Crime for APAC. Alan is currently employed by Equiom consultancy services in Singapore.


 About VoxSmart

VoxSmart Ltd. is a global communications surveillance provider with offices in New York, London, Singapore, Madrid, Queenstown and Melbourne. VoxSmart designs, develops, and deploys cloud-based communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. Its rapidly evolving technology, with proven accuracy in financial voice transcription and real-time instant message capture, supports over 100 clients with their regulatory requirements to monitor and reconstruct all trade communications from voice, mobile, email and chat.

VoxSmart has unparalleled expertise in unstructured data processing and indexing for complex technology environments and believes that by harnessing this data, a business will build a strong foundation for intelligent risk and control analysis. VoxSmart’s goal is to become the global reference for risk and compliance surveillance technology and offer end-to-end remote conduct and employee monitoring that connects a firm’s people, processes, and technology to drive significant operational efficiencies and enable smarter business decisions.


MEDIA CONTACTS For VoxSmart:

Katie Hoyle
Marketing Director
+34 91 743 33 26
marketing@voxsmart.com

EpisodeSix: Winning Strategies to Deliver Digital Banking Customer Journeys

By Ian Kerr

The global pandemic has undoubtedly catalysed the drive to digitisation in  Financial Services. There was an increasing trend to move to digital banking  already, the pandemic has accelerated this by perhaps a decade, and across all  age groups. Traditional banks were already being challenged to step up,  under pressure from neobanks whose slick user experiences delivered  through mobile offerings raised customer expectations. Simultaneously, the  way that payments are made and transactions are settled is also changing  fast. The emergence of crypto-currencies as a mechanism to store and  transfer value also needs to be taken in to consideration by mainstream banks  who are typically constrained by legacy applications that were never designed  for this type of customer interaction and transaction processing. There is a real  and pressing need for banks to support digital customer payment journeys  using technology that capitalises on the capabilities and data bound into  legacy applications but insulates their deficiencies. This is where Episode Six’s  Tritium platform brings unrivalled value to help banks innovate digital  solutions.  

Our modern, cloud native platform delivers valuable key capabilities:  

A multi-asset class ledger and digital wallet management that enables the  transfer of value through a range of mechanisms – true multi- fiat currency,  crypto currency and other tokens such as loyalty and reward points Market leading configurable products, with a user-driven design tool so  business users can easily customise product attributes from their laptop such  as FX margins, fee structures, risk profiles and compliance safeguards all in real  time without waiting for lengthy development cycles 

This functionality is all accessible through an API framework for integration  with mobile apps, web portals and adjacent space applications and networks  such as card rails, payment gateways, KYC/AML and FX and liquidity providers. 

The E6 implementation approach, in the Cloud or on-premise, delivers  unmatched speed to market and ongoing innovation via a high degree of  configurability. Legacy applications have been the beating heart of banks for  many years, decades in some cases, and there is a reticence to make changes  that could have ripple effects across the organisation in terms of cost and risk.  E6 Tritium delivers a modernised, digital banking customer experience  working co-operatively with legacy applications without unnecessary  operational disruption. Banks can embark on digital transformation in timeframes that are not possible in evolving existing technology or starting  projects from scratch.  

There is a compelling business case waiting to be unlocked through  innovation, competitive differentiation, customer retention, growth and  acquisition. In fact, there is an urgent need for financial institutions to upgrade  existing payments infrastructure to meet changing consumer expectations  and regulatory requirements. There is a lot at stake here, too: $250 billion  worth of payments revenue could move to nonfinancial institutions by 2030 if  banks cannot keep up, according to IDC’s estimates. 

Mainstream banks can compete more effectively against neobank  challengers, with risk mitigated by adopting leading, proven technology.  Financial services propositions are developing faster than ever before, any  delay in moving forward leaves money on the table. 


Ian Kerr  

Ian Kerr is the Director of Business Development for Episode Six. Ian has over  30 years’ experience in financial technology in a range of organisations starting  with NCR and including IBM, payments and banking solutions providers. Prior  to joining Episode Six, Kerr was the CEO at Bolero, a Software as a Service  platform for global trade where he led new initiatives in digitisation, Supply  Chain Finance and logistics. Earlier in his career, Kerr was the COO at a  payments gateway company and led a payments focused testing solutions  division at Clear2Pay.

Wisr appoints new Non-Executive Director, Cathryn Lyall, to the Board

Wisr Limited (ASX: WZR) (ACN 004 661 205) (“Wisr”, or the “Company”) is delighted  to announce the appointment of Cathryn Lyall to the position of Non-Executive Director, effective 01 January 2022. 

The move follows the Wisr Board’s previously advised commitment to growing with appropriate talent as the  Company grows in scale and complexity, with the appointment of Mr Matthew Brown as a Non-Executive Director  in September 2021, adding further depth to Wisr’s governance capability.  

Cathryn’s appointment will bring her immense financial services and fintech industry knowledge, providing the right  level of experience to make the Company robust and well prepared for the next period of growth in 2022. Partner  at Seed Space Venture Capital, Co-Founder of not-for-profit Seed Money Australia and London-based SEIS and EIS  funds company, Seismic Foundry, Cathryn’s extensive 34-year career in the Australian and British Financial Services  sectors includes roles at the Chicago Mercantile Exchange, Nasdaq and the London Stock Exchange. Most notably,  Non-Executive Director Deutsche Bank UK Bank, sitting on the Bank’s Board Risk Committee (BRC), the Listed  Derivatives Risk and Compliance Committee (LDRCC), and the Nomination Committee as Chair. 

The recipient of numerous awards and accolades, including Finalist Qantas Australian Woman of the Year in the UK,  Cathryn is also an Independent Non-Executive Director FinTech Australia, Lead Independent Non-Executive Director  Hutly, Non-Executive Director Boulevard Global, Non-Executive Director The Index Mortgage Company, Non Executive Director the Australian National University Foundation UK and Advisory Board Member of Financy.  

Wisr Chairman, Mr John Nantes, said, “On behalf of the Wisr Board, I would like to welcome Cathryn to Wisr. Her  depth of experience, strategic advisory, leadership and business acumen across finance, banking, government  and fintech will be invaluable as we grow Wisr into a profitable company of significant scale and impact in the  Australian consumer finance market in 2022. Cathryn’s appointment is an exciting opportunity for the business,  stakeholders and customers as we build on the success of 2021.”

Cathryn said of her appointment, “I’m delighted to be joining one of Australia’s most innovative and exciting  fintech companies. Chief Executive Officer Anthony Nantes and the talented, high-performing Wisr Executive  Leadership Team have delivered exceptional innovation, strong execution, and impressive behaviour-driven

culture. It’s an exciting time to be part of the next phase of the Wisr journey, as the company’s purpose-driven  model brings about real change to the way Australians access fairer credit and improve financial well-being. I’m  looking forward to supporting Wisr’s growth and path-to-profitability in 2022 and beyond.”

Cathryn holds a Bachelor of Arts from the Australian National University and a Master of Arts in English Literature  from the University of New South Wales. 

Wisr Limited ACN 004 661 205 

55 Harrington Street, The Rocks NSW 2000 


This announcement has been approved in accordance with the Company’s Continuous Disclosure Policy and authorised for release  by the Board of Directors. 

For further investor enquiries, please contact: 

Vanessa Chidrawi 

Company Secretary 

E: investor@wisr.com.au  


About Wisr Limited  

Wisr (ASX: WZR) is Australia’s first neo-lender with a commitment to the financial wellness of all Australians through providing a  smarter, fairer and wiser collection of financial products and services. Wisr provides a unique Financial Wellness Platform  underpinned by consumer finance products, the Wisr App to help Australians pay down debt, multiple credit score comparison  service, combined with content and other products that use technology to provide better outcomes for borrowers, investors and  everyday Australians. 

For more information, visit www.wisr.com.au

CRCNA AND CIVIC LEDGER SCALING NEXT GENERATION WATER MARKETS IN NORTHERN AUSTRALIA

The world’s first blockchain-based water market will go live in Far North Queensland mid-2022 to address growing water security issues and protect fair access to water

The Cooperative Research Centre for Developing Northern Australia (CRCNA) is partnering with Civic Ledger, FNQ Growers, and Inclusive Growth Partners to de-risk agriculture development with grower-led water markets across Northern Australia.

Civic Ledger will test the paradigm of next generation water markets at scale by establishing the platform to enable the Mareeba-Dimbulah Water Supply Scheme (MDWSS) in the Atherton Tablelands, far north Queensland, to move to its blockchain-enabled water market and trading platform – Water Ledger.

Water Ledger is the world’s first blockchain-based platform for the accounting and trading of water entitlements and allocations. The result is a more open, transparent, and publicly verifiable system to support improved water management and enhance the water trading experience with water rights that are clearly defined, enforceable, and transferable.

“The CRCNA and Civic Ledger are working together on the rollout of Water Ledger in the MDWSS as “a strategic research test-bed” that has applicability across Northern Australia for real time continuous water accounting and grower-led trading. Our aim is for water markets that implement transparent governance frameworks and support the sustainable economic development of Northern Australia,” says CRCNA CEO Anne Stünzner

The partnership will explore the interconnectedness between water market design and institutional governance goals to address water security and social equity issues relating to water access.

“Industry and agricultural communities need to have confidence in Northern Australia’s emerging water markets,” says Far North Queensland Growers’ President, Joe Moro. “We are working closely with CRCNA, Civic Ledger, and Inclusive Growth Partners to design place-based governance models that support emerging grower-led water markets in Northern Australia.”

“The nation relies on our avocados and mangoes – we need a water market platform that we can trust, so that the crops that we plant today have the water they need tomorrow,” he continued.

“We expect new economic opportunities to be developed in Northern Australia through enhancing water market governance and participation,” says Managing Partner of Inclusive Growth Partners, Cassian Drew. “Our place-based investment and governance platform will support growers, indigenous Australians and investors to create and participate in new opportunities enabled by Water Ledger and the work of FNQ Growers and the CRCNA.”

During 2020, Civic Ledger conducted the world’s first pilot for trading temporary water allocations on the blockchain in partnership with the CRCNA and FNQ Growers in the MDWSS. 

MDWSS is in Far North Queensland, Australia. Water from Tinaroo Falls Dam is distributed by gravity to farms, dwellings, and townships through 176km of main channel and a further 189km of subsidiary channels. There are five balancing storages to supply 1000 water users growing diverse crops including sugar cane, mangoes, bananas, pawpaw, citrus, and avocados.

“We at Civic Ledger are thrilled that the outcome from the pilot was so positive,” says Civic Ledger CEO, Katrina Donaghy. “Now, we are excited to continue our partnership with CRCNA and FNQ Growers, building a lively peer to peer water trading culture in Far North Queensland that fosters the sustainable development of Queensland’s tropical heartland.” 

Blockchain is an emerging way for industries and government to make and verify transactions, streamlining processes, reducing the potential for error and fraud. 

Blockchain supports water markets with its ability to provide a verifiable record of exchange and ownership of a water allocation at any given time. A key advantage of blockchain is that as a system it is owned by all those who participate in the water market. No one can have more information than another meaning that it cannot be operated in the interest of only a few.

During the 2019-20 pilot, Water Ledger reduced trade times down from months to mere days – the time that it took to get trade approval from the market operator, as the actual trades on the blockchain only take seconds. Most importantly, it published the last traded price in real time – no price, no trade.

Water resources around the world are becoming scarcer and it’s vital that we protect them with the absolute best in management practices,” says Civic Ledger CEO, Katrina Donaghy. “We are confident that Water Ledger is best-in-class to deliver the most reliable solutions to mitigate future uncertainty and ensure water security across Northern Australia.”

“It’s vital that we only use the most accurate and trustworthy data in making water management decisions and blockchain technology helps us do that. The planned adoption and scale-up of the Water Ledger will be enable the emergence of an efficient and active grower-led water market in Northern Australia for decades to come.”

Civic Ledger, CRCNA, Inclusive Growth Partners and FNQ Growers will work together over the year to assist more than 1,000 growers onto the Water Ledger platform. Moving the MDWSS onto Water Ledger is expected to be completed during Q2, 2022, with the results from the project published in a report at the end of 2022. Moving the MDWSS water markets onto Water Ledger is the precursor to scaling blockchain-enabled water markets across Northern Australia.


ABOUT CIVIC LEDGER

Multi-award-winning technology company Civic Ledger is building trust layer solutions for the water markets of tomorrow.

Civic Ledger provides blockchain solutions to enable a sustainable revival of growth. With Civic Ledger technology, water, carbon, nutrients, and biodiversity will be able to be securely and transparently accounted for – how much we have, how much we share, and how much we use.

We work closely with environmental market operators, regulators, utilities, traditional owners, industry and the agricultural sector to ensure solutions that are comprehensive, responsible, intuitive, and future proof.

Our team is distributed across Asia, Europe, and Australasia, and will soon be growing into the US. In 2021, we were the only Australian company accepted into the World Economic Forum Technology Pioneers cohort.

www.civicledger.com, www.twitter.com/civicledger


ABOUT WATER LEDGER

Water Ledger is the world’s first blockchain-based platform for the management and trading of water. The result is a more open, transparent, and publicly verifiable system to support improved water management and enhance the water trading experience with water rights that are clearly defined, enforceable, and transferable. 

As a peer-to-peer trust layer solution, Water Ledger eliminates the need for third parties to intermediate between buyers and sellers, drastically reducing the complexity of water trading. Water Ledger’s enables secure ecosystem growth as more water related activities – from water utilities to water recycling – transition to blockchain-based solutions. 

www.waterledger.com, www.twitter.com/waterledger


ABOUT CRCNA

The Cooperative Research Centre for Developing Northern Australia (CRCNA) is investing $75m of Commonwealth funds over ten years to support industry-led research collaborations. The funding will develop new technologies, products and services which address industry issues in Northern Australia.

The CRCNA brings together industry, universities and other research bodies, SMEs, regional development organisations, all northern jurisdictions and international partners in a collaborative industry-led research and development venture to assist businesses, governments and researchers identify opportunities for business and growth in the north.

www.crcna.com.au 


ABOUT FNQ GROWERS

FNQ Growers is the leading advocacy group for fruit and vegetable growers across Far North Queensland. We represent growers of all horticultural commodities from Lakeland in the north, south to Tully and west to Dimbulah.

www.fnqgrowers.com, www.twitter.com/fnqgrowers


ABOUT INCLUSIVE GROWTH PARTNERS

Inclusive Growth Partners supports investors, businesses and governments achieve economic transitions and asset transactions that deliver inclusive economic growth. We advise on investments in climate adaptation, technology and energy transitions, as well as asset divestments and responsible exits. We enable ongoing environmental, social and governance performance of public and private assets through our place-based investment and governance platform.

Inclusive Growth Partners is engaged with clients across the financial services and institutional investment sector, energy, infrastructure and sustainable cities, natural capital asset management, and the public sector. Our work includes advising on economic transitions of coal mining cities, agricultural transitions, improving governance over water and natural capital assets, and supporting investors to measure and drive both financial and non-financial performance of assets. Inclusive Growth Partners provides a technology platform and team of senior advisors operating globally to solve systems challenges where multiple organisations need to work together to deliver outcomes for people and planet. 

www.inclusivegrowth.com.au


MEDIA ENQUIRIES

CRCNA Communications Manager, Carla Keith, 0499 330 051

Civic Ledger Marketing Manager, Akasha Rose, akasha@civicledger.com

FNQ Growers President, Joe Moro, 0418966960

Inclusive Growth Partners, Cassian Drew, cassian.drew@inclusivegrowth.com.au

Project Participants 

  • Inclusive Growth Partners
  • FNQ Growers

DiviPay raises $20 million Series A to fortify its full-stack spend management suite for SMEs

DiviPay, the Sydney-based start-up that offers all-in-one spend management for small-to-medium sized businesses, is advancing its aspirations with a $20 million Series A.

The round was led by an undisclosed global fintech-focused growth equity investor, with participation from Global Founders Capital, and Rapyd Ventures – the new venture capital arm of Rapyd. The round also included prominent founders such as Raffael Johnen from Auxmoney, who leads the largest credit marketplace in continental Europe, and Guy Pearson, the founder of Tiger Global-backed accounting and client engagement platform, Practice Ignition.

The Series A funds will be used to expand DiviPay into new international markets, and further build out DiviPay’s holistic product offering. Headcount is set to rise at least fourfold from the existing team of 20 over the coming year.

Beginning life as Australia’s first all-in-one expense management solution, DiviPay has grown to now serve over 1,000 companies. DiviPay offers access to an integrated corporate card for the small to mid-market, who often struggle to access traditional cards via the banks.

To proactively manage expenses, DiviPay’s cards are seamlessly tied to an intuitive platform where finance can flexibly set budgets and spending allocations for users – the platform also delivers other in-built spend management features.

And to close the reconciliation gap, DiviPay provides powerful integrations into leading accounting platforms to automatically assign the expenses at the point of purchase to the correct accounting code.

Hundreds of hours of manual work have been saved by switching from traditional corporate cards and reimbursements to DiviPay’s integrated spend-management solution.

Customers are increasingly realising the benefits of DiviPay’s offering, with the company reporting growth of over 300% in the past year.

Clients include Australia’s best-known unicorn Canva, fast-growing fintechs, including Superhero and Eucalyptus, and more established companies, such as Slater and Gordon and Michael Hill.

DiviPay also proudly serves the third sector, including not-for-profit organisations and charities, and currently works closely with Uniting AgeWell and the Autism Association of Western Australia.

In recognition of their rapid growth, DiviPay recently won ‘Best Payment Innovation’ at the 2021 Finder Awards.

Daniel Kniaz, DiviPay’s CEO comments: ‘DiviPay helps finance leaders control who can spend company funds, how much they can spend, and where they can spend it – we deliver transparency, security and autonomy in expense management.

‘I’m really proud and excited about DiviPay’s latest funding round because it gives us an opportunity to work with some great investors in fintech to further develop our mission, and to rapidly expand our footprint in terms of team, product, and location.

‘With tech at the forefront of recent changes in the working world, 2022 was always going to be a big year for DiviPay. This funding round allows us to make an even more significant impact on the market – fintech is definitely the place to be right now!’.

Tito Costa, Partner at Global Founders Capital states: ‘We loved how DiviPay entered the expense management space focusing on an easy-to-use, powerful software product and on that foundation we believe the opportunities for expansion are endless. We are excited to back the team in their next phase of growth.’

Joel Yarbrough, MD of Rapyd Ventures says: ‘Rapyd Ventures is thrilled to partner with Divipay, a leading expense management software in Australia. We are excited with what Daniel and Russell are building to help businesses and SMEs transform payment flows and financial software in the region.’

Background information

  • Daniel Kniaz is available for comment
  • Previous funding:
    – 2016, DiviPay received $100,000 in funding from H2 Ventures when they joined its fintech accelerator program.
    – 2019, DiviPay received the first instalment of $2.3 million in a funding round led by 1835i (ANZ Bank’s venture capital arm). The consortium of investors included Seed Space ventures and former Pepper Money CEO Patrick Tuttle. The funding enabled DiviPay to build its engineering team and execute its product vision.
    – 2021, DiviPay received an additional $1.7 million in its funding round led by 1835i. The funding was used by DiviPay to build its marketing, sales and engineering teams, and ensure it had the resources needed to grow and broaden its customer base.
  • Further information on Global Founders Capital and Rapyd Ventures available on request

Find out more about DiviPay here.

Fundsquire partners with Railz to offer an integrated, quicker, and transparent funding platform

Fundsquire, a source of capital for startup and scale-ups globally, has partnered with Railz to supercharge its funding platform, offering Fundsquire’s global customers a seamless and powerful experience. Fundsquire has integrated Railz’s API solutions to augment its funding platform, access comprehensive accounting data, and provide a transparent lending process for businesses accessing growth capital from Fundsquire.

“As an early adopter of the Railz integration, we are excited to take our partnership further. We have grown tremendously in the last few years, and as a global business, we need global solutions to better serve our customers. Railz is going to be a key pillar of our evolving tech ecosystem as we continue to boost our platform in line with our growing product portfolio and customer base.” – Damien Petty, CEO & Founder at Fundsquire

With this partnership, Fundsquire sets itself apart in the global funding and fintech landscape. This platform, which has been live since early 2021, is a key step towards furthering Fundsquire’s goal in leveraging technology to de-risk lending, give customers insights into factors guiding their funding, and enable on-demand access to financial transactions and reports.

Over the past year, Fundsquire has doubled it’s investments in category-leading businesses – a rapid growth enabled by strategic expansion of funding solutions and operations along with tech development. Fundsquire recently received $75 million AUD (£40 million) strategic investment from Fasanara Capital and launched the Grant Advance funding solution.

“Railz’s Accounting Data-as-a-Service™ API partnership with Fundsquire’s funding platform aims to support Fundsquire in making the lending process transparent. It’s incredibly impactful that businesses can access quick and seamless capital through Fundsquire with the Railz integration.” – Sohaib Zahid, CEO of Railz


Find the details about the platform here

New report highlights the role of fintech in bridging financial divides in Asia Pacific

  • Asia is home to nearly half of the Top 20 global fintech hubs
  • 45 fintech hubs were identified across the Asia Pacific region – nine more than last year
  • Hong Kong, Singapore and Sydney ranked first, second and third in the Asia Pacific city fintech rankings
  • The report from findexable, powered by Mambu, includes in-depth case studies on Vietnam and Indonesia

SYDNEY, 16 December 2021: Fast-paced fintech innovation in Asia Pacific is having a measurable, positive impact on access to financial services in the region, according to a new report from findexable, powered by Mambu, titled ‘Asia Pacific Fintech Rankings: Bridging Divides’.

The report, which provides an APAC-centric deep-dive into the Global Fintech Rankings released mid-2021, highlights the vital role fintech innovation has in closing the gaps between the ‘banked’, ‘underserved’ and ‘unbanked’, particularly in countries which may have low levels of formal financial inclusion, but high levels of smartphone ownership and internet penetration.

Simon Hardie, CEO & co-founder at findexable, said: “The 2022 rankings of Asia Pacific fintech hubs are testament to the region’s diversity, ingenuity, and commitment to innovation. With 45 hubs across the region (one third more than in 2020) – fintech firms across Asia Pacific are proving fintech is the engine of the digital economy. More importantly, as this report shows, fintechs are showing that building successful businesses should go hand in hand with contributing to wider financial inclusion and development goals.”

Myles Bertrand, Managing Director at Mambu, said: “We’ve seen an astounding acceleration in the rate of fintech innovation across the region over the past year, and while some of that was a direct result of the pandemic, the adoption of new financial technologies is now being driven primarily by consumer demand. Consumers across Asia Pacific have experienced how digital banking technologies can make their lives easier, with a huge range of faster, more convenient and much less expensive ways to manage their money. So, we’re seeing a rapidly growing number of previously unbanked consumers who are now able to participate in the formal economy.”

Bryan Carroll, CEO of innovative Vietnamese digital-only bank TNEX, who was interviewed for the report, agreed with this assessment, adding: “We have customers whose annual income may be less than $2,000. These are people who, in the past, wouldn’t be able to afford banking.”

The report, which includes in-depth looks at Vietnam and Indonesia, and commentary from a number of Asia Pacific fintech leaders, identifies the countries and cities leading the fintech charge in the region, including Jakarta, which jumped 27 places in the city rankings this year, and New Zealand, which rose 15 places in the country rankings to sit inside the top 10 for the first time. Also unpacked in the report are some of the new financial technologies – particularly in the payments space – that are changing the way that people across the Asia Pacific region manage their money, where cash has been relegated from its long-held position of king.

However, while fintech innovation is increasing at pace, old roadblocks remain and new barriers arise frequently, with the report highlighting some of the issues faced by fintechs due to the region’s complex regulatory framework and the disparity in economic maturity of different countries.

“Asia is home to nearly half of the Top 20 global fintech hubs identified in the report, but the differing regulations from country to country can be a real hindrance to multinational growth in the region,” continued Bertrand. “Each country’s central bank or government has its own agenda, so it’s incredibly important for fintechs to work collaboratively with the regulators in each country to understand their concerns, and to help support the creation of mutually beneficial ecosystems that support innovation. That’s what’s going to truly drive continued improvements in financial inclusion.”

The Asia Pacific Fintech Rankings: Bridging Divides report is available to download here.

For further insight and commentary into the findings of the report, download the webinar-on-demand Fintech in Asia – Defining Success at Scale, which discusses the booming fintech landscape in Asia Pacific and  features Simon Hardie from findexable, Myles Bertrand from Mambu, Bryan Carroll from TNEX, Arvind Sankaran from AFG Partners, and Yosia Sugialam from Paper.id.


 About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be configured any way our customers require to meet their customer’s needs. Founded in 2011, Mambu has 800 employees​ and ​200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data and Orange Bank. mambu.com


About findexable

Findexable is a global research and analytics firm on a mission to digitise investment in fast-growth private market fintech. Regardless of location. Using real-time mapping and indexation technology, findexable maps and scans markets, and provides latest insight on the innovators, innovations and trends in financial technology.

The Global Fintech Index is the world’s first real-time indexation of global fintech ecosystems and companies scoring the strength of fintech ecosystems globally across 85 countries and 275 cities using a proprietary algorithm and proprietary datasets via a network of global partners.

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