Keep up to date with everything happening in fintech
Earlier this year, Revolut finally reached its goal in obtaining an Australian Financial Services Licence (“AFSL”). This is a goal that many fintechs are working towards with the journey presenting many hidden challenges.
For this week’s Member Spotlight, we spoke to Matt Baxby, Australian CEO of Revolut about their AFSL journey, the challenges they encountered and the things they learned along the way. We’ll also delve into what’s next for Revolut and its customers.
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Fintechs helping SMEs with access to capital, a fractional investment platform, a tech startup fund tracking service and a technology company that helps fintechs build customer relationships. Here are 5 fintechs on the spotlight this Friday.
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As many businesses can attest, access to payment rails that allow one to pivot to online sales has been essential in surviving the economic pressures presented by Covid-19. Consumers are using less cash, and businesses are resorting more and more to moving online. NAB has noted that there has been an 800% increase in the number of merchant facilities opened compared with April of last year. The Reserve Bank of Australia has noted in a March report that cash-based consumer payments have dropped to 27%, down from 69% in 2007. Cash withdrawals have also been impacted, dropping 32% in April compared to February. This has opened opportunities for digital marketplaces and businesses, products such as cryptocurrency, and the potential for digital cash (which we covered in a previous Member Spotlight), and payment providers. Square has been one such payment provider that is pivoting to help its customers as they adapt to a new way of working.
We highlight five fintechs this Friday that provide solutions in cross-border payments, helping consumers finance their energy requirements, digital currency payments and transfers, open banking, and intelligent digital wallets. Below are the five fintechs in Australia that you need to know about.
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We hope everyone has been well over the past few weeks as restrictions begin to ease across the country. We have several exciting policy and community updates in store for you all, as well as a myriad of events and opportunities that you can take advantage of.
In respect of our policy work, we have submitted our submission to the Inquiry into the Future Directions for the Consumer Data Right, and we are currently seeking feedback from members on the first draft of our submission to the ASIC ePayments Review.
We are also currently progressing on Intersekt and the Finnies, which are scheduled to run later in the year. If you want to be involved in these events, please do not hesitate to reach out.
As Airwallex’s Head of Growth, Neil leads the company’s global growth and user acquisition strategy. He has over a decade’s experience working across marketing, strategy, technology and data science, previously holding roles at SEEK, Hotels.com, Expedia and The Boston Consulting Group.
Today’s series looks at a digital marketplace for Aussie borrowers, an investment transactions app, a prepaid payments specialist, a flexible funding platform to SMEs, and a ‘buy now pay later’ tech company.
Below are five fintechs you need to know about this week.
“Whiskey is for drinking, water is for fighting over” — Mark Twain.
The allocation of water rights in Australia has recently been the subject of media attention, particularly surrounding the Murray-Darling Basin, where an over allocation of water rights in the second half of the 20th century has led to a water shortage. Since water rights are regulated by the states, the systems are far from unified. There are four state registries, seven regulators, around 300 water products, and over 15,000 business rules that government water trades. Each register also attracts a fee to gain access and perform searches.
For many, the Covid-19 pandemic has slowed business growth and, for some, it may mean that they will have to shut their doors. It has been an unprecedented time of economic downturn, that the International Monetary Fund has tipped as potentially triggering a global recession worse than the recession triggered by the GFC. However, for some in the fintech industry, this has been a period of prosperity. Despite the economic downturn, many fintechs have seen continued investor support. In April, Xinja raised $433 million from a fund in the United Arab Emirates, and AirWallex gained unicorn status with a $252 million raise. More recently, Nium and Moneytree have completed successful raisings, and Joust has merged with Loan Dolphin.
