Australian neobank, 86 400, has closed its Series A capital raise. $34m of new equity was raised in March, bringing its total capital to $90m. The funds will help further accelerate product and feature development and support mortgage book growth. The raise, led by international investment bank Morgan Stanley, is one of the largest Australian fintech […]
The top execs of Neobanks are shocked at the huge demand they are receiving from potential customers. To put the demand into perspective, one Neobank – Xinja – has amassed an impressive $100 million in deposits in a time frame of just 19 days. The challenger banks, which are 100% digital, are collectively signing hundreds of […]
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
As the Royal Commission leads to an increase in lending standards and requirements for banks, many businesses will be forced to look outside the Big Four to raise the capital they need. The good news is that there are a lot of untapped capital options for SMEs to look at. The Royal Commission has meant […]
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
The man in charge of the government’s financial system inquiry, David Murray, has warned that accommodating technological advancements that lift productivity and drive competition will prove a key future challenge. New innovation, particularly in the payments system, is disrupting the banking sector with emerging payment providers like PayPal and Google now competing with traditional institutions. […]
A bi-monthly index has indicated that the small business sector is dissatisfied with the level of service provided by the ‘Big 4’ banks.
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