Median revenue in Australia’s fintech sector has jumped by 208% over the 12 months to June 2017, with one in four companies (24%) enjoying a revenue boost of at least 700%, the 2017 EY FinTech Australia Census reveals. According to EY, the Census, which is based on survey results from 166 fintech companies, is “the […]
The first year of a new business is critical, with repeated evidence that around one third of businesses fail during this phase. However, equipped with the right knowledge and education, you can get off to a strong start. Whilst the focal point for the early months should ideally be on rapid income generation, new business […]
The Small Business and Family Enterprise Ombudsman, Kate Carnell, has floated the idea of a Government-backed approach to small business lending, modelled on the British Business Bank, to improve access to finance for SMEs. Kate Carnell told Dynamic Business that the tightening of prudential requirements by APRA and other regulators globally, following the Global Financial […]
The taskforce charged with reviewing ASIC’s enforcement powers, including penalties regime, has recommended nearly tripling penalties for corporate and financial sector misconduct. In a position paper, published this week, The ASIC Enforcement Review Taskforce expressed concern that penalties available to address corporate and financial sector misconduct are inadequate, inconsistent or too low to act as a […]
Financial technology startups are growing in Australia, from less than 100 in 2014 to approximately 579 companies today. Many financial businesses see this as a direct threat, but if our country is to have any hope of building a world-class financial services technology industry, the future lies not in competition, but in collaboration. We are […]
Stating that small business subcontractors are vulnerable to delayed payments, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has announced she is examining payment terms and conditions for “subbies” working on government projects. “Most government departments pay their invoices within 30 days, but when a prime contractor is appointed to manage a project […]
Any way you slice it, 2017 has been a blockbuster year for zipMoney. The Sydney-based fintech startup – a provider of point-of-sale credit and digital payment services – has been onboarding around 1200 new customers per day, with CEO Larry Diamond attributing this growth to traction with millennials. Significantly, Zip landed the two largest fintech deals […]
Melbourne-based fintech startup Study Loans has this week launched its responsible student lending service, with $5 million available to Australians seeking to finance their tertiary education. In addition to completing a $2 million seed round to get the business off the ground, Study Loans co-founders Brett Shanley, Mark McCoach and Rhett Simonds raised $5 million debt equity […]
Government moves to reduce regulatory barriers to challenger banks entering the market should improve access to finance for small business, according to Australian Small Business and Family Enterprise Ombudsman (ASBFEO). The Ombudsman, Kate Carnell, welcomed news that the Treasury is consulting on proposed changes to the Banking Act, which would remove restrictions on the use […]
The growth of SMEs is being significantly restricted by their inability to access credit readily, according to the results of a survey commissioned by fintech lender GetCapital. The Businessloans.com.au Small Business Credit survey was completed by 611 SMEs, defined as businesses with between 5 and 250 FTE and an average minimum revenue between $50,001 and […]
