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Alt Lending week ended 12 March 2021

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European Banking regulator hit by Chinese hack of Microsoft email

So the gamekeeper has been poached. Reading this I had to laugh after all banking regulator is quick to chide if bank’s applications are found to be wanting. In fact this serves as a reminder to the banking sector, the regulators and the Fintech security boys and girls that acquiring clients is not all that matters in the banking sector and that opportunities to make money from cost saving activities are still out there. Microsoft somewhat piously pointed out that applying the latest patches to their applications as quickly as possible would help. Well of course it would but in the real world banks have to struggle with tens of thousands of interconnected applications though umpteen communications protocols from new applications to legacy systems. Banks were among the first institutions to automate and they have paid the penalty for it ever since. Nevertheless reducing the number of successful attacks is a very important way of reducing costs, reputational damage and improving the P&L account

Starling Bank is Britain’s newest unicorn funding drive

Good news for the newcomers and at least Starling is in the black – just –  and forecasting its first full year’s profits. The valuations put on tech firms and particularly digital banks look top heavy to me for a number of reasons. These include a crowded sector, rock bottom interest rates and a completely unpredictable market with largely unquantifiable risks. In addition a strategic acquisition plan into unknown jurisdictions past covid looks like a stretch for its management. Nevertheless the undoubted bubble looks like it might have some time to run yet. If a company delivering burgers to your door can be worth £1.5 billion when there is no barrier to entry then a sound profitable bank providing quality service looks like a different proposition. Starling are also taking on line security seriously. Perhaps they should talk to the European regulator.

The strange case of Greensill Capital

The past few days have provided plenty of news about Greensill Capital which collapsed into administration on March 8th. On the face of it Greensill is so called supply chain lender.  To oldies like me supply chain lending is invoice discounting or something similar by another description. The concentration in interest in the UK centres around the fact that Greensill was providing working capital to GFG Alliance a global steel and metals empire run by Sanjeev Gupta. GFG who were Greensill’s biggest client also owns Empire Steel one of the largest steelmakers in the UK. Apparently Greensill have an exposure to GFG of some £ 3.5 billion.  Greensill is to all intents and purposes is a bank. However it lends only to businesses and is therefore not regulated by the FCA. The usual suspects are now trying to wipe their fingerprints of anything to do with Greensill including ex Prime Minister David Cameron who is an adviser to Greensill. There is a house of cards around this. Greensill was being bankrolled by Swiss giant Credit Suisse who were packaging up GFG debt and selling it to the wider banking market. They have now pulled the plug. In any case it doesn’t feel quite right. Expect some fireworks in the next couple of weeks.

Howard Tolman is a well-known banker, technologist and entrepreneur in London,

We have a self imposed constraint of 3 news stories per week because we serve busy senior Fintech leaders who just want succinct and important information.

For context on Alt Lending please read the Interview with Howard Tolman about the future of Alt Lending and read articles tagged Alt Lending in our archives.

Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.

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Source: https://dailyfintech.com/2021/03/12/alt-lending-week-ended-12-march-2021/

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Novatti’s Ripple partnership live to The Philippines

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Leading Australian digital banking and payments company Novatti, reports that its recently signed partnership with global payments disrupter Ripple, is now live with revenue-generating transactions taking place.

Ripple uses its decentralised, global financial network, RippleNet, to provide its partners with the ability to process global payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top five global cryptocurrency currently valued at more than USD$40 billion.

Novatti signed a new partnership with Ripple in December 2020 to provide Novatti’s fintech customers with access to these capabilities.

The initial focus of the partnership was to target cross-border transactions between Australia and the South- East Asia region, particularly the Philippines. This focus is delivering new customers, with Novatti now partnering with the Australian subsidiary of the Philippines’s largest non-bank, Filipino-owned, remittance service provider, iRemit, through RippleNet. This alone is expected to result in several thousand transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services. Importantly, discussions are already underway to also expand this service to new financial services clients in South East Asia.

Managing Director of Novatti, Peter Cook, said, “We are delighted to see this partnership delivering for both Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue.”

“Forming our partnership with Ripple was part of Novatti’s broader strategy to develop a banking and payments ecosystem that enables our existing platforms to scale quickly. In addition to Ripple, Novatti’s ecosystem now includes partnerships with world-leading payment and fintech companies including Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta and Decta.”

“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licences obtained for the New Zealand market and Emersion now up and running in the US. As shown through Ripple, this expansion opens Novatti up to new revenue opportunities, and provides us with greater exposure to the global demand for digital payments that we expect to accelerate going forward.”

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Source: https://australianfintech.com.au/novattis-ripple-partnership-live-to-the-philippines/

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Zip boosts small business cash flow with new line of credit launching Zip Business Trade Plus

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Leading buy now pay later (BNPL) company Zip.Co, has today launched the next iteration of its small business accounts: Zip Business Trade Plus. With the aim of helping small business owners level-up and access the capital they need to manage cash flow, pay for day-to-day essentials and grow their business, Zip Business Trade Plus offers a line of interest free credit between $3,000 and $150,000.

The news comes as small businesses rally following the end of JobKeeper and predictions that up to 150,000 Australians could stand to lose their jobs in the wake.

There are over two million small businesses in Australia and 70 percent of those outline cash flow as a key issue. Approved within 24 hours, Zip Business Trade Plus extends a generous and transparent line of credit to those businesses, providing a fast alternative to credit cards, bank loans and overdrafts.

Once approved, small businesses can use their Zip Business Trade Plus account online or in-store by selecting Zip at checkout. The funds can also be used to pay any domestic invoices or bills using BPAY.

Geof Alexander, General Manager of Zip Business said, “JobKeeper was a vital lifeline for small businesses throughout COVID, but now that the program has ended, small businesses will need to turn somewhere else for financial support. That’s where we come in.

“Cash flow, additional equipment, staffing costs, or simply getting a bit of extra capital to support your ambition are all small business needs that Zip Business can help with. We know this pandemic has been hard, but resourceful people thrive in hard times – and Aussies small business owners are nothing if not resourceful. Now is the time to harness that entrepreneurial spirit with  Zip there to help you.”

In order to be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month. Small business owners can apply for a Zip Business Trade Plus account here. Zip’s lending criteria applies.

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Source: https://australianfintech.com.au/zip-boosts-small-business-cash-flow-with-new-line-of-credit-launching-zip-business-trade-plus/

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Novatti Free Webinar: The Power of Cards from BNPL to Crypto

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Hosted by leading digital banking and payments company Novatti, you are invited to hear from leading industry experts on the topic of Card Payments and its value-add to the Buy-Now-Pay-Later and Cryptocurrency markets.

With more than 5 million BNPL accounts in Australia and almost 1 in 5 Australians owning crypto, both BNPL and Crypto are the two hottest payment trends that are set to accelerate further in 2021.

Learn how BNPL and Crypto players, as well as other Fintechs and Enterprises, can leverage solutions like Zero Balance Cards and “Just In Time Funding” to power their business and customers.

When: 22 April 2021

Time: 1pm

Link: https://kapara.rdbk.com.au/landers/f76a7d.html

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Source: https://australianfintech.com.au/novatti-free-webinar-the-power-of-cards-from-bnpl-to-crypto/

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Cirralto confident of “multiple” new commercial payment and point-of-activity lending opportunities

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Cirralto Ltd (ASX:CRO) has loaned its long-term fintech partner Invigo $2 million as it seeks to extend strategic commercial funding programs and support the deployment of B2B buy-now-pay-later products.

The company and Invigo first formed a strategic partnership in August 2019, to launch an integrated platform for their respective customers to access.

Cirralto supplies industries with a broad range of B2B payment services, digital trading software and integrated solutions, while Invigo provides easily accessible business finance and business management tools.

The $2 million loan is expected to “unlock multiple commercial payment and point-of-activity lending opportunities”, with a broad B2B BNPL pilot program with several retailers and manufacturers, including several hundred trading partners, to be undertaken as part of the deal.

To read more, please click on the link below…

Source: Cirralto Ltd confident of “multiple” new commercial payment and point-of-activity lending opportunities

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Source: https://australianfintech.com.au/cirralto-confident-of-multiple-new-commercial-payment-and-point-of-activity-lending-opportunities/

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