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Brokers fuel 100% growth at Aussie fintech Plenti

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Fintech Plenti have announced their results for the last quarter of the financial year, with an astounding 100% year on year growth recorded.

The results saw their total loan portfolio grow up to $615 million, a 61% rise on the same period in 2020, with increases seen across every vertical within the business.

Plenti, who were founded in 2014, offers lending across several channels, including personal loans and automotive. CEO Daniel Foggo was understandably very pleased with the result.

“Fundamentally it’s about growth,” he told Australian Broker. “Achieving over 100% growth over the same quarter last year is what we’ve been aspiring to do as a business. What we’re sought to do to secure growth is to invest in our technology, to make sure we’re differentiating ourselves in terms of the services that we’re supplying our end customers, which includes brokers. Our investments and our technology are really paying off. That’s what’s driven our growth.”

While Plenti has traditionally been a direct to market lender, they have seen huge growth in the broker channel in the last year.

To read more, please click on the link below…

Source: Brokers fuel 100% growth at Aussie fintech Plenti

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Source: https://australianfintech.com.au/brokers-fuel-100-growth-at-aussie-fintech-plenti/

Fintech

Home loan fintech secures $2bn funding

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Athena Home Loans has inked a funding deal with global alternative investment group Cerberus and its non-bank lender subsidiary Bluestone.

The deal, which represents one of the largest fintech strategic partnerships in Australia, will supply provide Athena Home Loans with a $2bn funding over the next three years.

This is Athena Home Loans’ second whole-loan funding arrangement in the last six months. Late last year, the group sealed a $300m funding deal with Newcastle Permanent Building Society.

Athena Home Loans is considered one of Australia’s fastest growing fintechs. It has settled over $2bn in applications since its launch in February 2019.

To read more, please click on the link below…

Source: Home loan fintech secures $2bn funding

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Source: https://australianfintech.com.au/home-loan-fintech-secures-2bn-funding/

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Zafin expands in the APAC Region, adds Michelle Tredenick to the board

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Zafin, a world-leading SaaS cloud-native product and pricing platform for the next generation of financial services providers, today announces the appointment of Michelle Tredenick to its board of directors. Tredenick will work alongside the rest of the board on governance and growth strategies globally, advising specifically on expansion in the Asia-Pacific (APAC) region.

Zafin is a global fintech leader empowering financial institutions of all sizes to become more efficient by centering their customers, growing relationships, and driving financial wellbeing of all stakeholders. The fintech provides financial institutions with a SaaS platform to accelerate their digital transformation efforts by modernizing their core systems and enabling innovative client experiences.

“Michelle has an impressive and extensive background in the financial services and insurance industries in APAC,” said Al Karim Somji, co-founder and CEO of Zafin. “We’re confident her strong leadership background and comprehensive understanding of the industry will make her a great addition to our board as we expand the availability of our award-winning platform across the APAC region.”

Tredenick brings more than 25 years of financial directorship and executive experience to her role with Zafin. She has previously held executive leadership positions at Suncorp, MLC and National Australia Bank and currently serves as non-executive director for several institutions including Urbis, Insurance Australia Group (IAG), First Sentier Investors and Cricket Australia. She is also a board member of the Ethics Centre and a member of the Senate of the University of Queensland.

“It is crucial, now more than ever, for financial institutions of all sizes to keep up with the digital shift taking place across the industry in order to retain customer loyalty and drive growth,” said Tredenick. “Zafin provides the integrated solution financial institutions require for digital transformation and core modernization, and I look forward to working with the board and the leadership team to ensure the company continues to deliver for its valued clients in the APAC region and across the globe.”

Digital transformation is indispensable for financial services providers, made clear by the challenges brought on by the COVID-19 pandemic. Zafin’s platform enables true differentiated core modernization, removing risk, accelerating payback and simplifying compliance.

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Source: https://australianfintech.com.au/zafin-expands-in-the-apac-region-adds-michelle-tredenick-to-the-board/

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Hyper, a new era in personalised digital payments

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ECAL, the world’s leading direct to calendar marketing platform, announce a groundbreaking new addition to their sync-to-calendar technology, that allows users to make purchases directly from their calendar.

Introducing Hyper, a digital payments wallet and ID enrichment feature. It is designed to enable ECAL publishers and their merchants to deliver a hyper-personalised product offer to users at the right time, in their personal digital calendar, with a fast and frictionless checkout experience.

Consider a calendar entry for a football game of your favourite team, with a special offer presented five minutes prior to stream the game live on your mobile. Or a concert of your favourite artist, with a special offer for VIP tickets available 30 minutes prior to the general on-sale. All secured and paid for in just a few clicks directly from the calendar on your mobile. This is an exciting opportunity for ECAL and Hyper clients wanting to develop a better transactional experience for their customers.

Hyper delivers a personalised, timely and simplified purchase experience, empowering more customers to buy at the moments that matter. It is estimated that Hyper will work at up to double the normal purchase rate for clients currently using ECAL’s sync-to-calendar technology.

Hyper is underpinned by an advanced Level 1 PCI DSS payment orchestration system. It provides merchants with an intuitive and customisable checkout widget, integrates with over 30+ payment gateways, handles multiple currencies, and facilitates a variety of payment methods including single payments, recurring and ‘buy now pay later’ options.

CEO of ECAL, Patrick Barrett, explains the importance of Hyper to the overall customer experience, “ECAL is obsessed with optimising the calendar experience for both our clients and customers. Hyper lets us play a definitive role in the complete customer journey, from initial interest on a client website, right through to successful purchase via a merchant partner, to ultimately streamline the path to purchase – which we find really, really exciting.”

Whilst Hyper is a breakthrough for ECAL, Barrett hints at future opportunities beyond the calendar, saying, “Hyper is a sophisticated digital payments wallet, and it provides a powerful solution for any enterprise business with the need to better orchestrate complex, multi-currency, multi-type payments.”

The announcement closely follows the recent appointment of Silicon Valley based technology entrepreneur, Karen Orford, as ECAL’s Global Head of Customer Success.

In what is yet another monumental achievement for parent company, HyperKu, the launch of Hyper wallet is indicative of HyperKu’s principle of investing in technologies that simplify the overall consumer experience for the modern world.

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Source: https://australianfintech.com.au/hyper-a-new-era-in-personalised-digital-payments/

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Arab Monetary Fund Releases Fintech Index, a Measure of Financial Tech Adoption in Middle East

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The Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, has launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations.

The United Arab Emirates (UAE) is at the top of the list of Arab countries in the general index, “with an average of 75 percent,” according to a release.

As explained in the announcement, the index aims to reflect the “interest” and “efforts” of the Arab authorities during the past year towards “improving opportunities for the growth and employment of financial technologies and the improvement of the digital financial services environment.”

As mentioned in the update:

“The index shows the need for more effort [required] to facilitate access to financing for financial technology service providers, entrepreneurs, and emerging companies and to follow up on the development of incentive legislation.”

On the Arab Day for Financial Inclusion (April 27, 2021), the Arab Monetary Fund had officially introduced the Index of Modern Financial Technologies in the Arab Countries (FinxAr).  The index aims to highlight the key developments in the financial technology sector and digital financial services in the Arab nations between 2018 and 2020.

The launch of the index is part of the Arab Monetary Fund’s effort and goal to extend support to Arab nations in promoting the Fintech sector and related digital transformation initiatives in a manner that “serves to enhance inclusiveness, financial stability, and opportunities to achieve sustainable development.”

As noted in the announcement, the annual index identifies the efforts of Arab nations in “enabling and promoting” Fintech adoption. It also “contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the Fintech ecosystem, in order to help formulate national policies to strengthen the industry in Arab countries in the future, where they harness potential opportunities and mitigate related challenges,” the announcement noted.

The update also mentioned:

“The General Index for Fintech in the Arab region (FinxAr) consists of six main indices that represent the main pillars of the Fintech ecosystem, including policies and legislation, the demand side, access to finance, financial markets infrastructure, talent development to support innovations, and finally collaboration and partnerships.”

The index findings aim to reflect the “interest” and “efforts” of the Arab authorities in the past years towards “improving opportunities for deploying financial technologies and digital financial services in addition to the implementation of national strategies and programs for digital transformation during the year 2020 is evident compared to 2018 and 2019.”

As noted in a release:

“There is no doubt that the improvement is related to the acceleration by Arab countries in supporting remote financial activities and transactions amid [the] COVID-19 pandemic during the year 2020. It is also related to the interest of many Arab countries to develop national strategies for Fintech and digital transformation that outlines a roadmap to build solid pillars to adopt Fintech and digital financial services, and hence digital financial inclusion.”

The index also points out some key challenges that will need more work, particularly “in terms of facilitating access to financing for Fintech service providers, entrepreneurs and startups, in addition to following up the development of financial market infrastructure.”

As noted in the update:

“The general index scored 43%, and the indices for talents, and collaboration & partnerships came in the forefront with 50% and 49% respectively, then the demand side and  policies & regulations indices by 44% each, while the results highlighted the need to pay attention to the pillars of financial market infrastructure and finance, as they scored 39% and 18%, respectively.”

The results confirm that the UAE ranked first among the Arab nations in the “general index with a percent of 75%, thanks to the multiple efforts to enhance the diverse fintech activities, and the various initiatives employing the latest financial technologies and providing the requirements that would improve their adoption.”

The update also mentioned:

“The Kingdom of Saudi Arabia came in second place with a rate of 65%, … for the development of the demand side and the availability of financing, due to the various initiatives sponsored by the authorities in assisting technology centers in supporting digital financial products and solutions in the Kingdom, and to enhance financial education.  In addition to the various awareness programs, enabling the access to finance for small and medium enterprises. It also ranked third at the level of the leading indices of policies & regulations, financial market infrastructure, and talents.”

The Kingdom of Bahrain “went to a rate of 64%, which reflects the Kingdom’s progress in terms of legislations and financial market infrastructure, through its acquisition of the first rank in the indices of policies & regulations, and the financial market infrastructure, thanks to  adopting comprehensive policies to build a supportive regulatory framework for the Fintech industry at the national level, and creating a comprehensive legislative infrastructure for the various Fintech activities.”

As noted in the release, the fourth rank in the general index went to the Republic of Tunisia with “a rate of 55% as a result of its progress in the main indices related to policies & regulations, and financial market infrastructure, reflecting the efforts of the multiple authorities in these aspects.”

The announcement revealed that the Arab Republic of Egypt “ranks fifth in the general index with a rate of 52%, due to Egypt’s acquisition of the first place in the talents pillar, as a reflection of the various initiatives at the national and universities level. “

The Director General, Chairperson of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman A. Al Hamidy “expressed his pleasure at launching the index, which is based on the results of a questionnaire sent to all central banks and Arab monetary institutions, for what it represents in an effective tool in identifying areas that need more attention, efforts, and appropriate policies required to benefit from the experiences of other Arab countries in this regard,” the announcement noted.

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Source: https://www.crowdfundinsider.com/2021/05/175015-arab-monetary-fund-releases-fintech-index-a-measure-of-financial-tech-adoption-in-middle-east/

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