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Cape awarded MVP Grant to kickstart new wave of Open Banking powered business finance tools

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Cape, the Corporate Card helping small to medium business (SMBs) take control of their cash-flow, has been awarded a prestigious Minimum Viable Product (MVP) grant by the NSW Government.

The Cape team is improving the operating efficiency and long-term success of growing businesses by automating accounting and helping lower their bills, enabling business owners to get their spend management under control. Cape’s solution utilises Open Banking to help businesses unlock capital to invest in growth, whilst optimising cash flow to save on unnecessary expenditure.

The grant was awarded thanks to Cape’s proposition to build a cash management platform to remove vendor, expense and spend management roadblocks, saving thousands of dollars in the process for business owners.

Cape’s founders said that the grant would go towards securing early-stage growth opportunities for the company, particularly in product development and sales initiatives, as the company seeks to transition out of the pre-revenue stage.

Ryan Edwards-Pritchard, CEO of Cape, commented, “We’re excited to have the support of the NSW government in our mission to help business owners stay on top of their cash and keep their companies healthy. The grant shows how invested the government is in developing the local economy and continuing New South Wales reputation as an active fintech hub.”

Stuart Ayers, Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres commented, “It is fantastic to see promising startups such as Cape tap into the NSW Government’s Minimum Viable Product (MVP) grant. The MVP grant is designed to support promising startups like Cape progress from product development to first sales.

Cape is currently gearing up for their launch and will initially go to market with a Rewards platform, before delivering Machine Learning capabilities to streamline receipt and business expense management across supplies, third party services, SAAS subscriptions & payments.

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Source: https://australianfintech.com.au/cape-awarded-mvp-grant-to-kickstart-new-wave-of-open-banking-powered-business-finance-tools/

Fintech

MoneyMe accelerates lending and revenue

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MoneyMe outperforms originations run rate with $108m originations, revenue of $15m and exceeds $230m in gross loan receivables with strong loan unit economics.

Clayton Howes, Managing Director and CEO of MME said, “We are incredibly pleased to report the growth and momentum the business is achieving, with increasing revenues and another set of records in originations and customer receivables. Our business is accelerating with the credit quality of our customers increasing and it is fantastic to see the strong take-up of our recently launched products by our customers and merchants. Another great quarter for the business as it delivers on its strategy to build returns through innovation, scale and technology.”

Record Originations & Gross Customer Receivables 

MoneyMe’s originations in Q3 FY21 of $108m, ($51m, Q3 FY20), reflects continued acceleration in originations growth of 57% on Q2 FY21, beating a previous record ($69m). Gross customer receivables of $233m, up 63% on pcp ($143m, Q3 FY20) with growth from the existing Personal Loan and Freestyle products as well as the momentum from the more recently added MoneyMe+ and ListReady products.

The accelerated growth contrasts to relative flat growth within the consumer credit market, reflecting the Group’s ability to attract customers from incumbent consumer credit providers with its Generation Now suite of offers.

Record Revenue & Increasing Returns 

Q3 FY21 revenue was $15m ($12m, Q2 FY21) with Q4 FY21 contracted revenue increasing to over $19m. Returns are robust with revenue yield at 29% (32%, 1H FY21) and the average receivable term increased to 35 months (32 months, Q2 FY21).

Increasing operating leverage and cost efficiencies

Funding costs to Q3 FY21 reduced to 6% (9%, 1H FY21) as the Group continues to leverage its bank warehouse facility. The Group is confident in its funding program to support the growth with an unrestricted cash balance of above $11m at 13 April 2021. The Group achieved a further reduction in its core operating costs margin6 to 9% in Q3 FY21 (12%, 1H FY21).

FY21 Gross customer receivables are expected to exceed $265m ($133m FY20).

Strong Credit & Book Quality 

The Group is continuing to deliver strong credit book quality with the average Equifax score increasing further to 644 in Q3 FY21 (638, Q2 FY21). COVID-19 hardship payment plan deferrals continue to be insignificant, reducing to 0.1% of gross receivables at Q3 FY21 (0.4% at 1H FY21). Q3 FY21 net charge-offs were stable at 4% (4%, Q2 FY21).

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Source: https://australianfintech.com.au/moneyme-accelerates-lending-and-revenue/

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How Bizcap helped to fund fitness

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‘Pivoting’ may have been the buzzword of COVID-19, but it’s exactly what Anthony from A1 Fitness Supplies in Victoria did – with the help of some cashflow capital from Bizcap.

COVID-19 threw the world into chaos – many of us were working from home, the tourism industry was on its knees, hospitality was at the mercy of square-metre rules, and the fitness sector was pivoting left, right and centre with gym closures and restrictions on class sizes.

For A1 Fitness Supplies, which provides commercial-grade equipment to gyms across Australia, COVID could have spelled disaster.

Rather than shrugging his shoulders in disappointment, owner Anthony Scarcella spotted a business opportunity – however, he needed to find some capital to make it happen.

Commercial-grade equipment at home

For people who are accustomed to working out at a gym, traditional domestic gym equipment just won’t cut it.

“Everybody training at the gym is used to training on at least light commercial, semi-commercial or full commercial units. They’re not going to go from squatting from a full-power cage in a gym to a full domestic unit, which is probably going to bend and flex due to what they’re used to lifting in the gym,” Anthony explains.

Consequently, Anthony decided to bring light commercial-grade equipment to domestic customers. The challenge was financing the purchase of stock.

That’s where Bruno Lima, his Bizcap customer Loan Specialist stepped in.

“I gave Bizcap a call and spoke to Bruno – he did a couple of calculations and came back with an offer the same day,” Anthony explains.

Since his first cashflow loan in May, Anthony has returned to Bizcap a further two times, securing a total of $75,000 to invest into his business.

“In total, we ordered 16 containers out of China and only half of them have managed to arrive. So there’s another eight still to arrive, and they will be spread out between February, March and April.”

Quick funding enables A1 to seize the opportunity

For Anthony, working with Bizcap was a great experience that enabled him to quickly access the funds he needed to take advantage of the opportunity that presented itself.

“I find [Bizcap] far easier to deal with than traditional banks, and the funds come in a lot quicker, which means I’m able to get my stock in a lot quicker, I’m able to service my customers as quick as I possibly can if COVID doesn’t interrupt or disrupt, and I’m able to get my turnover in.”

While gyms have reopened, people have still become accustomed to working out at home.

“It looks like we need to do another two orders of full containers, so that’s going to spread out to May, June, July. Our year’s already solid,” Anthony says.

Thanks to the investment Bizcap provided, Anthony was able to maximise the opportunity.

“We needed to act quickly, and Bizcap helped with that,” he says. “The paperwork is minimal – and, in business, time is money.

“As a result, we were able to triple our turnover.”

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Source: https://australianfintech.com.au/how-bizcap-helped-to-fund-fitness/

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HashChing acquires Mystro to further expand its offering to mortgage brokers

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Australia’s leading mortgage broker platform HashChing today announced it has acquired document automation and data collection company Mystro. The acquisition follows a successful period of growth for HashChing and will help to expand its service offering to mortgage brokers.

Whilst a booming property market is predicted to continue in 2021, there is also significant consolidation in the mortgage broking market with a broader shift to online/digital channels, due to the global pandemic. This is presenting a considerable challenge to mortgage brokers who need to compete with both direct bank and non-bank lenders as well as other brokers, all whilst having significantly fewer resources to spend on marketing and sales technology.

Over 1,500 mortgage brokers across Australia already utilise Mystro to streamline their document management, client data collection and loan applications. For the 2021 financial year, Mystro has processed $28 billion in loan applications. The strategic acquisition announced today will allow many more to take advantage of both technology platforms and help level the playing field for independent brokers.

CEO of HashChing Arun Maharaj said the company was committed to providing the best possible resources for brokers to be successful, and the acquisition was the natural next step in this process.

“As Australia’s leading mortgage broker and digital loans platform, we are thrilled with the opportunity that this acquisition will bring to mortgage brokers. It’s our mission to help brokers deliver great customer experiences, and we know from our conversations that they’re busier than ever before. The way they interact with customers has drastically changed over the past 12 months, and digital productivity is a big part of broker success. That’s one of the key reasons why HashChing has acquired Mystro – its laser focus on eliminating repetitive tasks and streamlining digital processes is a perfect fit with HashChing’s mission to give brokers a one-stop-shop tool for productivity and profit.”

“With the industry changing at a rapid pace, HashChing has been quick to implement strategies and provide the necessary resources for mortgage professionals to resume business as usual. At our core, we offer choice; choice to our borrowers to access better deals, and choice to our brokers to engage with clients through technology and to diversify their income in the most productive way for them. I’m very much looking forward to working with the team at Mystro to make this a successful operation for all involved,” said Mr Maharaj.

Dmitry Chourpo, Founder of Mystro, said, “We developed Mystro to eliminate manual, repetitive tasks and help our customers focus more of their time and energy on what really matters. Through this acquisition, Mystro will retain the industry-leading team and brand but will now also be able to utilise the resources of the HashChing team, who share our vision in supporting brokers and look forward to creating a seamless, innovative broker platform together.”

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Source: https://australianfintech.com.au/hashching-acquires-mystro-to-further-expand-its-offering-to-mortgage-brokers/

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Fintech offers brokers better commissions after BID

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Nodifi, one of the rising names in the asset finance space, are to offer a new bespoke product for brokers that can help them to navigate the new Best Interests Duty (BID) regulations that have been in force since the start of 2021.

It represents a concerted effort to bring brokers back to asset finance after many departed the space due to the new rules, which reduced commissions for brokers and dissuaded many from engaging with consumer-facing asset work.

“It allows brokers to set fixed rates for consumer asset finance,” said Alex Ventura of Nodifi of the new product. “The reason that they might want to do that is because of the new BID regulations: when they were introduced, it meant that brokers had to dial down rates to the base rates as that is in the best interest of the consumers. When they do that, they don’t earn a commission on it.”

“There has been a big grey area around consumer asset finance so to overcome that, we’ve introduced a new update to the platform that has set fixed rates so brokers don’t have to worry about it because the commission is already inclusive in what that has been dialled up to. That’s the main benefit.”

To read more, please click on the link below…

Source: Fintech offers brokers better commissions after BID

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Source: https://australianfintech.com.au/fintech-offers-brokers-better-commissions-after-bid/

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