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GoCardless: tapping the fintech opportunity in Australia with bank-to-bank payments

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GoCardless is a global fintech firm founded in the UK, offering innovative digital bank-to-bank payment solutions. The company entered Australia in 2018 and has clocked impressive growth within a short period, among small businesses and large enterprises.

In this case study, Joseph Robins, Senior Account Executive for Australia & New Zealand discusses the company’s journey so far, including:

  • The company’s operating model and global success
  • The opportunities for global fintech firms in Australia
  • The role of Austrade as a facilitator.

With over 60,000 businesses as customers GoCardless currently processes $20 billion in transactions every year. And despite a challenging 2020, the company continued its Australia growth story with strong growth in revenues, merchant partners and customer wins.

Revolutionising global payments with open banking from Australia

GoCardless is on a mission to help businesses with recurring revenue manage their receivables by enabling bank-to-bank debit.

The company helps customers improve their cash flow by automating administrative tasks and payment reconciliation across billing platforms. Besides lowering failure rates to as little as 0.5%, GoCardless helps customers bypass high transaction fees levied on debit and credit card payments.

‘Our solutions allow customers to save costs, and merchants to reduce involuntary churn by decreasing payment failures,’ says Robins. ‘Combined with enhanced and seamless cash flow, GoCardless is committed to helping large and small businesses in Australia deal with delayed payments.’

GoCardless currently has over 60,000 business customers across the UK, US, Europe, Australia and New Zealand. It processes $20 billion in transactions every year. To scale up its operations further – and to accelerate its open banking strategy – the company raised its largest round of funding in late 2020, worth $95 million.

Finding roots and scaling-up in Australia

GoCardless has strengthened its presence in the Australian market within a short period of three years. ‘Despite a challenging 2020, we have reported a massive growth in revenue and an exponential growth in headcount,’ says Robins.

‘Additionally, as Australian companies realise the benefits of bank-to-bank debit, businesses of all shapes and sizes see the value in a cost-effective, seamless, and reliable payments system. As a result, we are also witnessing an uptick in active merchants on our platform and customer sign-ups. This has helped us scale up effectively.’

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Source: https://australianfintech.com.au/gocardless-tapping-the-fintech-opportunity-in-australia-with-bank-to-bank-payments/

Fintech

Salesforce to acquire RPA vendor Servicetrace

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Cloud-based software company Salesforce announced this week it will acquire robotic process automation (RPA) provider Servicetrace in a move that will boost Salesforce’s function-specific offerings, especially with regard to finance. The German RPA provider will become part of Salesforce-owned MuleSoft, which offers API management and other integration solutions. While few details on the acquisition were […]
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Source: https://bankautomationnews.com/allposts/infrastructure/salesforce-to-acquire-rpa-vendor-servicetrace/

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Grayscale hires ETF head to convert biggest Bitcoin fund

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The company behind the largest cryptocurrency fund is building out its ETF team, despite dimming odds that U.S. regulators will approve the structure this year. Grayscale Investments LLC has tapped David LaValle, former chief executive officer of custom index provider Alerian, as its global head of exchange-traded funds. He will drive the effort to convert […]
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Source: https://bankautomationnews.com/allposts/wealth/grayscale-hires-etf-head-to-convert-biggest-bitcoin-fund/

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CuneXus Inks Pact with Origence to Streamline Digital Lending

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A strategic partnership between digital lending solution provider CuneXus and lending technology company Origence will give more than 1,100 credit unions the ability to offer their members access to personalized, pre-approved financing offers.

“We are focused on changing the way credit unions interact with their members, and this means tearing down old, and painful banking experiences” CuneXus co-founder and President Dave Buerger said. “We’re empowering people with unrivaled transparency and convenience, and this partnership with Origence makes that easily accessible to many more credit unions and consumers. Together we can provide the modern seamless lending experience that members deserve, one that equips them for financial excellence.”

The partnership allows credit unions to access CuneXus’ digital storefront, which leverages a proactive, “Perpetual Approval” approach that continuously analyzes hundreds of internal and external data points to ensure that qualified borrowers can get personalized loan offers, while simultaneously helping keep the credit union “top of mind” whenever one of its members has expressed an interest in securing financing. The methodology exchanges the typical credit application process for an ongoing automated credit approval that make the financing process less complicated for credit union members.

VP of Strategic Alliances at Origence, Aleks Bogoeski, said that the partnership with CuneXus comes at an opportune moment as consumer behavior and spending begins to rebound in the wake of COVID-19. “Our partnership with CuneXus provides a timely opportunity for credit unions to implement a dynamic digital experience that further simplifies the lending process, as member spending returns to a normal, post-pandemic pace,” Bogoeski said. “We are happy to have partnered with CuneXus to bring this service to our credit unions.”

Founded in 2011 and headquartered in Santa Rosa, California, CuneXus made its Finovate debut at FinovateSpring 2014. In the years since, the company has grown to serve more than 145 of the biggest lenders in the U.S. with its digital storefront, helping these institutions increase wallet share, generate branch revenue, and grow non-interest income. CuneXus clients represent more than $400 billion in combined assets and serve 20 million customers and members.

CuneXus was acquired by CUNA Mutual Group in the fall of last year. Announcing the move, CUNA Mutual president and CEO Robert N. Trunzo highlighted CuneXus’ “growth trajectory” – as well as its expertise and products – as features that would enhance CUNA Mutual Group’s opportunity for growth. “We are continuing our journey into a more diverse, digital-first world,” Trunzo said. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all of our core businesses.”


Photo by Erik Karits from Pexels

The post CuneXus Inks Pact with Origence to Streamline Digital Lending appeared first on Finovate.

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Source: https://finovate.com/cunexus-inks-pact-with-origence-to-streamline-digital-lending/

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What’s the strategy behind Square’s largest-ever acquisition?

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In a sign of the massive shifts in retail and online payments, Square announced on Aug 1 that it would acquire Australian fintech Afterpay for $29 billion, its largest acquisition to date. Afterpay, a Buy Now Pay Later (BNPL) service, allows customers to break up a transaction into installments. This fast-growing type of unsecured lending […]
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://bankautomationnews.com/allposts/payments/square-announces-its-largest-ever-acquisition/

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