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Wisr grows revenue by 275% on pcp

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ASX-listed fintech Wisr has delivered an accelerated Q3FY21 of new loan originations, revenue growth, loan book quality metrics, continuing the company’s step-change momentum and demonstrating the effectiveness of the Wisr business model. The Q3FY21 results exemplified the success of the Wisr Financial Wellness Platform and its impact on Wisr customers’ financial wellbeing.

The quarter also delivered two prestigious awards for the platform; Wisr came in at #6 in the AFR Best Places to Work Financial Services category (as a first-time entrant) and climbed 200 places to #167 in the Deloitte Tech Fast 500 APAC ranking. The Deloitte APAC ranking follows Wisr’s recognition in Q2FY21 as one of the fastest growing technology companies in Australia by the Deloitte Technology Fast 50 Awards, coming in at #19.

Anthony Nantes, Chief Executive Officer, Wisr said, “This quarter’s results continue the trajectory of revenue growth from previous quarters, delivering an exceptional 275% growth in revenue compared to this same period last year.”

Nantes continued, “From day one we’ve realised that part of our competitive advantage will be our ability to attract and retain Australia’s top talent by building an exceptional place for our people to work.

“It’s pleasing to see the external recognition this quarter for this deliberate strategy through being recognised by the AFR as one of Australia’s best places to work.”

“We’re disrupting the outdated consumer credit model with a superior alternative: a highly automated digital lending experience based on market-leading UX, delivered alongside a customer platform that actually improves financial wellness.”

“We’ve taken prudent steps to strengthen our balance sheet to provide optionality for our growth trajectory and we’re in prime position to aggressively grow our revenue with significant room to scale towards our medium-term target of a $1B loan book. Our Platform metrics show we have the right ingredients to deliver a highly profitable, differentiated business with market leading metrics, that is one of the best places in Australia for high performing talent to work,” finished Nantes.

The Company delivered new loan originations of $97.8m for Q3FY21, a 17% increase on Q2FY21 and a 151% increase on Q3FY20. The exceptionally strong result in the seasonally slower March quarter continued an unbroken track record of 19 quarters of growth. Wisr has now reached $488.3m in total loan originations since inception, as the Company scales towards the medium-term target of a $1B loan book.

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Source: https://australianfintech.com.au/wisr-grows-revenue-by-275-on-pcp/

Fintech

Federal Court approves NAB-86 400 deal

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The major bank has announced that it will proceed with the acquisition of 86 400 after receiving court approval, with implementation expected next week.

National Australia Bank (NAB) has announced that the Federal Court of Australia has made orders approving the scheme of arrangement for NAB to acquire the remaining share capital of 86 400 Holdings Ltd, the holding company of digital bank 86 400.

In January this year, NAB announced its intentions to acquire 100 per cent of the two-year-old 86 400 for $220 million, with plans to merge the neobank with its own digital subsidiary UBank.

The major bank said at the time of the announcement that the 86 400 brand will be subsumed into the group, while it is anticipated that the merged entity would see UBank expand its reach into the third-party channel for the first time.

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Source: https://australianfintech.com.au/federal-court-approves-nab-86-400-deal/

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Fintech

Google Pay is adding international money transfers

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Google has been pushing people to its overhauled Pay app by retiring core features on the older version, including person-to-person transfers. Now, it’s launching another update that should appeal to the millions of US users who regularly send money abroad. Starting today, Google Pay is rolling out international money transfers in partnership with established remittances companies Wise and Western Union. Currently, the option is only available for transfers to people in India and Singapore, but Google says it plans to expand the feature to over 200 countries by the end of the year.

To entice users, Google is offering free unlimited transfers with Western Union until June 16th, while Wise is ditching fees on the first transfer up to $500.

To read more, please click on the link below…

Source: Google Pay is adding international money transfers

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Source: https://australianfintech.com.au/google-pay-is-adding-international-money-transfers/

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Athena Home Loans closes another funding round

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Athena Home Loans announced that it has broken its previous venture capital record after it raised $90m in Series D funding.

The home loan fintech was able to surpass the record it set in 2019 when it scored the largest ever Australian-led venture capital round that hit $70m.

The latest funding brings the total equity capital raised by Athena to $200m.

Square Peg led this latest funding round, with Athena’s largest investors, including AirTree, Macquarie Bank, AustralianSuper, Hostplus, Sunsuper, Salesforce Ventures, and Apex Capital, also contributing to the fund.

Nathan Walsh, co-founder and CEO of Athena, said the success of the funding round proves the support of the investors to revolutionise the $1.7tn home loan market. Walsh said this commitment from investors will help Athena achieve its plans to disrupt the market.

To read more, please click on the link below…

Source: Athena Home Loans closes another funding round

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Source: https://australianfintech.com.au/athena-home-loans-closes-another-funding-round/

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Fintech Engage People, a Loyalty Network Enabling Payments with Points at Checkout, to Hire Additional Team Members

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Engage People, which claims to be the only loyalty network that allows program members to pay with points “directly at checkout,” is reportedly expanding its operations  – and recruiting new talent.

At present, Engage People has over 25 job openings across North America. The company confirmed that it can onboard new team members remotely.

Open positions at Engage People reportedly include DevOps, client success teams, human resources and graphic design roles. The preferred location for these roles is in the Greater Toronto Area of Ontario, however, the firm says it’s “location agnostic” and will consider taking applicants from anywhere in North America.

Len Covello, CTO at Engage People, stated:

“We are looking to grow our team to keep pace with the demand for loyalty solutions from our partners. Banks and retailers are coming to us because e-commerce is undergoing a fundamental transformation and we are at its vanguard. Consumers increasingly expect to be able to shop online and pay via a variety of methods, including with loyalty points, and this shift represents more than an abating trend.”

Engage People’s hiring plans have been announced at a time when the firm is undergoing considerable growth.

Last year, Engage People experienced over 30% YoY growth in its business operations. This expansion was mainly due to the adoption and validation of the “Pay with Points” (PwP) model, and this year seems to be even more promising as new clients and merchants have been added.

Jonathan Silver, CEO at Engage People, remarked:

“Engage People is a fantastic place to work. We offer industry-leading pay and benefits. We also have an employee-first program aimed at enhancing employee engagement and culture, enriching the employee experience, and supporting the professional growth and development of our team. And, we are committed to having a diverse workforce, and this commitment extends to our willingness to hire employees located anywhere in the world.”

Earlier this year, Engage People CTO Len Covello provided key insights (in an interview with CI) on how loyalty points are an “often-overlooked” alternative payment option.

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Source: https://www.crowdfundinsider.com/2021/05/175247-fintech-engage-people-a-loyalty-network-enabling-payments-with-points-at-checkout-to-hire-additional-team-members/

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