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Wisr posts 19 consecutive quarters of growth

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Wisr has posted a record 19 quarters of back-to-back growth, delivering an accelerated Q3FY21 of new loan originations for the three months ending 31 March 2021. 

For the last 19 quarters, Wisr has delivered an unbroken track record of quarter-on-quarter growth. The Company posted Q3FY21 new loan originations of $97.8m, a 17% increase on Q2FY21 and a 151% increase on Q3FY20. An exceptionally strong result in the seasonally slower March quarter.

Wisr has now reached $488.3m in total loan originations since inception, the most recent $100m written in less than five months, as the Company scales towards the medium-term target of a $1B loan book. 

The Q3FY21 average credit score of 771, is the highest average in the Company’s history (Q2FY21 average was 757). Wisr’s strong credit performance reinforces the prime nature of the Company’s loan book, customer credit quality and lending model. However, it also provides Wisr the ability to take more market share, deliver more organic growth, and optimise profitability through the review of the Company’s credit decisioning.

Anthony Nantes, Chief Executive Officer, Wisr said, “It’s a fantastic result which continues the incredible track record of 19 straight quarters that Wisr has delivered loan origination growth. Additionally, we’ve delivered yet another significant and material step-change in our new loan origination. As more prime borrowers leave the banks, Wisr’s purpose-led model is attracting Australia’s most creditworthy customers who are looking for a smarter, fairer deal, underpinned by an exceptional experience.”

“Our new-to-market secured vehicle product has also significantly increased the total addressable market for Wisr and is delivering ahead of expectations. There is still a long runway of growth ahead for us in that market, and we’re excited about the business we can build in that space. Combined with our differentiated business model, consumer proposition, technology platforms and funding capability, we’re in prime position to aggressively grow our new loan originations, with significant room to scale towards our medium-term target of a $1B loan book,” finished Mr. Nantes.

Following the Company’s Q1FY21 step-change growth in loan originations and continued strong loan book performance, the Wisr Warehouse loan funding facility was upsized to $350m in Q3FY21. Further Wisr Warehouse expansion to meet loan funding requirements will be announced in Q4FY21.

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Source: https://australianfintech.com.au/wisr-posts-19-consecutive-quarters-of-growth/

Fintech

FinovateSpring Celebrates International Fintech Innovation

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Finovate Global extends a special thanks to the demoing companies, keynote speakers, and attendees that joined us for FinovateSpring this week via our digital platform. On Demand video from the conference will be available soon.

And for Finovate Global readers with an interest in innovators from outside of the U.S., here are some of the companies to look out for when the On Demand video is made available in the coming days.

Aisot Technologies (Switzerland) with its technology that provides next-generation, real-time analytics and forecasts, allowing financial services to enhance returns, reduce risks, and increase efficiency.

Coconut Software (Canada) with its customer engagement platform for financial institutions that want to improve their digital and physical engagements.

DigiShares (Denmark) with its white-label platform for tokenization of real estate to provide automation and liquidity to the real estate markets.

Dreams (Sweden) with its technology that leverages cognitive and behavioral science to help banks increase their end users’ financial wellbeing and engagement, and attract new audiences. Best of Show winner.

Flybits (Canada) with its customer experience platform for the financial services sector, delivering personalization at scale.

FormHero (Canada) with its SaaS solution that enables rapid creation of digital front-end experiences to solve for complex data collection needs.

Expect an even greater international representation next month at our all-digital FinovateAsia event!


Here is our look at fintech innovation around the world.

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific


Photo by NastyaSensei from Pexels

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Source: https://finovate.com/finovatespring-celebrates-international-fintech-innovation/

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Fintech

Online Fraud Prevention Specialist Arkose Labs Secures $70 Million

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In a round led by SoftBank Vision Fund 2, online fraud and abuse prevention specialist Arkose Labs has raised $70 million in Series C funding. The San Francisco, California-based company will use the additional capital to support platform development, hire new talent, and fuel global expansion.

This week’s investment takes Arkose Labs’ total capital to $114 million. Also participating in the financing were Wells Fargo Strategic Capital and existing investors M12 and PayPal Ventures.

“With Masa and the team at Softbank, we have a partner who matches our ambition for eradicating fraud online by means of disrupting the economic ROI for bad actors,” Arkose Labs founder and CEO Kevin Gosschalk said. “At Arkose Labs, we are building a portfolio of capabilities that can adapt and respond based on the fraudsters’ techniques to ensure we are maximizing the impact to them whilst minimizing any form of friction to good users.”

A Best of Show winner in its Finovate debut at FinovateSpring in 2019, Arkose Labs specializes in defending neobanks, ecommerce companies, payment firms, insurers, and other businesses against a range of cybercrimes including account takeover and both payment and new account fraud. Founded in 2015, Arkose Labs offers an authentication platform that invisibly identifies the context, behavior, and past reputation of a each request, classifying it as Authentic or Inauthentic. Authentic requests are passed on to the enterprise, while Inauthentic requests are remediated by dynamic defenses that generate continuous losses.

This is part of the company’s strategy, articulated by Gosschalk at FinovateSpring, to “break hacker economics by making it more expensive for the bad guys to get in than the data they are getting out.” He added “if you do that, they give up and move on.”

In its funding announcement, Arkose Labs highlighted a number of key milestones the company has met since its last funding – a $22 million Series B round – in March of 2020. These accomplishments include analyzing more than 15 billion online sessions last year, stopping more than four billion attacks; the opening of regional EMEA headquarters in London and a doubling of the company’s workforce. Arkose Labs also announced a number of C-suite hires over the past year, including a new Chief Operating and Financial Officer, a new Chief Product Officer, and a new Chief Security Officer and VP of Information Technology. The company also pledged to make additional hires this year to lead operations in North America, Australia, and Europe.

“With Arkose Labs’ successful expansion in the financial services industry, this signifies a continued digital shift in banking,” Gosschalk said. “(It) requires a customer-centric approach that kicks the bad guys out of online operations, while maintaining the highest levels of convenience and usability that financial services operations require.”

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Source: https://finovate.com/online-fraud-prevention-specialist-arkose-labs-secures-70-million/

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Fintech

Funding wrap: Fintech investors eye gains in open banking, RPA tools

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Open banking fintechs and robotic process automation (RPA) firms continue to draw investor interest. This week’s funding rounds saw venture capital pouring into banking-as-a-service platforms and startups that aim to bring API-based data sharing to corporate treasury departments. Here are the highlights: FinLync Corporate treasury-focused fintech FinLync raised $16 million in its second funding round […]

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Source: https://bankautomationnews.com/allposts/treasury-management/funding-wrap-fintech-investors-eye-gains-in-open-banking-rpa-tools/

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German Digital Bank N26 Scrutinized for Lax AML Complian, BaFin Appoints Special Monitor

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N26, a leading digital bank based in Germany, has garnered additional scrutiny by federal regulators for apparent shortcomings went it comes to anti-money laundering (AML) compliance. Earlier this week it was announced that N26 has been assigned a “special monitor” by the German financial services regulator BaFin.

Two years ago, BaFin filed an order against N26 demanding it prevent money laundering and terrorist financing and to take appropriate internal security measures to guard against abuse.

On Tuesday, May 11, 2021, BaFin issued an order targeting N26 regarding the prevention of money laundering and the appointment of a special representative.

To quote BaFin:

“Specifically, it is ordered that N26 Bank GmbH must remedy deficits in computer monitoring as well as in the identification and verification of customers. Furthermore, N26 Bank GmbH must ensure adequate personnel and technical-organizational equipment to comply with its anti-money laundering obligations. These measures must be implemented within a specified period of time.”

N26 is required to provide continuous reports on progress in implementing change.

BaFin has engendered a fair amount of criticism regarding its handling of the Wirecard scandal. Wirecard collapsed in a spectacular event following the revelation of billions in missing money.  Regulators, as well as certain policymakers, are most likely a bit gun shy following the widespread recriminations by both public and private individuals.

It was reported in March that N26 was seeking to be regulated as a financial holding company – a move that may be a precursor to a public offering of shares but also something that engenders more regulatory scrutiny.

Handelsblatt quoted an N26 representative on the news:

“We recognize that more needs to be done in this area.”

Otherwise, the digital bank has been a bit quiet on the BaFin action.

In January, N26 reported over  7 million individual accounts across 25 markets including over 500,000 customers in the US.

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Source: https://www.crowdfundinsider.com/2021/05/175374-german-digital-bank-n26-scrutinized-for-lax-aml-complian-bafin-appoints-special-monitor/

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