Fintech platform revenues set for massive rise: Juniper
Fintech platform revenues for unsecured consumer loans issued using machine learning technology are set to jump by a whopping 960% globally over the next six years, according to new research from Juniper. According to the latest report on the worldwide Fintech market from Juniper Research, revenues will rise to US$17 billion by 2021, with spending advancing rapidly due to the highly data-driven nature of the market, “meaning that AI integration is likely to spell substantial benefits”. Juniper says that until recently, machine learning was too expensive and computationally time-intensive to break into the mainstream, while access to extensive data sets for algorithm training were limited. Research author Steffen Sorrell says […]
TruRating clinches $16.5 million in latest funding round as it looks to further global expansion
UK mass-market ratings system, TruRating has today announced that it has raised $16.5M AUD (£9.5M GBP) in Series A funding, which will be used to further propel the company’s expansion into global markets and enable TruRating to further develop new technology to provide additional value to consumers. This funding round was led by Sandaire, wealth management specialist, and private family investment group, bringing the company’s total amount of investor-lead funding to $23.85M AUD (£13.7M GBP), following prior rounds of angel and seed funding totaling $7.3M (£4.2M GBP)**. On the importance of the investment, TruRating founder and CEO Georgina Nelson said: “We have had an incredible year and securing this […]
Brexit provides lessons for Australia’s FinTech start-ups
[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]
Fintech Kyckr scales back raising
Fintech business Kyckr has scaled back the size of its proposed initial public offering and increased the size of the free float to bankroll its global expansion plans. After initially proposing to raise between $6 million and $8m by floating on the ASX in June, Kyckr slowed down the listing process and will now raise a maximum of $6m and offer 35 per cent of the company to new external investors. “We have purposely slowed it down because we didn’t want to fall into a listing amid all the noise of the June-July period. There will be more clear air in the August period,’’ said managing director David Cassidy. “Time […]
Which fintech innovations are really adding value to customers?
Financial services, of all sectors, has seen some of the most significant technology innovations in recent years. Banks and insurance companies have been very keen to leverage technology in such a way that is mutually beneficial to both vendor and consumer, and now even superannuation is getting involved in the technology revolution. While there is a lot of innovation happening for the sake of it, not all of it is useful for the end user. It sounds simple, but what we learned as we developed our automated SMSF solution is a lesson that a lot of other financial services apps seem to forget at times; good design principles that keep […]
Brexit: Bitcoin surges in wake of Out vote
One of the few winners from Britain’s shock decision to exit the European Union on Friday was the virtual currency bitcoin, which rose more than 7 per cent as investors flocked to what they perceived a safe haven asset. Bitcoin jumped above $US670 after the vote, according to data from CoinDesk, prompting analysts to label it “digital gold” – a reference to gold’s historic status as a haven from financial turmoil. Over the past month, the virtual currency has been buffeted by changing sentiment around the vote, rising more than 70 per cent as the Brexit camp gained momentum before being sold off in recent days when it appeared Britons […]
Fintech to invest $1b into blockchain this year
Financial and technology firms are expected to invest more than $US1 billion to bring blockchain technology to capital markets in 2016. That’s according to a new survey from Greenwich Associates, where a majority of participants said blockchain has the potential to change markets within the next five years. The 134 interviewees, including executives at banks, exchanges, asset managers and blockchain technology companies, said the main obstacle hindering the technology’s widespread use was a “vested interest” in legacy systems. “The financial sector will continue to put its weight behind blockchain this year,” Richard Johnson, vice president for Greenwich’s Market Structure and Technology group, said in the report. “Blockchain is beginning to […]
Ethereum, rival to bitcoin, gains traction
With a rising market value and a roster of high-profile patrons, Ethereum in recent months has become the next hot thing in cryptocurrencies. Ethereum is an open software platform, comprising a currency called ether, a public “blockchain” ledger for keeping track of transactions and tools for building so-called smart contracts that automatically make payments when their terms are fulfilled. Anyone can develop new applications that make use of its code. More ambitiously, the currency’s inventors and users are revolting against the growing centralisation of the internet under big companies like Google and Facebook by creating financial structures that can run themselves. Much like its older cousin bitcoin, however, ether is […]
