Aussie neobanks challenge country’s big four banks
ANZ, Westpac, NAB and Commonwealth Bank have lost a collective half a billion dollars.
Australia
Volt closes $70m ahead of IPO plans
Volt plans for $50 million Series D round with British and Middle Eastern investors.
Australian fintech Wisr raises $33.5m for P2P lending marketplace
New and existing “high quality” institutional investors took part.
Macquarie to buy $2.1bn Australian data centre firm AirTrunk
AirTrunk operates data centres in Sydney, Melbourne and Singapore.
Atom bank’s former co-founder joins Queensland’s Daytek capital
Paul Hanks has joined DayTek Capital as a technology advisor.
Australia delay open banking regulation by six months over cybersecurity concerns
Banks are “extremely concerned about cybersecurity”, says ACCC.
2019’s top core banking deals
The core deals which made waves this year, summarised just for you.
ANZ overcharges 3.4 million customers, only 30% paid back
One million customers have been reimbursed so far with an average of $60 each.
Reserve Bank anticipates cardless retail landscape in Australia
Merchant fees on card payments in Australia came to AUS $4.3 billion last year.
Where has trust gone – can banks even recover their standing in the community?
Traditional banks might find themselves facing a future where the front doors are locked for them!
Heritage Bank signs Diebold Nixdorf on five-year ATM services contract
Diebold Nixdorf will take charge of a fleet-wide upgrade to Windows 10.
Westpac AML failure allowed 23m illegal transactions, say regulators
The bank failed to stop 23m potentially illegal transactions
Australia’s paytech Tyro plans to float on country’s stock exchange and raise $173.2m
Tyro is also reportedly pursuing a $1 billion valuation.
Ecommerce insurtech Cover Genius raises $10m in Series B round
The round will fuel further growth into the UK, the US and Asia.
Australian challenger Infinity set for 2020 launch
Queensland-based firm aims to disrupt rival neobanks.
Clearpay helps Marks & Spencer tap millennial generation
The paytech charges the merchant rather than the consumer.
Data start-up Meeco secures $6.2m in seed funding
Funding will support acquisition of Aussie firm SVX Group.
American Express partners with Coupa for virtual card integration
Amex cards will be available to Coupa clients from late 2019 onwards.
Westpac partners with 10x Future Technologies to build new platform
Australian bank hints at moving to 10x technology for its core.
Banking Technology November 2019 issue out now
The identity challenge.
Video: Top fintech stories this week – 18 October 2019
FinTech Future’s weekly news round-up.
Nine UK fintechs land in Australia under the countries’ bridge programme
The companies will be showcased at Melbourne’s Intersekt conference.
Banks’ culture and governance next target for Australian regulators
There will be “deep dive” reviews if firms don’t deliver.
Verrency appoints former Westpac Group CTO to advisory board
Prior to joining Westpac, Wilson worked with SAP and ABN Amro.
Australia’s Commonwealth Bank faces 87 charges for unsolicited sales calls
The bank’s insurance arm CommInsure used a third-party telemarketing firm.
NAB’s charge reduces cash earnings by AUD1.12bn
This comes ahead of the January regulatory deadline to reach a core capital ratio of 10.5%.
SMB expenses start-up DiviPay raises $2.3m in round led by ANZ Bank
The fintech has created a virtual credit card.
NAB executive resigns amid extensive cloud migration
Yuri Misnik spearheaded NAB’s switch to Amazon Web Services.
Australia orders audit of PayPal’s reporting compliance
The company reported itself following an internal review.
Latitude Financial preps $2.5bn IPO
It will be the largest IPO in the country since 2014.
Insurtech Cover Genius forms ‘first of a kind’ partnership with ShipStation
The partnership will effect UK, Canadian and Australian merchant customers.
Confirmations bring peace of mind to cross-border payments
Swift is working on a new universal confirmations initiative.
Australian start-ups welcome a senate inquiry into the fintech space
The start-ups argued that politicians have done far too little.
Mastercard and R3 deliver blockchain cross-border payments solution
The partnership will focus on connecting global faster payments infrastructures.
NAB launches cybersecurity alliance in Victorian parliament
The bank has partnered with La Trobe University to provide cybersecurity workforce development.
Three top Aussie banks back start-up that banishes paper receipts
The start-up, Slyp, is founded by two former PayPal executives.
Xinja lands full Aussie banking licence
It is the country’s first independent neobank to receive a full licence and open accounts.
Banking Technology September 2019 issue out now
Thriving in a hyper-connected world.
Railsbank raises $10m to expand into Southeast Asia and beyond
The open banking platform has opened an office in Singapore.
Australian share trading start-up to launch in UK
Stake has been granted a licence by the FCA.
