Australian marketplace lender, SocietyOne, has been growing rapidly in 2016; the firm has now originated $200 million (USD $147 million) in loans since its inception in August of 2012 after reporting a record month of originations in November with lending volume of $15.3 million (USD $11.25 million); in 2016, the firm has originated $126 million (USD $92.66 million), which accounts for the majority of its originations; the firm has hired a new chief marketing officer and has plans for continued growth with a focus on obtaining 2% to 3% of the consumer finance market by 2021. Source
SoFi is advertising job openings in Australia and appears to be planning international expansion of its mortgage lending business; firm has been expanding its mortgage lending in the US, now offering mortgage loans in 27 states; the expansion to Australia would be the first international effort for the P2P lender and one of the first marketplace loan offerings for mortgages in the country. Source
New Zealand-based marketplace lender Harmoney has announced the launch of its services in Australia; the firm has opened an office in Brisbane and plans to begin with $200 million in capital to lend; the firm has also signed agreements for institutional funding for the next three years; rates will start at 8.99% and the firm will offer loans from $5,000 (USD$3,829) to $35,000 (USD$26,801). Source
National Australia Bank's (NAB) venture capital business, NAB Ventures has joined in an investment round raising $24 million for Veem, a foreign exchange startup business; Veem provides business to business cross border payment services with blockchain technology; NAB and NAB Ventures have been actively involved in technology investments also investing in Data Republic, Medipass Solutions and Localz; Australia is also taking a lead role in developing blockchain standards globally; it is active in the development of blockchain standards through the ISO/TC 307 and will host the first international blockchain standards meeting for ISO/TC 307. Source
The Commonwealth Bank of Australia (CBA) and Austrade have signed an agreement with the UK that will facilitate fintech innovation in both countries; the agreement will help to support introductions and the sharing of information on regional fintech business; as part of the agreement the CBA will also utilize its London Innovation Lab for UK and European networking. Source
Australian robo advisor SuperEd is seeking AUS$6 million (USD$4.53 million) to expand its services; the founders expect to use the funds to provide white label robo advisory services for Australian superannuation funds; the robo advisor is also developing tools for analyzing retirement income from the funds. Source
European online lender Spotcap has received A$20 million (USD$15.15 million) from New Zealand Bank, Heartland; Spotcap has also launched its platform in New Zealand and will be accelerating growth in Australia, helping to expand its business in the Asia Pacific region; Spotcap's lending targets small and medium enterprises with credit lines and loans of up to $250,000. Source
Afterpay and Touchcorp are merging to form NewCo which will provide an advanced solution for merchant network installment payments; Afterpay has steadily grown its merchant network which pays a 4% fee for the installment service; Touchcorp will help provide advancements in payments technology for Afterpay and the integrated services will allow for broader expansion. Source
RateSetter Australia is one of the country's leading P2P lenders, introducing the first P2P lending platform in the country for retail investors in 2014; the company has announced a new addition to its Australian board of directors which serves separately from its parent company RateSetter UK; Vaughn Richtor will join the board bringing significant retail banking experience from his role as CEO of ING Direct; Richtor will help advise the company in key initiatives including improving alternative banking channels and growing market share in personal and business loans. Source
Australian P2P commercial property marketplace lender LendEx has appointed two new board members to its board of directors; Brian Benger will join the board with experience from consulting firm Mercer; credit market executive Kim Jenkins will also join the board; Jenkins is currently the CEO of the Australian Retail Credit Association; Benger and Jenkins join Robert Hines, the firm's chairman, as the board's non-executive directors. Source