15 Australian FinTech Companies to Watch
October 19th, 2015 - Posted by Adel Shahin
If you’re in the banking or telecoms sectors, there’s no doubt that you should be keeping at least one eye on the FinTech industry. Whether you’re just getting directly involved or just curious about the future of finance, here are 15 (in alphabetical order) Australian FinTech companies trying to change the world.
BitSIM is a thin, flexible card that can be stuck on any existing SIM card as an add-on hardware layer. BitSIM converts the SIM card into a fully encrypted bitcoin wallet compatible with a broad range of cell phones, including cheap and unsophisticated feature phones. BitSIM tackles the remittance market and is looking to disrupt companies like the Western Union or MoneyGram.
CoinJar is a next-gen personal finance account powered by Bitcoin. CoinJar allows you to buy or sell currencies instantly and is powered by Bitcoin. CoinJar also offers the ability to hedge bitcoin against major currencies. CoinJar has recently released a debit card (CoinJar Swipe), which automatically changes your bitcoin to local currency – effectively enabling a globally based debit card with a much lower fee rate.
Dragonbill provides a platform for small businesses to process and receive payments. Every transaction is double-authenticated and ensures small businesses get paid on time and that customers get exactly what they paid for.
Flexepin provides a prepaid cash voucher for use in online and mobile payments. The vouchers are purchased at selected physical locations enabled with a distributor’s POS system and are redeemed online from merchants providing the goods or services. This facilitates a more secure transaction where the credit card or banking information of the purchaser is only exposed offline (to purchase the initial voucher). This ensures the voucher payment methodology is safer than conventional online payment methods.
Disclosure: Flexepin is a new product from Flexewallet Pty Ltd, which is part of the Novatti Group
LiveWire is a social media platform for investors. Financial companies and commentators share insights and start discussions on what’s currently happening in the markets. Livewire verifies the user’s credibility and authority by linking directly to their company email or LinkedIn profile.
Living Room of Satoshi
Living Room of Satoshi (LRoS) is an online tool that allows (Australian) residents to pay any of their utility bills directly using Bitcoin. LRoS also allows you to transfer/pay anyone’s bank account directly from the website. The user can enter the amount (in a fiat currency) they’d like to pay, and the system will automatically deduct the current value of bitcoin from their account.
Metamako is a technology company that specialises in solutions for latency sensitive businesses. An example of one of Metamako products is MetaConnect. MetaConnect replaces multiple devices such as switches, taps, patch panels and media converters with a single box while reducing latency by about 100 times compared to traditional network equipment.
Moula provides businesses with a peer-to-peer lending platform to borrow up to $100,000 in minutes. What’s interesting about Moula is the way applications are approved. The startup can approve loans of up to $20,000 within minutes by processing the applicant’s imported/linked e-commerce data, from sources like eBay and PayPal. Moula’s technology can analyse real-time sales data and performance history, and determine whether the applicant can repay the loan. Moula operates entirely digitally and does not require any physical paperwork.
Pin Payments provides an API for websites and apps to integrate. The API allows consumers to pay via credit cards directly through the website or app. Pin Payments aggregates a collection of companies including e-commerce stores, subscription billing, ticket sales, online invoicing and mobile payments.
Pocketbook is an app that links to the user’s bank accounts, credit cards and loans and then keeps track of their spending. Expenses are then sorted into categories such as groceries, bills and loan repayments so that the user has a clear oversight as to where their money is spent. Pocketbook aims to change the way people manage their personal spending and budgets by providing them with more clarity and transparency on their spending.
Nimble is an online credit provider, with the focus on short-term and small sized loans. Loans range from $100 to $1,200 for periods of 16-50 days. Nimble’s paperless application system allows customers to apply online via mobile phone or computer. Customers are approved within 11 seconds with the funds transferred to their accounts within 60 minutes.
SelfWealth enables self-directed investors to compare their portfolio’s performance against their peers, professionals and the market. Members can also trial different strategies and make more informed decisions from the platform.
SocietyOne is another active peer-to-peer lending platform that targets the general populace. SocietyOne enables individuals (investors and borrowers) to borrow money and lend to each other without the intermediation of a bank. Borrowers can request up to $30,000 in unsecured personal loans at competitive rates. Approved applications are then listed on the platform for investors to assess and bid on.
TransferBridge provides a comprehensive global network that interconnects emerging payment platforms, remittance operators, financial institutions, retailers, utilities and all types of telecommunication operators. TransferBridge operates as a wholesaler network, facilitating international transfer of various remittances, mobile recharge credits, bill payments, vouchers, donations and other digital transactions.
Disclosure: TransferBridge is part of the Novatti Group
Tyro Payments are independent electronic funds transfer at point of sale (EFTPOS) device provider specialising in the retail, health and hospitality sectors. Tyro Payments operate completely in the cloud and integrate with the client’s existing POS system to accept debit/credit card payments. The sales process is also managed and customised to ensure the customer has the best experience. Their EFTPOS devices can connect via Ethernet, WiFi or 3g/4g networks, and provide the latest payment features including tap & go.