Weekly Update 12/11/2023

Fintech Weekly update

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The Australian fintech scene is pulsating with activity as the year draws to a close, indicating a robust period of innovation and growth within the industry. The past week has been particularly newsworthy, and the upcoming events suggest there's more in store.

Tic:Toc, an Adelaide-based financial technology firm, has teased the market with a cryptic message hinting at a significant announcement. Encouraging the industry to "Join us in our pursuit of seamless," they have set the stage for a revelation scheduled for November 14, 2023.

In Brisbane, Fiskil, an emerging player in the fintech space, has expanded its platform's reach by adding eight more energy retailers. This expansion includes notable names such as Pacific Blue Australia and Alinta Energy, marking a significant stride in Fiskil's growth trajectory.

On the corporate leadership front, Cathy Kovacs has earned a seat on the board of the prestigious ASX-listed Magellan Financial Group, signifying a strategic move by the financial giant.

In a groundbreaking partnership, @Pay (AtPay) has joined forces with Pismo to leverage its cloud-native, API-based platform, enhancing AtPay's operational capabilities in Australia. This collaboration is noteworthy as AtPay is pioneering a decentralised finance (DeFi) protocol within the region, integrating blockchain and cryptocurrency into the Buy Now Pay Later (BNPL) sector.

Kashcade's announcement of a successful funding round comprising both debt and equity underlines the ongoing support for Australian tech startups, fueling the sector's innovative engine.

Xero, the cloud-based accounting software platform, has presented a robust half-year financial report for FY24. With a 21% increase in operating revenue and a 90% surge in EBITDA, their financial health is evidently on an upward trajectory, bolstered by a solid increase in free cash flow.

AYLA, a Melbourne-based company, has introduced "TaskBot," a new AI-driven product designed to streamline life's administrative tasks, reflecting the company's commitment to integrating artificial intelligence into financial management.

Cake Equity has achieved a noteworthy milestone, reporting higher monthly recurring revenue (MRR) in the United States than in Australia for the first time.

Rixon Capital, celebrating its first anniversary, has proudly announced a 12.29% annualised cash return since its inception, marking a successful year in the competitive investment landscape.

Lastly, Westpac's full-year results for 2023 have been disclosed, showcasing an improved financial performance and what CEO Peter King describes as "the strongest balance sheet I’ve seen in my 29 years at the bank."

This whirlwind of activity paints a picture of a dynamic and rapidly evolving fintech industry in Australia, characterized by exciting partnerships, strategic appointments, and innovative product launches, setting a promising stage for the future of financial technology down under.