Weekly Update 10/09/2023

Fintech Weekly update

Another Busy Week in Fintech: Acquisitions, Closures, and Innovations

x15ventures Acquires Waddle from Xero

x15ventures, a dynamic player in the fintech sector, has recently announced the acquisition of Waddle, a lending service previously owned by Xero. According to a LinkedIn post by the company, this strategic move is set to turbocharge the growth of Stream, x15ventures' digital lending platform. This acquisition not only enhances the bank's digital lending capabilities but also propels Waddle's ambition to scale and support a broader range of small businesses. This development marks a significant step in x15ventures' journey to strengthen its foothold in the digital financial landscape.

Upstreet Winds Down Operations

In a surprising turn of events, Upstreet, known for its innovative approach to fintech, has announced its closure. After four years of operation, the company sent an email to its customers, stating the challenging decision to shut down. This includes ceasing the promotion and distribution of the Upstreet Fund and winding up its operations. Furthermore, the Upstreet mobile application will no longer accept investment instructions. This closure highlights the often volatile nature of the fintech industry and the challenges faced by emerging companies in sustaining their business models.

VietJet Air Embraces Azupay's Payment Solution

In a groundbreaking move, VietJet Air has become the first airline to integrate Azupay's PayID solution for surcharge-free payments. Australian customers now have the luxury of choosing between traditional credit/debit card payments or the innovative PayID option when booking via VietJet Air's website or mobile app. Notably, PayID is the only payment method that absolves customers of any surcharge, marking a significant step towards cost-effective and efficient payment solutions in the airline industry.

Identitii's Successful Rights Issue

Identitii, another key player in the fintech space, has informed the ASX of its recent financial milestone. The company's Rights Issue, which closed on August 30, 2023, successfully raised $1,338,160 before costs. This achievement underscores Identitii's robust financial health and its ability to attract investment, positioning it as a promising entity in the fintech ecosystem.

Douugh's Growth

Douugh announced a strong achievement with its customer base now standing at 10,236 active users. The company has seen over 100 "Spot" loans since the recent inception of this product, showcasing a staggering 400% growth month-over-month. This growth trajectory not only reflects Douugh’s innovative product offerings but also signifies the increasing consumer confidence in alternative financial solutions.

Partnership Between Funding.com.au and Finsure

In a strategic collaboration, Funding.com.au (Funding) has partnered with Finsure to expand the reach of its financial products. Through this partnership, Finsure's brokers will now have access to Funding’s unique lending solutions, including bridging, business, and building loans. This collaboration aims to leverage Finsure’s extensive broker network to offer Funding's innovative lending solutions to a broader customer base, highlighting the power of partnerships in expanding market reach and enhancing service offerings in the fintech domain.

These developments showcase a week of significant changes, innovations, and collaborations in the fintech sector, reflecting its dynamic and evolving nature.