Weekly Update 3/12/23

Fintech Sector Sees Surge in Activity with Multiple Capital Raisings and Strategic Partnerships

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Rich Data Co's Series B Success

Rich Data Co (RDC), an AI decisioning platform revolutionizing bank lending, announced a substantial $28 million raise in its Series B funding round, equivalent to US$17.5 million. This funding underscores RDC's vital role in enhancing the efficiency and safety of lending decisions in the banking sector.

Greener and Tyro Payments: A Sustainable Partnership

In a significant move towards sustainability, Sydney-based Greener has teamed up with Tyro Payments. This partnership aims to facilitate climate action while enabling savings, marking a substantial stride in promoting corporate environmental responsibility across Australia.

WLTH's Strategic Acquisition

Brisbane's digital impact lender WLTH has acquired Mortgage Mart of Australia, a firm with a loan portfolio exceeding $1 billion. This acquisition coincides with WLTH closing a $14 million funding round, supported by Rajomon and Kina Bank, highlighting its growth trajectory in the mortgage sector.

Stropro's Funding Round Completion

Stropro has recently completed a $3M funding round, led by Leslie Szekely from EVP. The round saw participation from a range of investors including Seedspace Venture Capital and Blacknova Venture Capital. The funds will be utilized for integrating with major wealth management platforms, expanding Stropro's reach in the private wealth ecosystem.

me&u and Mr Yum Merger

The merger of Mr Yum and me&u has culminated in the unified entity adopting the me&u brand name. This new brand identity symbolizes the synergy between technology, service, and community, reflecting the strengths of both entities.

Commonwealth Bank's App v5 Insights

Commonwealth Bank revealed impressive statistics for its v5 app, showing a substantial increase in user engagement. With over 8.1 million users, the app processes around $2.5 billion in daily payments, underscoring its vital role in the bank's digital strategy.

Plenti and NAB's Collaborative Venture

Sydney-based Plenti has entered a partnership with NAB, introducing a new car and electric vehicle loan service. This alliance, coupled with an equity investment agreement, signifies a significant expansion in the fintech lending space.

TaxLeopard Acquires Airtax

Melbourne's TaxLeopard has acquired Airtax, incorporating over 40,000 users and a strategic partnership with Uber. This acquisition is part of TaxLeopard's aggressive growth strategy, particularly in enhancing its AI capabilities.

Mint Payments Recognized for Rapid Growth

Mint Payments Limited, a Sydney-based company, has been acknowledged for its swift growth, placing 13th on The Australian Financial Review's Fast 100 List for 2023.

Birchal's Self-Hosted Capital Raise

Melbourne-based Birchal announced a capital raise on its own platform, reminiscent of their previous successful $3 million raise, demonstrating their robust crowdfunding capabilities.

Future Super and Verve Super's Agreement

Sydney's Future Super has agreed to integrate with Verve Super, aiming to benefit their members through combined resources and technology.

Commonwealth Bank's New Initiatives

Commonwealth Bank announced two major initiatives: a collaboration with AgTech integrator Pairtree Intelligence and the launch of Smart Real Estate Payments. These initiatives extend CBA's commitment to providing specialized support for diverse business sectors.

Paydock and CBA Roll Out Powerboard

Paydock announced the launch of Commonwealth Bank Australia’s Powerboard, a new payments orchestration solution aimed at enhancing payment experiences for both merchants and consumers.

Bonza and Monoova's PayTo Integration

Bonza, Australia's emerging low-cost airline, has partnered with Monoova to introduce PayTo as a payment option, emphasizing convenience and innovation in airline payments.

Backpocket's Recognition at Finder Innovation Awards

Backpocket was recognized at the Finder Innovation Awards 2023, highlighting its innovative contributions and significant impact in the fintech sector.

This week's developments in the fintech industry, from capital raisings to strategic partnerships and acquisitions, reflect a vibrant and evolving landscape. Only a few more editions left for this year... Will they be as big as this?

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