Fortnightly Update 1/10/2023

Fintech Fortnightly update

A Fortnight of Dynamic Fintech Activities in Australia and New Zealand

1. Mr Yum and me&u Merge

In a significant development, food ordering and payment platforms Mr Yum and me&u have announced their merger. This consolidation marks a major step in the evolution of the hospitality technology sector, creating a powerhouse in the food tech industry.

2. Business Payments & Microsoft Dynamics 365 Integration Business Payments revealed its seamless integration with Microsoft Dynamics 365 Business Central. This integration is a game-changer for accounting teams, streamlining processes by eliminating the need to switch between ERP, banking platforms, and currency data sources. Key features include embedded payments, instant bank validation, and automated gains/loss reporting.

3. Ordermentum's Acquisition and Fundraising

Ordermentum announced the acquisition of Foodbomb along with a successful $16 million fundraising. This acquisition and raise signal a significant expansion in their market reach and operational capacity.

4. upcover's New Management Liability Insurance

upcover introduced Management Liability Insurance on its platform, offering an online cover option for Australian SMEs. This feature is designed to protect against risks associated with the actions and decisions of directors, officers, and managers.

5. Parpera's "Parpera Earn" Initiative

Parpera unveiled "Parpera Earn," allowing businesses to earn a 3.35% p.a. variable rate on their money. This feature is particularly beneficial for setting aside funds for tax purposes, enhancing financial management for businesses.

6. AUSIEX and Saxo Markets Australia Partnership

Wholesale trading platform AUSIEX partnered with Saxo Markets Australia to deliver an integrated international trading solution for financial advisers. This partnership enables advisers to trade international equities and ETFs across multiple markets and currencies directly.

7. Westpac's New Financial Management Tools

Westpac launched two innovative tools: Savings Finder and Bills Calendar. Savings Finder helps customers identify potential savings from recurring payments, while Bills Calendar assists in tracking and managing upcoming bills, enhancing customers' financial management capabilities.

8. MitchCap's Milestone and Fundraising Achievement

MitchCap, a funding and technology provider, announced reaching $1 billion in equipment inventory funded since inception. The company also secured a significant $300 million debt and equity raise, highlighting its growth and market confidence.

9. George Lucas's Book Launch

George Lucas, the founder of Raiz Invest, launched his book "The Prosperity Revolution," offering insights into the world of Wealthtech. This publication provides valuable perspectives on the evolving fintech landscape.

10. OwnHome's Innovative "Deposit Boost Loan"

Sydney-based OwnHome launched the "Deposit Boost Loan," an Australian-first initiative designed to assist with house deposits, aiding thousands in becoming homeowners.

11. AirTree's Portfolio Milestone

AirTree, a prominent venture capital firm, announced that their portfolio has reached 100 companies, showcasing their significant impact and presence in the startup ecosystem.

12. Betashares' Superannuation Market Entry

Betashares, known for their ETFs, announced their entry into the superannuation market, with plans to acquire Bendigo Bank's superannuation business, pending regulatory approvals. This move signifies their diversification into new financial sectors.

13. TaxLeopard's Anniversary and Partnerships

Celebrating its first anniversary, TaxLeopard highlighted milestones including partnerships with DoorDash and Send Payments, marking its successful year in the fintech space.

14. Touch Ventures' Investment Update

Touch Ventures announced the impairment of its investment in PlanPay, reflecting the dynamic and sometimes unpredictable nature of venture capital investments.

15. Shift's Expansion to Brisbane

Shift, a growing fintech firm, announced the opening of a new office in Brisbane, expanding their nationwide presence. This expansion underscores their commitment to growth and market penetration.

16. Furthr's Collaboration with Yakka Finance

Furthr partnered with Yakka Finance, offering premium accounts to their people and partners. Yakka Finance specializes in helping Australian businesses with business and equipment finance, enhancing Furthr's service offerings.

In conclusion, the past fortnight has been bustling with activity in the Aus/NZ fintech scene. From mergers and acquisitions to innovative product launches and strategic partnerships, these developments highlight the vibrant and ever-evolving nature of the fintech industry in the region.