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Apple’s $2 Trillion Day: The Information’s Tech Briefing

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For a few hours today, Apple’s market capitalization was above $2 trillion, symbolizing just how powerful the iPhone maker has become. (The stock ended up losing ground, shrinking the market cap a tad below $2 trillion by the close). By comparison, Amazon and Microsoft are both worth around $1.6 trillion. 

Apple’s valuation, lifted by a 54% appreciation in its stock since the start of the year, is also a reminder of how much tech stocks are driving the broader market’s rally. That latter point was brought home on Wednesday in Credit Suisse data, cited by the New York Times, showing that the stocks of Apple, Amazon, Alphabet, Microsoft and Facebook rose 37% in the first seven months, while all the other stocks in the S&P 500 fell 6%. The S&P 500 has now recovered all the ground lost during the pandemic sell-off, but as this data indicates, the gains aren’t widespread across stocks.

Source: https://www.theinformation.com/articles/apples-2-trillion-day-the-informations-tech-briefing

Private Equity

Allianz-managed AfricaGrow backs first two funds

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The post Allianz-managed AfricaGrow backs first two funds first appeared on https://africacapitaldigest.com.

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Source: https://africacapitaldigest.com/allianz-managed-africagrow-backs-first-two-funds/

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Societal shift away from cash sends Novatti transaction volumes soaring

NovattiAustralian fintech company Novatti Group has continued leveraging their digital payment capabilities to report their highest ever quarterly revenue.

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Thriving in a world where cash is becoming less relevant by the day, Australian fintech company Novatti Group (ASX: NOV) has continued leveraging their digital payment capabilities to report their highest ever quarterly revenue with further international expansion firmly in their sights.

With an increase in digital payments being made around the world, Novatti has processed more than $2.3 billion of annualised gross transactions which is up from their previously reported annual figure of $2b. Alongside the rise, the Company has reported a 16% rise in revenue to $3.56 million for the quarter ending 30 September 2020 which also represents their highest ever quarterly revenue.

The strong revenue figures also have Novatti positioned for an inflection point towards profitability, delivering $101k normalised EBITDA for the quarter which has been driven by a combination of their Visa card issuing capabilities and business automation division Emersion which is set to expand to the United States.

“With the strong push to digital services following COVID-19, $11m cash available, and the support of our tier-one partners including Visa, now is the time to rapidly accelerate our growth and international expansion, starting with the US,” said Novatti Managing Director, Peter Cook.

Being one of the rare beneficiaries of pandemic-enforced lockdowns, Emersion has seen an uptake in business clients over the past few months that have engaged the Emersion platform for their billing and automation technology. This was reflected in Emersion’s September quarter revenue of 525k and has the division on track for more than $2.1m annual revenue which is comfortably higher than the $1.7m generated when acquired by Novatti in April 2020.

Source: https://australianfintech.com.au/societal-shift-away-from-cash-sends-novatti-transaction-volumes-soaring/

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Robo-advice a complement, not disruptor: Six Park

robo-adviceSix Park co-chief executive Pat Garrett said there is no competition between robo-advice and financial advisers.

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The advice industry is faced with increasing demand for affordable and accessible financial advice and implementing digital solutions to segment clients could be the answer, according to a new whitepaper.

Digital advice provider Six Park’s latest whitepaper, Is it red tape or is it me? Deniers, devotees, and the digital advice revolution, addresses the myth that robo-advice is in direct competition with financial advisers.

Six Park co-chief executive Pat Garrett said there is no competition between robo-advice and financial advisers.

“[..] In fact, when a human element is added to a service like robo- or digital- advice, the conversion rate of customers who actually implement the advice drastically increases,” he said.

Instead, Six Park said it works in partnership with financial planners rather trying to disrupt the industry, reiterating that digital and holistic advice are complementary offerings.

“Integrating a digital offering is one of the most effective ways of segmenting your client base and building a relationship with low-need clients who are likely to require more holistic advice in the future,” the white paper said.

Source: https://australianfintech.com.au/robo-advice-a-complement-not-disruptor-six-park/

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