Funding for fintechs in the Asia-Pacific grew 9.1 per cent in the second quarter as investors shifted their bets to firms in Australia and South-east Asia.
While firms in India accounted for 42.9 per cent, or US$543.4 million (A$755 million), of the region’s total investments in the first quarter, funding fell to US$339 million (A$471 million) in the second quarter as the Indian government continues to clamp down on foreign investments, according to a report by S&P Global Market Intelligence.
South-east Asian and Australian fintechs, on the other hand, attracted US$455 million (A$632 million) and US$371 million (A$515 million), roughly thrice and twice the amounts raised in the previous quarter, respectively.
The region’s total investments stood at about US$1.4 billion (A$1.95 billion), although deal activity remained flat.
To read more, please click on the link below…
Australian FinTech company profile #110 – TrueLayer
TrueLayer provides global access to financial and open banking APIs that empower engineers, innovators and enterprises to create smarter financial services.
1. Company Name:
3. Key Australian Staff & Titles:
Brenton Charnley, Head of Australia
UK, EU, AU, HK
5. In one sentence, what does your fintech do?:
TrueLayer is opening up finance by providing secure, global access to financial and open banking APIs that empower engineers, innovators and enterprises to create smarter financial services.
6. How / why did you start your fintech company?:
TrueLayer was founded to create a financial ecosystem that’s open to everyone.
Building and maintaining new financial services is costly and time consuming, involving multiple integrations and complex regulatory challenges. At the same time, people still struggle to open bank accounts, access credit, and manage their money. Our founders saw an opportunity to make finance more accessible by exposing complex services as simple code. This provides businesses with the tools they needed to reinvent the system.
7. What is the best thing your company has achieved or learnt along the way (this can include awards, capital raising etc)?:
In terms of awards, being named by CB Insights in its Fintech 250 List of Fastest-Growing Fintech firms was a high point given how much innovation is occurring in fintech globally. To date, we’ve raised $72 million and have a set of incredibly supportive backers including Anthemis, Connect Ventures, Mouro Capital, Northzone & Temasek.
We’ve been involved in open banking from the very start and seen how it has evolved but are incredibly excited about what’s to come. The potential around open banking and open finance, particularly as envisaged by the CDR, are hugely powerful. In Europe, we’re a few years down that road and still only really scratched the surface of what is possible to really deliver new financial services that promote greater choice and increase financial inclusion.
8. What’s some advice you’d give to an aspiring start-up?:
Surround yourself with great people. Building a startup is hard and doing it alone is even harder – so find the people you want to do this with and work hard – together. Our Founders Francesco and Luca met at University in Italy and, since then, have stuck together and built a number of tech companies over the years. Without great people around you that you trust you won’t go anywhere fast.
You also cannot ignore company culture and it has to come from the founders, as it does with our co-founders. They believe in the mission of the company but equally, how that mission is delivered by having an inclusive company culture. This is reflected in our guiding principles that balance our ambition and drive “take risks” and “think big” with “value people” and “enjoy life” because the firm genuinely believe people are it’s greatest assets and a work-life balance is key to a healthy, happy team.
It also sounds simple but we talk about “inclusion and diversity” because we believe that without the former, you cannot achieve the latter.
9. What’s next for your company? And are you looking to expand overseas or stay focussed on Australia?:
VC firm a16z claimed ‘every firm can be a fintech firm’ and that is because of the platforms like ours that make it simple to integrate financial services like open banking into any app, any website, anywhere in the world. As more verticals look to integrate payments and financial services experiences into their platforms, it opens up a lot of opportunities all over the globe.
The markets embracing these ideas to create more consumer choice Australia, Europe and beyond, are where we are focussed. On Australia, we are looking at being the intermediary of choice for banks, fintechs and ecommerce companies and enable them to integrate financial services data, payments and products.
It’s an exciting time as we’re still at the start of the open finance revolution. As more types of data are opened up by APIs, including pensions, investments, mortgages, loans it will give consumers increased control over their financial lives and inject competition and innovation into sectors that have stood still for too long.
10. What other fintechs or companies do you admire?:
We are continuously inspired by the tenacity and resilience shown by Australian startups, particularly over the last 6 months and in particular some of the cool things being done by Brighte, Up, Athena, Indebted, Revolut, Moroku and Stake.
11. What’s the most interesting or funniest moment that’s happened in your company’s lifetime?:
Pre Covid-19, we had a tradition to be in the office on Friday’s to socialise and for our team’s to work on side-projects. A number of our products have come from our Friday sessions and we continue to ensure that our team members have time to work on their side projects when we aren’t able to come together.
Empowering digital wealth clients with impact criteria
This is a rapidly accelerating customer demand theme in wealth and investment management worldwide and something financial institutions cannot ignore.
Impact investing is a hot topic; as investors have become more aware of the wider impact of their investment in companies, there has been increasing demand to tailor their investments to align with their values. ESG and impact criteria can help investors understand which companies and assets are best suited to them.
Capturing impact investing preferences
The demand for investment strategies that incorporate ESG and impact criteria is growing very rapidly. Research from the Financial Times showed that last year, over 400 new ESG funds were launched. In the first half of 2020, more than $100bn of new money was allocated to the industry and AUM of funds that incorporated ESG impact criteria rose from $12 trillion in 2012 to more than $40 trillion in 2020.
The CREALOGIX report looked at a number of digital user experience scenarios for an investment app, based on the functionality of CREALOGIX Invest, suggesting ways financial institutions can address clients’ interests and concerns about impact and ESG criteria. CREALOGIX proposed several key areas that digital investment apps and portals can provide attractive, easily understood interfaces for capturing customer preferences and improving personalisation and suitability of investment information or guidance.
This is a rapidly accelerating customer demand theme in wealth and investment management worldwide and something financial institutions cannot afford to ignore.
Digital solutions can help to join the dots between suitability and sustainability?
Implementing a digital solution that captures clients’ ESG priorities and concerns doesn’t just tick a box when it comes to one of the major investment trends of recent years, it can support growth through attracting new clients and increase engagement with existing clients. Increasing the agency of clients by providing them with choice when it comes to ESG impact criteria is a positive way to increase engagement with both their investments and your digital solution.
Read the full article: “Empowering Digital Wealth Clients with Impact Criteria”
The Information’s Top 10 ‘Tech’ Gifts for 2020
Like many of our subscribers, the reporters and editors at The Information have been working from home during the coronavirus pandemic over the past eight months. That explains why many of the products and services we are recommending this year in our annual gift guide have a distinct remote-work vibe.
On the list of our top 10 favorite gifts is an e-bike for zipping around town, a good solution for people concerned about the health risks of public transportation. We also share our favorite noise-canceling headphones for conducting more-serene Zoom calls in noisy households, and we recommend a pair of lounge shoes to step up your comfort level while working from home. No, our recommendations aren’t all strictly tech gifts, but they’re all sold by direct-to-consumer digital retail brands.
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