Research suggests that consumers have a limit to the level of interest rates, fees and charges they can take before they lose trust in their bankers. Three quarters (71%) of Aussies say they have lost some trust in banks based on high interest rates, and 74% would consider switching their accounts, loans or transactions to more affordable online services.
Personal finance marketplace company Compare Club reveals Australian drivers could be inadvertently under-insured by an average of between $2,000 and $6,000 on their comprehensive car insurance policies, based on the most popular vehicles assessed. High levels of demand for used cars in Australia combined with supply issues have “flipped the used car market on its head,” according to Eayl Machlis, Compare Club’s General Manager of General Insurance and Banking, as many older vehicles are actually going up in value.
The 2021 EY Global Wealth Research Report also found that, in exchange for greater personalisation, the majority of Australian wealth management clients (72%) are willing to share personal data with their primary wealth manager, a higher proportion than those willing to share such data with banks, insurers, retailers, technology firms and media platforms.
Embedding cashflow forecasting into the business and securing funding that ensures good cashflow will help SMEs navigate any risks around their EOFY and new financial year initiatives.
SiteMinder, a leading open hotel commerce platform has announced a pre-IPO funding round of over AU$100 million which is comprising both primary and secondary capital.
Straker Translations the leading AI technology-driven translations provider reported strong growth in revenue for the six months. Revenue increased 57.6% to a record $23.3m from $14.8m at the same time a year ago.
Global SME lending fintech Tradeplus24 is launching into the UK with the close of a £30 million debt facility provided by San Francisco-headquartered global credit fund, Partners for Growth (PFG), with advice offered by debt advisory, Neu Capital. The funds will be used to rapidly scale Tradeplus24’s highly competitive revolving lines of credit for SMEs across the UK, after already experiencing great success with SMEs across Switzerland, The Netherlands, and Australia.
Fidel API, a global financial infrastructure platform, announced it has raised $65m in Series B funding. The round was led by Bain Capital Ventures, with participation from investors NYCA Partners, QED Investors and more. It brings Fidel API’s total funding to $88m since inception. Fidel API enables developers to create programmable experiences that enhance the value of using and accepting payment cards.
Western Union announced plans to expand its collaboration with the UK Post Office to provide retail cross-border money transfers. This is part of the Company’s continued uplift of its omni-channel offering, serving its clients across physical and digital touchpoints and channels. UK Post Office clients will be able to benefit from Western Union’s omni-channel experience, choosing to send money to their families and loved ones overseas via Western Union’s UK Post Office digital services or in-person at 4,000 UK Post Office locations across the UK.
Australian consumers are at the forefront of mobile wallet use and adoption of digital banking tools, abandoning cash and physical payment experiences in larger numbers than the US or UK, according to a new survey from Marqeta, the global modern card issuing platform.