A daily download of SME, startup, fintech and tax news from around Australia.
The food delivery market continues to be disrupted by tech-driven service providers, including home-grown start-ups and global players. With the recent launch of UberEATS in Melbourne and Sydney, one thing’s for sure: everyone’s facing stiff competition.
Toon Gyssels, co-founder and CEO of foodora Australia (formerly Suppertime) spoke to Dynamic Business about how the company is differentiating itself and what fierce competition means for its business model.
A Brisbane-based precision dosing platform whose client wins this year include Sydney’s scandal-plagued St Vincents Hospital has completed a $2.6 million Series A round, valuing the company at $20 million.
Stephen Dunne, the former chief executive of AMP, and AMP Capital Investors have put a combined $2.9 million into a home energy management start-up using technology developed by CSIRO, the federal scientific research agency.
Described as Australia’s first “next generation” energy management system, Evergen’s intelligent energy system combines weather forecasts with a cumulative picture of a solar household’s energy production and use to help it make the most of its solar panels and batteries.
The increasing ease with which small and medium sized businesses approach foreign exchange might have something to do with the electronic platforms being rolled out to even small companies.
WiseTech Global’s boss, Richard White, says Australian investors are still in the dark when it comes to valuing technology companies and recognising the power of software-as-a-service.
“They don’t realise how rapidly the world is changing, they are still using conventional thinking to analyse a very new model and that’s a problem,” Mr White told The Australian.
A start-up is on a roll after bringing in over $100 million in mortgage referrals in just its first quarter of operation.
Joust, an Adelaide-based financial technology start-up founded by managing director Mark Bevan and former banking colleagues Richard Hockney and Greg Abel, runs its business by pitting banks against each other or making them joust to bag client loans. Customers give the details of their loan, and seven lenders then have the chance to put in their best offer for the client to choose from.
Australia is establishing hubs and improving business conditions for fintechs. Despite tough market conditions and a global drop in investments, Australia has been praised as a forward-thinking, cultivator of venture-capital (VC) backed fintech startups.
KPMG and CB Insights analysed the global status and outlook of fintech venture funding in their Pulse of Fintech Q2 2016 report and found VC-backed fintech companies raised $2.5 billion through 195 deals, a 12% decline in volume compared with Q1 2016.