News Pulse for April 12, 2016

A daily download of SME, startup, fintech and tax news from around Australia.

Afterpay hit with stop order

The corporate watchdog has hit ASX-hopeful Afterpay with an interim stop order, delaying the tech startup’s plans for a listing on the stock market later this month.

The company, which allows online shoppers to “buy now, pay later”, is hoping to raise $25 million in an ASX listing that would value the company at $165 million.

Afterpay allows online shoppers to pay for products in interest-free instalments. It collects a fee on the sale of each item from online retailers.

Former FPA boss joins fintech group

Mark Rantall, the former chief executive of the Financial Planning Association of Australia, has emerged as the new non-executive chairman of fintech group Intiger Asset Management, which is eyeing a listing on the Australian Securities Exchange.

Intiger is a fintech group seeking to slash operating costs for advisers and help them compete more efficiently with robo-advice, which is threatening traditional advice models by providing financial plans based on algorithms and technology. The company is eyeing a backdoor listing on the ASX through a reverse takeover of rare earth and uranium exporter Star Striker Ltd, at 2¢ a share.

SkedGo to Rio: How this Sydney startup got into the Olympics

A Sydney startup is going to Rio after winning a global competition to provide technology for the upcoming summer Olympics.

SkedGo created a tech transport solution that will help the estimated half a million people that will descend on Rio de Janeiro later this year for the Olympics.

SkedGo entered its app RioGo in the competition run by the City Hall of Rio de Janeiro and a Swedish research institute.

The app is a smart digital itinerary planner enabling users to work out what events they can go to and the best way to get there during the Olympics.

Meet Australia’s newest $1 billion tech firm

Logistics software company WiseTech Global cracked the $1 billion mark just minutes after listing on the Australian stock exchange today, with shares jumping more than 5 percent on debut.

The company’s shares opened at $3.45 – a 3 percent premium on WiseTech’s $3.35 offer price – and cracked the $1 billion valuation mark when they hit $3.51 about 20 minutes after listing.

This Intuit executive explains why all its employees have ‘10% unstructured time’

Ideas can often be left buried when we’re dealing with the demands of a 9-6 workplace.

But software company Intuit, which produces accounting and financial software for businesses such as QuickBooks, has an interesting way of letting its employees pursue new ideas on the side.It give all it employees “10% unstructured time” to work on something they’re passionate about.

It give all it employees “10% unstructured time” to work on something they’re passionate about.

Xero loses key executive as chief product officer returns to US

Cloud-based accounting software company, Xero, has lost one of its key executive team members, with chief product officer, Angus Norton returning to the US.A US native, Norton is stepping down after two years and five months with the company, having joined the growing New Zealand-based business from Microsoft in November 2014.

A US native, Norton is stepping down after two years and five months with the company, having joined the growing New Zealand-based business from Microsoft in November 2014.

Listcorp sets out to end ‘corporate dross’

A new Melbourne-based start-up is pushing to better educate investors on the companies they are investing in, with stockbroker-turned-entrepreneur John Daly launching Listcorp in a bid to “end corporate dross”.

Making sure Invoice2Go fits the bill

Local mobile invoicing outfit Invoice2go has beefed up both its talent roster and its product offering, with founder Chris Strode saying that his business was finally ready to shed the start-up tag.

Invoice2go, which allows small to medium enterprises to send invoices and track expenses from a mobile, has appointed former Atlassian group product manager Joe Nalewabau as vice-president of product. The addition to its senior executive ranks has been accompanied by the launch of the latest payments feature, which allows small businesses to receive debit and credit card payments, without having to invest in

Invoice2go, which allows small to medium enterprises to send invoices and track expenses from a mobile, has appointed former Atlassian group product manager Joe Nalewabau as vice-president of product. The addition to its senior executive ranks has been accompanied by the launch of the latest payments feature, which allows small businesses to receive debit and credit card payments, without having to invest in eftpos infrastructure.

Kevin Baum’s TikForce start-up relists on ASX

Perth-based digital identification and verification start-up TikForce will relist on the ­Australian stock exchange today, the next step for CEO Kevin Baum, who was part of ­OzEmail’s management team alongside Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15.TikForce, which has 2000 Melbourne Metro Trains contractors using its online credential platform, has successfully completed its reverse takeover of Palace Resources and raised $4.5 million.

TikForce, which has 2000 Melbourne Metro Trains contractors using its online credential platform, has successfully completed its reverse takeover of Palace Resources and raised $4.5 million.

Sequoia Capital and Airtree lead $10m funding in Kiwi start-up 90 Seconds

Silicon Valley heavyweight Sequoia Capital has teamed up with Australian tech venture capital firm AirTree Ventures to pour $US7.5 million ($9.9 million) into New Zealand-based cloud-based corporate video start-up 90 Seconds.

 

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