It should come to no surprise that technology has significantly changed how everybody around the world lives. It should also come to no surprise that one of the biggest industries that have been affected by this growth of technology is financial institutions. This means that you can literally have your money turned into any currency you would like in a matter of minutes. That is why it is so important for everyone to know what other countries provide in terms odf financial services . See some popular financial services companies Australia has.
Stockspot was created by Chris Brycki and it could change the way people not only invests their money but the way people manage their money. It takes away the third party and allows finances be a self-service system. It is possible because a computer system takes an algorithm and automatically matches investors with independents. If you ask me this is pretty genius. I mean people who invest their money generally are about money or know how to save money so why not save money by getting rid of the third party. It could also smoothen the transition of money from lender to borrower and also fasten the communication between the parties.
SelfWealth is a company based out of Melbourne. It is unique because they are staffed with only 15 members, and they are continuously growing on an everyday basis. They make tools that allows for self-managed funds to compare their performance with other funds. This then, allows them to see if they need to consider re-balancing towards their funds. Again, this gets rid of the third party and allows you more access to your investments.
VisualRisk has been around for 15 years and is one of Australia’s original fintech companies. It employs 40 people and as created a desktop dashboard that shows graphics and other visual elements which lists the risks of investments. Knowing the risks of an investment before you take the risk is valuable information. Since many people are visual learners, I expect this to help many investors.
SocietyOne is a peer-to-peer lender that matches sophisticated investors with lenders. They have been doing this only for a short time, and they receive about 80 million dollars’ worth of applications for personal loans each month. They have 75 staff members to go through all those applications. Even though technology has taken over, many individuals still like the one on one feeling. They want that trusting relationship especially if you are dealing with their money. Therefore, I believe SocietyOne has a very unique position in today’s Australia.
MoneyPlace was founded by Stuart Stoyan and after just 18 months of being in operation the applications were pouring in. There were over 1000 that registered in just a 6-week period. They are a company that deals with wholesale money and is focusing on managing the volume of applications is a prudent and consistent manner.
MoneyBrilliant is a company based out of Sydney and has approximately 8 staff members. It is a budget management platform in which users are able to track spending patterns. This helps the user to manage money in a better way and allows for better financial decisions by the user.
7) Pin Payments
Pin Payments is a company that developed software that allows small businesses to accept credit card payments using their phones and/or tablets. Pin Payments works closely with National Australia Bank and has accelerated their growth in Australia exponentially, and for some reason, they plan on staying in Australia.
Prospa is a Sydney based company and is continuously growing in staff and in customers. In one year’s time, they did over 250 million dollars in loans. They have even set up referral arrangements with many institutions.
Coinjar is a company that deals with bitcoins. Bitcoins is money on the internet that you can spend right away in Australia. Their business was based in Melbourne but moved its headquarters to the UK because that is where they expect it to grow. In its first year, it did 30 million dollars’ worth of transactions. However, some of the users have had issues with banks closing their bank accounts because of them using the bitcoins.
Midasium is a blockchain that does not focus on cryptocurrency Bitcoin but rather on examining smart contract applications for tenancy agreements. Meaning rent details including a full history, vacancy rates and default rates, can be stored for a property which can enhance credit analytics.