Fintechfun Newsletter to 29 July 2024

An action packed two weeks on the fintech front - speaking to various folk there is a positive vibe in the air combined with some listed fintech share prices ticking up ...

Speaking of which let's start with three recent pieces of ASX company news:

• Zip Co Limited reported their fourth quarter results for FY24, with Cash EBTDA expected to be $67m-$70m for the full year, driven by performance in the Americas. Key metrics showed growth across transaction volume, revenue, and cash transaction margin, while the company continued to strengthen its balance sheet and focus on operational excellence.

• Beforepay Group reported a profitable Q4 FY24 with a net profit before tax of $1.4m and EBITDA of $2.7m, driven by strong credit performance and operational efficiency. The company plans to launch a new loan product in FY25 and has established Carrington Labs, a new enterprise business offering AI-powered risk models and lending solutions.

• It was reported in a Capital Brief article with CEO Xavier Shay that Up , owned by Bendigo and Adelaide Bank now has 925,000 customers.

• nVest Turned two! The company outlined some achievements including - A Comprehensive fully disclosed and omnibus capabilities for white labelled investment experiences - Empowering young investors with fractional trading, even in markets where it's currently unavailable.

• Cents2Bills announced a partnership Credit Savvy aiming to provide Credit Savvy's members with an innovative way to manage their finances.

• Complii FinTech Solutions Ltd announced the divestment of Registry Direct from their group for a price of $3.85m.

• DelayPay , a buy-now-pay-later scheme has raised $16m with support from Longreach Credit Investors allowing them to support agri-business by providing capital of up to $500,000 within 24 hours.

• Blossom App announced they have hit $75m in Funds Under Management , targeting $100m by the end of 2024.

• me&u founder Stevan Premutico announced he is stepping down after help lead the company to where they are now today being the #1 order and pay platform globally with $2 billion in annual sales and 6,000 restaurant partners across three continents.

• Simon Molnar announced that Flagship will entering the US with a partnership with Vuori .

• iGoDirect Group announced under their True Rewards brand the launch of digital Visa cards via web-push-provisioning (web-to-wallet), allowing them to be shared and added to both Google Pay and Apple Wallet without the need for a mobile app.

• Following the launch of AI Search for Australian investors last month, ? Telescope AI and Sharesies have now expanded the AI-powered investment discovery tool to empower over 670,000 investors across Australia and New Zealand.

• Airwallex announced the expansion of Airwallex Yield, enabling customers to grow the funds in their Business Account at competitive rates.

• Prezzee announced its sales grew from $1.1b to $3.4bn whilst revenue grew from $58m to $161m for 18 months to 31 Dec 2023.

• Birchal 's FY24 CSF Industry Report shows stable funding volumes and 16% growth in companies using equity crowdfunding in Australia, with $64.5 million raised from 99 CSF campaigns.

• Equity Trustees implemented an AI-powered content compliance system using the Haast platform, which automates checks on marketing content and online resources for regulatory compliance.

Thanks to our partner Vanta for the support in assisting us with the newsletter:

For the web version of this newsletter go to:

https://www.sub11.com.au/posts/fintech-newsletter-to-29-july-2024

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