This Month
Why you pay $5.08 for a $5 coffee
The notoriously complex area of retail payment costs is in the political spotlight, and set to force a response from the central bank. Here’s how it works.
- James Eyers
Morrison Securities boomerangs to US backer in receivership sale
Magellan-backed FinClear and Bell Potter took a peek at the due diligence before tapping out, perhaps in recognition of Beaconsfield’s upper hand in the proceedings.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Cuscal considers IPO plans after recording a surge in earnings
The payments processor owned by mutual banks and credit unions is lining up meetings with prospective investors as it attempts to hit the ASX before Christmas.
- James Eyers
August
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
- James Eyers
Josh Foreman’s InDebted in Series C funding round, US expansion eyed
With a toehold in the US market, which now accounts for 80 per cent of total revenue, the company has its eye on huge addressable market.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Zip nails comeback, predicts huge US transaction growth
Zip shares took a breather after a strong run driven by its pivot to profitability.
- James Eyers
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
- Updated
- James Eyers
This trader spotted a ‘really big gap’ – and made a fortune
Stake’s Matt Leibowitz loved his job as a derivatives trader, but when his friends started asking how to invest in US stocks, he saw an opportunity.
- Yolanda Redrup
Apple finally opens up tap-and-go, but banks remain very wary
In a decision seemingly forced by a European antitrust deal, the US tech giant said access to the payment functionality would be granted to outside developers.
- Paul Smith
Familiar with the consumer data right? Here’s why you should be
The philosophical basis for the right is that data generated by consumers of commercial services is their property and not that of the company.
- James Eyers
- Exclusive
- Open banking
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
- James Eyers
Superhero swoops on MYOB’s Slate Super
The online share-trading platform is one step closer to its goal of becoming a superannuation platform of scale after nabbing the $502 million fund.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Banks say consumer data right ‘action initiation’ rescue will cost $3b
Ahead of a parliamentary vote next week to extend the consumer data right to boost switching, the ABA is pointing to costs and risks as reason for delay.
- James Eyers
Christie’s-backed art fintech puts finishing touches on recap
It also opened a $US50 million debt book opportunity alongside the equity round and told backers it would be open to a sale or join venture discussions.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Nick Molnar to step up at Block, will report to Jack Dorsey
On the three-year anniversary of Afterpay’s blockbuster sale to Block, its founder Jack Dorsey has promoted Nick Molnar to head of sales.
- James Eyers
July
ACCC wants banks to make foreign exchange calculators more accurate
The regulator has proposed changes to FX calculators to ensure banks subtract fees, so customers have genuine transparency.
- James Eyers
Resurgent Zip raises cash and pays big break fee to eliminate its debt
Zip has indicated it will push the accelerator on growth in the United States despite regulators investigating whether it has violated consumer protection laws.
- James Eyers
Revolut’s ambition adds to major banks’ headache
“If we do a good job, we can attract more customers from traditional banks,” says the global CFO of Revolut, which has more than 600,000 users in Australia.
- James Eyers
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
- James Eyers
- Exclusive
- Funding
Financial adviser tech firm $20m richer after funding dash
Dash Technology, a Sydney fintech that sells software to financial advisers, has secured $22 million funding, with $20 million coming from ASX-listed VC firm Bailador.
- Paul Smith
