Zip Co has signalled it will be more conservative in lending and will slash $30 million in costs as it looks to accelerate a plan to start making profits.
Many of the buy now,pay later firms that sought to replicate Afterpay’s success on the ASX have fallen on hard times. And analysts are forecasting more pain is on the way for these groups.
Online checkout app Fast,which has raised over $160 million from investors since 2019,is shutting down after failing to secure more funding.
As technology-based rivals try to pick off bank profits,ANZ chief executive,Shayne Elliot,says the bank’s new retail banking platform will help it keep the competition at bay.
Fintechs that pay interest rates on savings that far exceed what can be earned at banks are tempting - but it pays to be careful.
Superannuation fund Hostplus,a champion of venture capital investment in emerging technology businesses,is buying into payments start-up Zeller.
Zip says the deal will lift its scale and accelerate its path to profitability,as it faces tougher industry conditions.
The outgoing boss of the market operator ASX says the tech sector will make up a bigger slice of the sharemarket as more businesses that deal with cryptocurrencies look to list on the ASX.
CBA’s business banking boss has signalled the lender will take the fight to technology companies that are trying to muscle into payments.
Financial management apps look set to expand into insurance and superannuation,as the consumer data right moves into new territory.
Afterpay co-founder Nick Molnar has signalled the top priority for the company under its new owner Block will be to accelerate its growth.