As Freedom Insurance turfed its chair and CEO, as the banking royal commission aftermaths continued on November 12, 2018, but other ASX-listed fintech’s estimate that they’re benefiting from the crisis.
Wisr Limited (ASX: WZR) in the September quarter loan originations grew 49 percent, compared to the previous period, and partly, to the banking inquiry, he is putting it down, said, Anthony Nantes Chief of peer-to-peer lending platform.
Major banks and financial institutions were costed more than $7 billion, when the royal commission revealed appalling behavior which is coincided with a 208 per cent increase in traffic to Wisr’s website. An area traditionally dominated by the big banks, in the last quarter Wisr’s home renovation loans which grew by 26 percent.
The share price of WZR closed lower at $0.048 i.e. 4 percent lower as at November 13, 2018.
SelfWealth Limited (ASX: SWF) which is a discount online share trading platform, had their sign-up numbers to tick up in June and July which it is put down rather than marketing spending to the banking inquiry. On cut-price $10 trading SelfWealth is building the business, which was listed as a social media-enhanced trading site 12 months ago.
Their shares have also remained in the stagnations and their IPO price was 20c. the share price closed at 8.4c on Monday i.e. November 12, 2018. The social media aspect is being revived and Mr. Ward says they are launching an ETF.
Mr. Fergie says with a great product to make they have to be well funded and from bigger, slower banks to take market share, micro banking, peer-to-peer lending and others have the potential.
Domacom Limited (ASX: DCL) property investment platform, the chief Arthur Naoumidis says, ‘As the banks tighten conditions for retail borrowers and stop lending to self-managed super funds (SMSFs) entirely, wants to muscle in on property lending.’
To invest in property as a syndicate as Domacom allows individuals and SMSFs. They’re planning to access economical offshore funding so those associations and SMSFs can use the debt to buy property, rather than raising the whole sum. Currently money can be borrowed at 3 percent in the US and can be loaned out at 6 percent in Australia and the spread can be enjoyed.
Over the past year there are plenty of crashes in the sector, while some fintechs such as Wisr have made strong share price gains.
Domacom has never again attained that height, listing price was 75c in 2016 while it closed on Monday i.e. November 12, 2018 at 9c. They struggled to get the IPO done and as well as engaging an expert to consider its working capital needs on the request of the ASX and also lifting the amount they wanted to raise, extending the offer several times.
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