Mobile commerce company Mobile Embrace has completed a A$12 million equity placement to existing and new shareholders. The company uses a payment technology called direct carrier billing, which allows a consumer to buy a digital product or service and have the cost billed to their telco account. It said it would use the funds to continue the international expansion of its business. IMB Limited has sold A$30 million in Subordinated Tier 2 notes. The new securities were priced at par yesterday, paying a coupon of 375 basis points over the three-month bank bill swap rate, according to ANZ, the sole bookrunner for the issue. The maturity date is 15 June 2026, with an issuer call date at 15 June 2021. The corporate rating for IMB is BBB+ Standard & Poor's, with the sub debt expected to be rated a couple of notches lower, at BBB-. ING Direct is streamlining its customer verification process, allowing mortgage brokers to use ZipID for verification. The ZipID process involves a representative meeting borrowers to photograph them and their details using a secure system. Once the details have been checked, ZipID issues a verification report. ING Direct has been using ZipID for direct origination since last year and now it is making it more widely available in its distribution network. Two insider trading prosecutions brought by ASIC concluded late last week. Sydney man, Michael William Hull was sentenced to 17 months jail by the New South Wales Supreme Court after pleading guilty to insider trading charges. On 2 June 2016, former investment banker Oliver Peter Curtis was found guilty of an insider trading conspiracy charge. He traded in contracts for difference on the basis of inside information from his friend John Hartman about Orion's trading intentions. PayPal co-founder and former chief technology officer Max Levchin has thrown down the gauntlet to the big banks, saying they're "too big to fail", and also "too big to innovate", the AFR reports. His latest venture, Affirm, lends money to consumers for retail purchases such as clothing, or for big-ticket items like mattresses, with transparent, fixed fees that are disclosed at the time of purchase. The lending platform is connected to more than 700 retailers in the US that offer Affirm at the online checkout (there's also an in-store product in beta testing) and customers can choose to split their payments into either three, six or 12-month instalments.