Briefs: Fintech 100 names its best operators, DirectMoney puts funding in place
Fintech Innovators, a collaboration between investment firm, H2 Ventures and advisory firm KPMG has published its annual list - the Fintech 100. Among the "Leading 50", drawn from established fintech companies across the globe, are three Australian companies: Prospa, Tyro and Society One. The 50 "established" fintech firms have somehow raised a total capital of US$14.6 billion since last year's report, an increase of more than 40 per cent over 2015. Further down the scale, among its its 50 "Emerging Stars", the Fintech 100 report highlights a few new "subsectors" including regtech (regulatory technology), with nine companies on that list; and insurtech, with 12 companies, almost double last year's total. DirectMoney has agreed to terms on a wholesale institutional loan funding agreement with "a well-established debt provider". The marketplace lender said the funding would allow it to originate loans for the next 12 to 24 months, based on current business projections. In June the company announced that it had a funding shortfall and had established a referral agreement with MyState. DirectMoney chief executive Anthony Nantes said the company had stopped referring loan applications. According to an East & Partners survey of corporate treasurers at most of the world's 800 top revenue-ranked corporations, a "dominant majority" are planning to increase their spending on financial technology over the next year. Treasurers in the UK lead this trend, forecasting a 14.5 per cent rise in their fintech spend for the coming year, with Singapore and Australia following close behind with a planned 12.2 per cent increase.