Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Merger creates new investment fintech player

Merger creates new investment fintech player

A new fintech marketplace operator and an ASX-listed financial services group have merged to create a platform that aims to disrupt the fixed interest investment player.

Cashwerkz has merged with Trustees Australia to serve retail customers, the financial planning industry, superannuation funds, councils, and other entities that are looking to invest large cash balances.  

According to the companies, the merger helps bring together Trustees Australia’s funds under management with Cashwerkz’s distribution platform. 

Advertisement
Advertisement

It is hoped the merged companies will allow Australian fixed income investors “to find the best term deposit and fixed income solutions to match their investment criteria and to simultaneously and seamlessly transact term deposits online between banks and buy/sell fixed interest securities such as small parcel bonds with or without the involvement of intermediaries”. 

The merged platform will enable those seeking a term deposit or a related cash product to access Cashwerkz's marketplace for cash. It will offer consumers a wider choice of ADIs including access to regional ADIs such as smaller banks, credit unions and building societies. Likewise, it will offer regional ADIs and smaller banks access to a huge number of potential new consumers. 

Brook Adcock, chairman of Adcock Private Equity, the company behind Cashwerkz, commented: “While some incumbents are keen to use the cost and difficulties associated with compliance of cash investments to ‘own’ their clients, consumers in many markets are now empowered by technology to break those compliance shackles and access better deals.” 

Mr Adcock, continues: “There is an enormous opportunity to scale the business by expanding into the (before now), too granular and untapped retail market, the up-until-now paper-based middle-market, and the before-now too-time-consuming IFA market.” 

Cashwerkz says it aims to expand into new products such as cash management accounts high interest savings accounts, annuities and bonds.

Further, by retaining its custodial licence, the entity, listed under Trustees Australia, can offer custodial services to small and medium third parties, which it has identified as a gap in the market.

[Related: ASIC unveils ‘regulatory sandbox’ for fintechs]

Merger creates new investment fintech player
mortgagebusiness

Annie Kane

Annie Kane is the editor of Mortgage Business.

As well as writing news and features on the Australian mortgage market, financial regulation, fintechs and the wider lending market – Annie is also a regular contributor to the Mortgage Business Uncut podcast.

Before joining Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

A new cycle of “meaningful” growth cannot be restarted through property, the CEO of NAB has said, suggesting that business investment is...

New figures from AMP Bank have shown a “significant uptick” in the number of home loan customers switching from IO to P&I loans ahea...

Customer-owned banking institutions wrote $6.6 billion in the 2019 financial year, up 7.8 per cent from the previous year and outpacing grow...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.