finder fintech roundup: Xinja, ING, Westpac, zipMoney, DirectMoney and CUA
Open banking might see a phased introduction, plus DirectMoney funding boosts, and an Australian Xinja warrior.
All the fintech news from the past week.
ING adds automatic round up for savings
ING has added a new feature to its transaction account that lets you automatically "round up" any transaction to the nearest $1 or $5 and place that money in a savings account. It's a similar notion to popular micro-investment app Acorns. We covered how it works and who it might work for.
Open banking issues paper considers "phased" approach
The first issues paper considering the introduction of open banking protocols is out, and one of its key suggestions is a phased introduction, which should minimise risk while still allowing for innovation. FinTech Australia has welcomed the suggestion, which it says will ensure a "timely implementation".
Xinja plans to launch 5,000 prepaid debit cards this year
Calling itself Australia's first neobank, startup Xinja has detailed its plans to launch a mobile-only banking service. It has raised close to $3 million so far, and will roll out 5,000 prepaid debit cards while it waits for regulatory approval for a wider range of products.
DirectMoney pulls up with $50 million deal
P2P lender DirectMoney has signed a deal with business financier 255 Finance that will see it purchasing $50 million of loans from the DirectMoney platform. 255 Finance also scores equity in DirectMoney, which has welcomed the move as a means of allowing it to expand further.
Westpac pours $40 million into zipMoney
In other fintech investment news, interest-free payment platform zipMoney scored a vote of confidence from Westpac in the form of a $40 million investment. The funding, via a private share placement, will be invested in new product development.
CUA first up to test Australia Post Digital ID
Credit Union Australia is the first finance provider to sign up for testing of Australia Post's Digital ID, which lets you apply for services that require detailed ID verification using only your phone. Other early testers include Airtasker, Travelex and the Queensland Police Service.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Monday to catch up.