Many companies listed on the Australian Securities Exchange attempt to disrupt the finance industry by providing groundbreaking and innovative services to their customers. We chose the five top companies you should know. These companies are important drivers of economic growth because they provide customized financial services better and faster than traditional models, resulting in a much larger global clientele.
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Change Financials is a global B2B service provider that simplifies payment experiences by offering innovative payment solutions. The company’s core products are tailored payment services, card issuing and payments testing, and its main customers are banks and fintech’s.
The company’s platform, Vertexon, provides infrastructure and tools for companies to offer various payment products to their customers. Change Financial also offers mobile banking services through its mobile applications.
While the core of the business is transaction processing, Change Financial has issued over 16 million prepaid, debit and credit cards to customers, which can be split into installments for multiple payments.
Goldfields Money is a financial service provider based in Australia that seeks to provide better service than any major bank. The company helps customers apply for home loans, personal loans, savings accounts and term deposits.
All deposits placed with Goldfields Money are covered by the Australian Government Guarantee to a value of up to $250,000, including business accounts.
Goldfields Money will transition into BNK Bank, in order to implement a better digital offering and easier banking for customers. The company’s core banking platform seeks to provide the customer a seamless experience across banking services and its mobile app. The total revenue during FY 2020 was $5.3 million.
3. Gefen International (ASX:GFN)
Gefen International is an Israeli high-tech company listed on the Australian stock exchange that is disrupting the insurance and financial planning markets through the use of artificial intelligence (A.I.) and machine learning technology.
Gefen’s ‘Moments’ platform provides online support for companies, agents and customers, allowing all parties to experience the benefit of digital transformations currently lacked in traditional agent-based industries. Gefen’s AI technology quickly provides agents with automated data tailored to their clients.
In 2021, Gefen’s end customers rose by more than 365%, while the number of agents using the platform rose by 66%. That same year, Gefen went public and raised $25 million of the ASX, with a current market cap of $69 million.
According to industry insiders, a collaboration between Jackson Financial (NYSE: JXN), an insurance company with over 362 billion dollars under management and Gefen International (ASX:GFN) is expected to be announced in early March. Should this occur, financial investors expect Gefen’s stock price to parabolically rise.
Raiz Invest Limited launched a micro-investing app operating in Australia, Indonesia and Malaysia. Raiz allows users to invest through round ups, recurring investments, and lump sum deposits.
Raiz’s round up feature allows customers to automatically save and invest small amounts of money into a portfolio of exchange traded funds.
Raiz also offers its users a cash back reward for online shopping, which is automatically invested into users’ funds.
As of October 2021, the service has 419,552 monthly active users with $694.27 million funds under management. The total revenue during FY 2020 was $10.3 million.
5. Money3 (ASX: MNY)
Money3 is a lending service specializing in automotive finance with a network of dealers and brokers in Australia and New Zealand. Money3 provides loans to customers often excluded by traditional lenders.
Money3’s software allows the easy integration of the credit process with their partners’ front end systems. As a result, customers can easily apply for loans from their mobile phones.
Money3 receives over 250,000 loan applications on average per year and retains many customers. In 2022, Money3 secured a 20% increase to a warehouse debt facility and a reduction in the cost of funds. Money3’s goal is to grow its loan book beyond $1 billion.
