WEEK STARTING JULY 8
Nimble is going to exit payday lending. Payday lenders have been under increasing scrutiny from ASIC, following the legislative change to product intervention powers (credit products that cause significant consumer detriment). ASIC recently exercised these powers against lender 'Cigno', which is being accused of predatory lending (especially in rural & remote Aus communities). Two Gold Coast payday lenders are also in ASIC's sights - charging interest rates up to 990%
Side note: Episode 2 of 'Dirty Money' on Netflix documents the rise and fall of a massive payday lender in the US, highly recommend
Quickfee floated on the ASX. Quickfee is essentially an invoice lending platform, allowing professional service employees (lawyers, accountants) to be paid on time
Tyro is considering listing on the ASX
SoftBank invested $231m in Brazilian lending platform 'Creditas'. Fintech in Latin America is on the rise & a big focus is on the unbanked & mobile-only platforms (more here). Interesting tidbit: In Brazil, over 50% of online purchases were paid in instalments
Side (long) read: FinTech in Latin America (2018)
Challenger bank 'N26' launched in the US
Telstra had a huge outage on Thursday, affecting ATMs & EFTPOS machines. $100m mistake. It's how we disconnect!
Taco Bell is coming to Australia
Australia won the Robot Football World Cup. Can we teach them cricket too?
COOL WEBSITE OF THE WEEK
User Inyerface: a site with the worst UI possible. This is a painful experience & exposes the sad reality of some of the internet's design (especially the notification alerts, cookie banners and 'how can we help' lead generators). Check it out, have a laugh, then despair quietly.
Answers at the end of the email
(a) Ulysses & Menelaus emerged from the “womb” of what mythological object? Clue: it is described as “tall as a mountain, ribbed with pin”
(b) Cape Three Points, the land closest to zero longitude, zero latitude and zero altitude is found on which continent? Bonus for the country
(c) What word is inscribed on the Apollo 11 plaque on the moon? (Clue: it’s found in a related quotation)