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Three fintech start-ups pitch for funds

NZ Newswire logoNZ Newswire 23/05/2017 Paul McBeth

Three of the financial technology start-ups in the Kiwibank Fintech Accelerator programme pitched their ideas to investors before the public demonstration day event in Wellington last week.

A Creative HQ spokeswoman said Flatfish, Sharesies and AccountingPod sought financial backers, although she declined on their behalf to say how much money each was seeking.

The fintech programme was the first of its kind, allowing participants to develop and validate their business ideas so they could be pitched to the start-up and investment community.

State-owned lender Kiwibank sponsored the accelerator, which was co-funded by Callaghan Innovation and software developer Xero.

Flatfish chief executive Tal Meser said the start-up was already generating monthly recurring revenue of $1000, with 1000 rental properties listed on a platform where property managers and/or landlords can communicate with their tenants to deal with maintenance issues.

"Flatfish has a global opportunity," Mr Meser said. "We all know the timing's perfect with the rising demand in rental properties all around the world."

AccountingPod had more than 200 registered users of its accounting simulation education product, and co-founder XingDong Yan said the start-up projected 5000 students would be using its platform within 12 months to generate annual revenue of $1 million.

The platform gives students real-world simulations to try to overcome the oft-used reason for rejecting a graduate because they lack experience.

Sharesies wants to create an investment platform to let people make regular small investments in a broad range of funds, giving them access to opportunities which typically have a minimum investment. The platform has 2200 people waiting to join the beta site when it's launched in the next few weeks.

Chief executive Brooke Anderson said: "Kiwis want the ability to be investing, but they can't," with three main hurdles to overcome: the sector's jargon; minimum investments pricing them out of the market; and because the majority of financial institutions "only target the wealthy few".

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