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Fintech accelerates growth with $1.5m funding and key hires

Fintech accelerates growth with $1.5m funding and key hires
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Perth-based fintech Moneycatcha, known for its open banking solutions provided under the ‘Stryd’ brand, is set to accelerate its growth plans following a surge in momentum in Australia’s Consumer Data Right (CDR).

This boost comes with the announcement of two significant board appointments and a $1.5 million capital raise.

Tim Alexander, an experienced financial services leader and co-founder of Judo Bank, has joined Moneycatcha’s governance board as a non-executive director.

Alongside him, Lawrie Tremaine has been appointed as the non-executive director and chair. Tremaine recently retired from Origin Energy, where he served as CFO for seven years.

Ruth Hatherley, Moneycatcha’s founder & CEO, welcomed the new board members: “Tim and Lawrie are key appointments to the Moneycatcha board as they bring an incredible depth and breadth of experience in the finance and energy industries respectively.

“They are joining at a time when we are accelerating our growth plans in response to market opportunities, backed by a fresh funds injection from investors who supported our recent capital raise.”

The $1.5 million capital raise was completed with the help of corporate adviser Maiden Capital, receiving strong support from existing shareholders and new investors.

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The newly acquired funds are intended to expedite growth plans and leverage the renewed momentum of the CDR.

Australia’s CDR has been active in open banking since 2020 and in open energy since 2022.

Minister Stephen Jones has announced that non-bank lending will join the data-sharing regime from 2025, with consumer lending – including home loans –and energy switching designated as priority use cases.

“The role of the mortgage broker is changing towards being a trusted credit adviser who makes the borrower’s risk profile as attractive as possible for the right lender,” Hatherley said.

“This might extend to recommending an app for better budgeting or saving money on energy bills.

“Lawrie and Tim’s backgrounds are perfect for Moneycatcha given our vision to deliver open data technology to brokers, as well as aggregators and lenders, and unlock more benefits for everyone, especially the consumer.”

Alexander expressed his enthusiasm for the role: “Fintech is a vibrant space that is driving competition in the financial services market by fostering product innovation and streamlining time-consuming processes.

“I look forward to making a valuable contribution to Moneycatcha’s ongoing success.”

Tremaine echoed Alexander’s sentiments: “Moneycatcha’s vision and mission are compelling and align with my own commitment to do better for people and planet by unlocking the power of open data technology.”

[RELATED: The government is resetting CDR]

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