Lili, an all-in-one-banking app designed for freelance workers, recently announced that it raised a $10M seed funding round, which was led by Group 11, with major participation from Foundation Capital, AltaIR Capital, Primary Venture Partners and Torch Capital. Founder and CEO Lilac Bar David discusses what’s next for her company, as well as the future of digital banking.
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The Australian Finance Group Ltd (ASX: AFG) share price has leapt 16% this morning following the announcement the ACCC will grant clearance for its merger with rival Connective. Both businesses will become better positioned to invest in digital technologies and innovation in the face of digital disruption faced by the sector.
AFG is one of Australia’s largest mortgage broking groups and was established in 1994. It began as a mortgage aggregator which provides mortgage brokers access to products and support. It now offers business finance, insurance products, and AFG-branded and securitised products throughout Australia.
AFG proposed to merge with competitor, Connective. The combination would create Australia’s largest mortgage aggregator by a significant margin, accounting for almost 40% of Australia-operating mortgage brokers. More than half of all home loans written each year are initiated through the broker channel.
After the merger, the AFG and Connective brands intend to operate separately. The transaction is also subject to court approval with a final decision likely in the second half of FY20.
The AFG share price has more than doubled from its March low of 92 cents with shares currently trading at $1.96. AFG entered the S&P/ASX 300 (ASX: XKO) in the most recent quarterly rebalance due to this increase.
AFG announced in its most recent update that April operating results had been strong. However, COVID-19 is expected to create some economic uncertainty. Lodgements and settlements could experience adverse effects on 1H FY21. Lodgements in the March quarter were up 33% on the previous corresponding period, driven by record-low interest rates.
Nonetheless, residential settlements are expected to fall in coming months driven by a slowdown in broader economic activity. This will result in upfront commissions payments softening. Operating cash flow from existing trail commission arrangements on AFG’s $151.7 billion trail book will, however, continue.
AFG’s merger will provide a strong base to benefit from an eventual recovery, despite the Australian mortgage market being expected to feel a downturn as a result of COVID-19.
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The Infinity Lithium Corporation Ltd (ASX: INF) share price is skyrocketing today after the company provided a European funding update.
At the time of writing, Infinity Lithium shares are flying 91.67% higher to 11.5 cents per share. With this rise, Infinity Lithium’s current market capitalisation stands at around $27 million.
Infinity Lithium is a minerals company focused on developing its 75%-owned San José Lithium Project and produce battery-grade lithium hydroxide in Spain.
The San José deposit is an advanced, previously mined brownfield development opportunity located in Extremadura, Spain. It is the second-largest JORC hard rock lithium deposit in the European Union (EU).
This morning, Infinity Lithium announced it has executed binding agreements for multi-stage funding from the EU-backed public-private partnership EIT InnoEnergy.
While Infinity Lithium revealed details of the funding in March, back then the deal was only at the memorandum of understanding stage.
Infinity’s San José Lithium Project is the first lithium project in Europe to secure funding from EIT InnoEnergy. The funding includes a staged amount of up to €800,000 to support the project’s first phase of feasibility study test work.
Following this, EIT InnoEnergy will leverage the European Battery Alliance (EBA) network to facilitate the funding for phase two, with an investment of up to €2.4 million. Phase two involves the construction of the pilot plant at San José.
This funding also comes with an assistance agreement to support fundraising activities for up to €300 million in debt and equity to fund the development of the San José project.
Commenting on today’s update, managing director Ryan Parkin said:
“The Board of Infinity is delighted to announce the completion of these multi-level agreements, highlighted by the financial endorsement of the San José Project through the funding by EIT InnoEnergy.”
“This multi-level collaboration will see San José benefit through exposure to EIT InnoEnergy and the EBA’s vast European network as the EU focuses on the essential requirement to secure lithium chemicals and develop an integrated lithium-ion battery value chain.”
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Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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