5 things you need to know in Australian tech today

ZipMoney staff in Sydney. (Source: Facebook/ZipMoney)

Welcome to another new week:

1. The big banks are taking notice of fintechs. Westpac has ploughed $40 million into Sydney “buy now, pay later” startup ZipMoney, in the biggest capital raising round for a fintech this year – and the third highest overall. The massive deal follows National Australia Bank’s leading role in Zip’s $260 debt facility back in May, which was the largest of its kind in Australian fintech history. Today’s deal sees not only sees ZipMoney get a ton of money, but a chance to integrate its products into Westpac’s portfolio. Read more on the blockbuster here.

2. ASX-listed sports tech firm Catapult Group has bought out two products and staff from Brisbane startup SMG Technologies. The deal, worth up to $3.9 million, sees two cloud software products and six employees shift over to the wearable athlete performance monitoring tech provider. Read more here.

3. Mike Cannon-Brookes coded a $250 million business idea on one 14-hour international flight. Atlassian Marketplace is now worth a lot to Atlassian, which the other co-founder Scott Farquhar admits to the AFR is not a bad result for “horrible” code.

4. Fuji Xerox Australia staff allegedly pulled all sorts of dodgy accounting to skim funds and mislead its Japanese parent. CRN reports that head company Fujifilm has published a translation of its investigation into fraud at its New Zealand and Australian operations, which shows a range of damning accusations of bad behaviour by local staff.

5. The UK man hailed a hero for stopping the Wannacry malware has been arrested in the USA. Reuters reports a US judge in Las Vegas set $30,000 bail for 23-year-old Marcus Hutchins, who was indicted last month for allegedly advertising, distributing and profiting from the “Kronos” malware in 2014 and 2015. His current fortunes are a stark contrast to May when Hutchins became a cybersecurity celebrity for detecting a “kill switch” for the devastating WannaCry worm.

Have a great day! Please email me your story tips or find me on Twitter.

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