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Cashwerkz reaches AUD 1.1 billion in active funds, increasing by 107%

CashwerkzAustralia’s online platform designed for cash investing – Cashwerkz, announced it reached $1.1 billion in active funds currently waiting to mature, in January 2020, with the total number of investments placed increasing 107% over the 2019 calendar year. The company is presently focussing on solutions for At Call and Term Deposit cash investing from 51 traditional and neo banks plus credit unions.

The company apprised that its focus in 2020 will turn towards growing its alliances with international banks to service institutional customers.

John Nantes, Executive Chairman, Cashwerkz enunciated, “With the RBA rate reductions and The Banking Royal Commission, Cashwerkz has become a necessary solution for the industry. Cashwerkz operates effectively in all market types, but especially in a low rate environment.”

He stated, “Cashwerkz provides competitive and at times above market rates that are significantly well above the RBA cash rate.  Australian banks need deposits and Cashwerkz is a solution for the banks to solve their deposit needs.  Cashwerkz has also created a competitive marketplace for investors and advisers of investors seeking competitive rates in one place, wanting; the government guarantee, transparency, efficiency, reporting and a secure environment to invest within 3-clicks.”

The company stated that it identified a significant spread in deposit rates and consistently offered higher rates from its partners over the quarter.

“With competitive interest rates available in the Cashwerkz marketplace, our neo bank partners are experiencing a very promising take up of new customers.  To date Cashwerkz has already provided one neo bank with $40m in deposits in a short period of time,” added John Nantes.

The number of investments on the platform more than doubled from 2,045 as on December 31, 2018, to 4,245 as on December 31, 2019.

The Sydney-based company recently in February announced its partnership with HUB24’s Agility Applications on the rollout of new capabilities designed to streamline the management of At Call and Term Deposits for financial advisers. The collaboration encapsulates an investment protocol for financial advisers to identify, invest and rollover At Call and Fixed Term cash investments via an app integrated with the Cashwerkz marketplace. The app will have a phased rollout commencing in Q4 2020 and is expected to save financial advisers up to 2 working days a month in the administration of these investments.

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