Paul Bassat

We are proud to introduce the “Grandma Test” for a Cashless Australia Treasury’s consultation on the new cash acceptance codes has closed, but the direction is clear: it is becoming increasingly difficult - almost impossible - for many Australians to live using cash. The draft framework offers limited protection: some supermarkets and fuel retailers, for in-person payments under $500. Beyond that narrow slice, “card only” and “online only” policies continue to spread across pharmacies, major retailers, hospitality, essential goods and services. That is where the “Grandma Test” matters. Can “Grandma” - a typical older Australian who budgets in cash and does not use internet banking - still: - do a larger fortnightly grocery shop, - buy clothes and Christmas presents for her grandkids, - replace a broken heater in winter, - pay for urgent medicines or basic medical equipment, - take the family for a simple birthday lunch, without being forced into digital channels she does not understand or trust? Right now, in too many real-world scenarios, the answer is no. 🚫 For many older and vulnerable Australians, cash is not nostalgia. It is a safety mechanism, a budgeting tool, protection against scams, and the only system they fully understand. The evidence backs this: Australians 65+ (especially 75+) are less digitally included and less confident with online banking. They consistently record some of the highest scam losses of any age group. Pushing this cohort into mandatory digital payments concentrates risk on the people least equipped to manage it. In a joint position paper from Social Impact Group and the Little Phil Foundation, we argue that any payments or “cashless” reform should have to pass a simple test: If an older Australian who relies on cash cannot reliably buy food, fuel, medicines, essential appliances, or participate in basic family and community life without being pushed online, then the reform fails. This is not anti-technology. We build technology. It is pro-accountability. Innovation that strands Grandma is bad design and bad policy. We are publishing our “Grandma Test” paper publicly so regulators, industry, consumer advocates and policymakers can use and challenge it. If you are working in this space and want a copy or to collaborate on strengthening protections, reach out. Commonwealth Treasury Seniors Rights Service

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🌱💼🚀 Sydney Angels has rapidly raised A$3.5 million through a sidecar fund on VentureCrowd in just one week. The capital will be co-invested alongside their core fund, empowering early-stage Australian startups with a special focus on sustainability and technology to accelerate growth and innovation. #future  #sustainability #environment #technology  #noverram #entrepreneurship #economy #innovation #digitalmarketing

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I recently talked to a founder who told me: "At this point, we are going to prioritise cash investment." It’s a valid strategy. For a long time, raising a "priced round" to extend the runway was the only tool in the founders' toolkit. But as the Australian ecosystem matures, I’m seeing a shift in how some sophisticated founders approach their runway. They are moving from 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗥𝗮𝗶𝘀𝗶𝗻𝗴 to 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗦𝘁𝗮𝗰𝗸 𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴. The difference is subtle but important: • Capital Raising asks: "How much equity do I need to sell to survive 18 months?" • Capital Stack Thinking asks: "What combination of tools will get me to the next milestone most efficiently?" When you keep an open mind to the full stack, you realise you have more levers to pull than just "selling shares for cash to extend the runway". For example, a capital stack may look like a layer cake: 🔹 𝗘𝗾𝘂𝗶𝘁𝘆: The foundation. Essential for high-risk growth and operations. 🔹 𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗗𝗲𝗯𝘁: The bridge. Great for managing working capital or extending runway between rounds. 🔹 𝗥&𝗗 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴: The accelerator. Bringing forward tax incentives to smooth cash flow. 🔹 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹: The resource. Using equity to secure capabilities (like team augmentation) directly to scale up while preserving cash for commercial growth. The goal isn't to replace cash. The goal is to 𝗼𝗽𝘁𝗶𝗺𝗶𝘀𝗲 it. By mixing these tools, founders often reach the same destination (18 months of runway) but with more optionality and control at the finish line. The market has evolved. The toolkit has expanded. Make sure you aren't leaving tools in the box.

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It's crunch time for ANZ's local merchant services joint venture with French payments company Worldline after another year racking up big losses. Quite a different tale unfolding for Stripe, Square and Adyen each of which are building market share and turning profits in Australia. Westpac NAB #merchantservices #payments Visa Australian Payments Plus Mastercard

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