Could Pepperstone be the next home grown tech business to float? In less than four years the Melbourne based Forex broker has amassed 25,000 clients generating $29 million in profits from revenues of $34 million. Co-founders Owen Kerr and Joe Davenport built the business from scratch and are looking to capitalise on the recent enthusiasm for financial technology stocks. The success of Pepperstone is based on proprietary technology that has enabled them to offer faster forex trading to their customers at a quarter of the price of their competitors. Pepperstone's edge is an optical fibre network installed just 11km from Wall St. Speed is of the essence, explains Davenport. Our competitors base their servers here in Australia, which means the trade orders have to travel across the Pacific Ocean. The pair have enlisted New York based Berkshire Hathaway to explore options and are closely eyeing the ASX. (VIEW LINK)
Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
No areas of expertise