FinClear Reviews

FinClear is burning cash… fast. They had to do an emergency cap raise at a much lower valuation to keep the lights on. Revenue from their core clearing and settlement business is lumpy and dependent on ASX trade volumes. They’ve invested in private market exchange - went to the extreme of paying millions for a tier 2 exhange license and made a PR splash (of course), only to now realise there’s no demand. They arre now desparate to bring in new revene, so are dabbling into other services such as FX.

In the past few years... 1. After a large project to consolidate different tech stacks, a large part of the work force was laid off, this included people who made significant contributions to the project. Laid off with only the legal required payout. 2. Lack of pay increases over the years. 3. Flexibility going away - Company only required 2 days in the office for years, but is now mandating 3 and giving warnings to staff. I feel this is causing a decline in morale. Messy tech stack, tons of tech debt (improving, maybe), some poorly chosen software vendors, and some extremely dated software (think 1990s era) powering core systems. This provides opportunities to the right people but can also be very frustrating to work with.