5 things you need to know in Australian tech today

Welcome to a brand new week – check out these must-read tech stories:

1. A Melbourne fintech is celebrating a $17 million funding round. Foreign exchange startup Airwallex got the attention of some serious players in global commerce for its latest capital injection, including card giant Mastercard, famous VC brand Sequoia China and Chinese web conglomerate Tencent. Read more here.

2. Facebook’s Australian revenue instantly multiplied 10 times after the laws came in last year to stop offshoring of local sales. The social media giant went from $33.6 million in Australian revenue in 2015 to $326.9 million for last year, after the Multinational Anti-Avoidance Law came into effect on January 1, 2016 and a company restructure. However, Facebook Australia saw its “costs of revenue” soar from $0 to $275.2 million, which meant an almost complete offsetting of the spectacular rise in local revenue. Read more on how the company made just $3 million in net profit after paying $3.27 million in tax.

3. Google Australia merely doubled its revenue in 2016 as a result of the Multinational Anti-Avoidance Law, but will be fighting an amended tax assessment that the Australian Taxation Office issued it after year end. The internet giant’s Australian arm racked up $1.14 billion in revenue and $104.7 million net profit, which it attributed partially to the restructure and partially to actual growth in operations. Read more on its results.

4. A debt collection startup has scored $1 million in seed funding from Westpac’s Reinventure. InDebted, which is already in operation in Australia, will use the cash to expand overseas to use technology in an industry that’s been slow to move out of pen and paper processes. Read more on the other angel investors.

5. IBM shipped malware on USB sticks sent out to customers. The tech giant has advised that USB drives sent with Storwize flash and hybrid corporate data storage systems should be destroyed, after it was discovered some software on the drives contained malware supposedly served up from a North Korean website.

Read more at https://www.businessinsider.com.au/5-things-you-need-to-know-in-australian-tech-today-2017-5#LA9Xmhrd6QfDLtA4.99

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