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Exploring the Rise of Fintech in Australia

Financial Technology or Fintech refers to the incorporation of technology in finance or financial services. The continued growth of financial technology over the years has helped financial service providers use it to make their services and facilities more widespread and accessible. Fintech has allowed users to access financial services in a more convenient way thanks to the different features that can be used from a single, unified platform.

Fintech in Australia

In recent years, there has been a growth in the number of fintech start-ups launched in Australia. With over 800 start-ups all over the country-continent, Australia has emerged as having one of the most dynamic fintech industries. Led by financial services professionals, the fintech companies in the country has sought to global mark by offering services to and partnering with foreign companies. These fintech companies are looking to provide innovative financial services that benefit their customers in the local market as well as international markets.

With the government’s support to foster the growth of the fintech industry in the country and the large-scale investments, companies are seeing the potential that the Australian fintech industry has and the increased benefits that come with its success. Many small and medium-sized enterprises or SMEs are also looking into the fintech industry to expand their services and products. This has created a new niche market allowing the continued growth of the fintech industry in the country.

Read More: Century Business Solutions Partners with CloudFirst Solutions to Deliver Credit Card Processing within SAP Business One

Some of the reasons that the Australian fintech industry is growing and creating a mark in the international market are:

  • Payments: – Australia has become the biggest provider of contactless payments in the world.
  • Money management: – Australia has one of the largest fund’s management facilities.
  • Adoption: – Australia is the second largest provider to incorporate financial services accessible on a smartphone.
  • Blockchain: – Australia is at the centre of creating the standard for blockchains.
  • Regulatory framework: – Australia has the leading frameworks for the regulations to be followed by fintech companies.
  • Consumers and businesses: – The fintech companies in Australia cater to the needs of consumers and businesses alike. They offer services directed at the needs of consumers and business owners, creating a dynamic industry.

Top Fintech Companies in Australia

Some of the fintech companies in Australia have been included in the top fintech companies in the world. This is a milestone for any company and is an indicator of what the fintech industry in the country looks like. The top fintech companies in Australia include: –

  • Airwallex: – With over 200 million AUD in funding, Airwallex has grown to become one of the leading fintech companies in Australia. With 10 offices around the world, Airwallex provides services that make the international transaction more convenient and cost-effective. It is also looking for global expansion and has featured on many “Top fintech companies around the world” lists.
  • Judo Bank: – Focused on providing loans to SMEs, Judo Bank has been able to amass over 1 billion AUD in deposits. Backed by many banks, Judo Bank provides services for businesses with the help of new technology.
  • Athena Home Loans: – Backed by major investors, Athena Home Loans has been able to raise over 100 million AUD in funds. This fintech company is an online mortgage provider that allows consumers to avail services remotely while saving time and money.
  • Afterpay: – Afterpay has raised 1.05 billion AUD and bought a Spain-based fintech company while looking for global expansion. This fintech company allows users to buy products and services and pay for them at a later date. This feature has allowed the company to grow not only in Australia but globally.
  • Daisee: – Daisee makes use of artificial intelligence and machine language to analyse conversation between businesses and customers. It is back by many investors, including ones in the private sector.
  • Moula: – Moula is a loan service company that has experienced exponential growth in the last few years with over 20,000 loan applications and funding that has reached 50 million AUD.
  • Practifi: – Practifi provides financial advice to businesses and acts as a business management platform. Raising 24 million AUD in funding, Practifi is looking to scale expand to the global sector.
  • Sempo: – Sempo provides financial inclusion to consumers with the help of the top NGOs. It is a blockchain company that provides an inclusive infrastructure.
  • Slyp: – Slyp is a digital receipt platform that has integrated with the NAB banking app to expand its services.
  • Up: – Up is a fintech company that runs on the consumers smartphone allowing it to provide services and read a wider audience.
  • Finch: – Finch is a fintech start-up in Australia that has been able to raise 2.25 million AUD by providing services that cater to Millenials.
  • Volt Bank: – Volt Bank is a Sydney-based digital-only bank that has raised up to 82 million USD in funding.
  • Lendi: – With 38 million USD in funding, Lendi is able to provide its loaning services to a wide number of people, leading to its growth and expansion.
  • Huddle Insurance: – This fintech company provides car and travel insurance in Australia. It has disclosed a 25 million USD funding and continues to grow in the local scene.
  • PayRight: – PayRight is a purchase financing solution provider to its users. It provides up to 20,000 AUD of payment plans to merchants across the country. It has also been able to raise 24 million USD in funding.

Read More: GlobalFintechSeries Interview with Dheeraj (Raj) Singal, Vice President, Compliance & Product Manager at FINBOA

With the different services and facilities that the fintech companies in Australia provide to its users, we can expect a continued growth both in the country and globally.

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