Australia has a record ten companies in this year’s highly-regarded Fintech100 report, putting it second only to the United States and ahead of other key markets such as Singapore and the UK when it comes to mentions on the list.
FinTech Australia – the nation’s association for Australia’s fintech industry – today congratulated fintechs listed in the 2017 Fintech100.
Now in its fourth year, the report is a collaboration between KPMG and fintech investment firm H2 Ventures.
Three Australian companies – Prospa, zipMoney and AfterPay Touch – made the report’s Top 50 list (either as a new entry or at a higher rank than their 2016 placement). The Top 50 list looks at established companies and ranks them on innovation, capital raising activity and size.
Meanwhile, seven Australian fintechs were represented on the Emerging 50. These were Airwallex, CoverGenius, Hyper Anna, Macrovue, MoneyMe Financial Group, Tic:Toc and Valiant. The Emerging 50 list looks at newer companies which are at the forefront of innovative technologies.
Overall, Australian startups comprised one third of the total number of fintech startups from the Asia Pacific that made this year’s list.
Furthermore, while China continues to dominate the fintech landscape by claiming five of the top ten fintech companies of 2017, Australia had a higher number of companies across both the Top 50 and Emerging 50.
In fact, Australia’s ten companies across the two lists put it ahead of China (nine companies), the United Kingdom (eight companies) and Singapore (two companies) and behind only the United States (19 companies).
FinTech Australia CEO Danielle Szetho said the report underlined the growing strength, quality and maturity of Australia’s fintech ecosystem, with this year’s total building on the nine Australian fintech companies that featured in last year’s report and the seven that featured in 2015.
“The Australian fintech industry is going from strength to strength and therefore we are pleased to see that we are well-represented in this year’s report,” Ms Szetho said.
“The high quality and performance of our payment disruptors and innovative lenders in particular is recognised in this report.
“The truly global nature of fintech innovation means our fintech startups are increasingly looking abroad for expansion opportunities, and we congratulate H2 Ventures and KPMG on producing this report which will help our companies in this regard.
“The report is a testament to all the hard work and wonderful achievements of our FinTech Australia members as well who are advancing into the next frontier for products, services, technology and business model innovations in financial services.”
Beau Bertoli, Joint CEO and co-founder at Prospa welcomed the report, saying: “Awareness of fintech is at an all time high and the sector is at a tipping point in Australia.”
“As a result, we’re very proud to be leading the way for the Australian fintech sector.”
“We’ve had a bumper year, reaching a half billion dollars in small business loans and securing over $50 million in debt and equity funding.”
“The problem we’re solving is a huge one that traditional lenders haven’t been able to address, and as we continue to scale up, we’re taking a long term view on our growth plans. We’re genuinely excited about the future.”
ZipMoney CEO Larry Diamond said the growth of Australian companies like ZipMoney and the ability of our local fintechs to compete globally as highlighted by the report meant that Australia’s fintech landscape was well-placed for continued and rapid expansion.
“Australia’s propensity for rapid technology adoption has made us a launchpad for both Asian growth companies testing prior to entering the US market and American companies interested in using Australia as a gateway into Asia,” Mr Diamond said.
“With key developments such as open banking, the New Payments Platform and comprehensive credit reporting on the horizon, Australian entrepreneurs and leading fintech companies are well positioned for continued expansion into overseas markets.”
Photo below: (from left to right) NSW Innovation Minister with Greg Moshal and Beau Bertoli, joint CEOs of Prospa
About FinTech Australia
FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.
Head of PR and Communications