16 November 2017

Australian FinTechs recognised among best in world

The Turnbull Government welcomes the announcement that ten Australian FinTech firms have been recognised in this year's FinTech100, demonstrating that Australian FinTech firms are holding their own against the best in the world.

The FinTech100 represents the best FinTech innovators from around the world. The report, a collaboration initiated in Australia between KPMG and H2 Ventures, assesses FinTech firms from around the globe on factors including capital raising, innovation, size and geographic reach. It also highlights 'emerging' firms that are taking advantage of technology and driving disruption within the financial sector.

In its fourth year, the FinTech100 report demonstrates that Australia not only has a vibrant FinTech sector but that we have the capacity to establish collaborations such as the one behind this report, which sees established firms like KPMG working with a newer FinTech player H2 Ventures to contribute to FinTech research on a global scale.

I congratulate the Australian firms in the top 100, which represent a diverse range of businesses including lending, wealth management, insurance and RegTech.

Prospa, AfterPay, and new entrant to the list, zipMoney have been ranked within the top 50 established FinTech firms around the globe.

Airwallex, CoverGenius, Hyper Anna, Macrovue, MoneyMe, Tic:Toc, and Valiant have all entered the list in the 50 top emerging firms who are at the forefront of global innovation.

Australia's dominant showing in the Fintech100 reinforces the strong standing of the Australian FinTech sector as demonstrated in the recent release of the EY FinTech Australia Census 2017. The Census revealed the maturity of the sector and reported that more than half of Australian FinTech firms are looking to expand overseas. The full Census results are available on the EY website.

Australia recently became the second largest alternative finance market in the Asia-Pacific, with US$610 million raised in 2016, according to a separate KPMG/Cambridge Centre for Alternative Finance Studies report.

The Turnbull Government has worked to ensure we have the right policy settings in place to make it easier for Australian FinTech businesses to succeed. Developing our financial technology sector will help to drive a stronger economy, a better and more competitive market for consumers and more and better paid jobs.

More information on the FinTech100, including a copy of the list, can be found on the FinTech Innovators website.