Australian FinTech sector booming


By Dylan Bushell-Embling
Monday, 06 November, 2017


Adobestock 112098597 carousel

Australia's FinTech sector has more than doubled in size since 2015, and more than half of Australian FinTech firms are looking to expand overseas.

These are among the key findings of a new census of the Australian FinTech market, commissioned by the government and conducted by EY.

The census found that the number of FinTech firms operating in Australia has more than doubled since 2015 to close to 600. FinTech adoption in Australia has meanwhile almost tripled over the same period and is expected to further increase to nearly half of Australians in the next 12 months.

Of these, 71% are now post revenue, up from 57% in 2016. The median FinTech post revenue growth between June 2016 and June 2017 was 208%, with 38% of FinTechs recording more than 300% growth over this time.

Over the next 12 months, 75% expect to grow revenue, 63% plan to increase their headcount and 54% plan to pursue or further an overseas expansion.

The top two categories for FinTechs in Australia are wealth and investment (30% of FinTechs) and lending (23%).

More than half (54%) of Australian FinTechs are from NSW, with a further 19% from Victoria, the report found.

The median Australian FinTech has five full-time employees and two part-time employees, but many FinTechs report facing challenges finding qualified talent (46%), particularly engineering, software and sales specialists.

Image credit: ©stock.adobe.com/au/stokkete

Follow us and share on Twitter and Facebook

Related News

Only 20% of e-waste recycled globally, UN report finds

A new report suggests that electronic waste (e-waste) is a growing problem around the world, with...

NAB to double investment in NAB Labs

NAB plans to invest in increasing the size of its NAB Labs workforce and allocating extra...

TechCollect calls for more responsible e-waste disposal

Businesses need to increase their recycling efforts to help reduce the amount of e-waste going...


  • All content Copyright © 2017 Westwick-Farrow Pty Ltd