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The $4 billion pay off: 850 fintechs powering Australia’s digital finance sector

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The growth of the fintech sector proves it’s easier to find capital, business partnerships with established players and systems support in Australia.

Australia now has about 850 active fintechs, who between them earn $4 billion in revenue a year, according to data from EY.It’s a huge jump from 2015, when tech-enabled finance companies earned just $250 million and demonstrates the rapid growth and maturity of the fintech sector.

“We’ve got a VC market that they could be in a burger chain one minute or a blockchain DeFi protocol or something in the next,” says Porter, and this had made them more risk averse because there were parts of fintech they didn’t fully understand.However, this is changing as venture capital firms see the investment potential in fintech and gain a better understanding of the sector.

We’ve got a VC market that they could be in a burger chain one minute or a blockchain DeFi protocol or something in the next.Adelaide’s fintechs include online home loan platform Tic:Toc and business billing software company PayHero. The business came about when Blas and his co-founder Jonty Hirsowitz went away on holiday and were presented with unexpected bills from home in Sydney. With both finance workers earning “good but not extraordinary” salaries, they were able to put the bills on credit cards and pay off the cards when they got back to Sydney.

 

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