FinTech in Australia - Statistics & Facts

The fintech or financial technology sector in Australia has experienced significant growth in recent years. As well as experiencing a five-fold increase in the number of fintech companies in just five years, Australia also boasts a diverse range of startups entering many fintech subsectors across the country. Payments and lending are the most developed subsectors in Australia in terms of number of businesses and investment value, however that hasn’t limited the growth of newer, emerging sectors such as wealthtech, blockchain and insurtech.

The surge in fintech activity in the country is reflected by consumers. The fintech adoption rate has increased significantly since 2015, with almost 60 percent of the digitally active adults in the country considered fintech adopters as of 2019. The alternative finance market in Australia is now valued at over 1.1 billion U.S. dollars, with balance sheet business leading and P2P/marketplace consumer lending leading the charge. Alternative financing has contributed to product innovation and to a lesser degree, business model innovation among businesses across the country.

New South Wales is the fintech hub of Australia. Over half of all fintech companies in the country are headquartered in the southeastern state. However, the reach of Australian fintech companies is developing; as of 2018, 54 percent of these companies were planning to expand overseas. In fact, Australian fintech companies have attracted significant interest from investors worldwide. In 2019, Airwallex, an Australian company offering cross-border payment solutions to businesses around the world, raised 202 million U.S. dollars in funding from global investors.

The recent passing of the Consumer Data Right (CDR) Bill by the Australian Parliament has propagated the open banking and open data subsectors to the forefront of the Australian fintech landscape. Several local and global fintech companies in these sectors have plans for an Australian launch in the near future, and this will likely advance the digitalization of the country's banking sector. The cryptocurrency sector has also made its mark on Australia, with some experts stating it has the potential to massively disrupt banking across the country. The recent legalization of 'crypto wages' in nearby New Zealand might even catalyze this scenario.

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In the following 5 chapters, you will quickly find the 25 most important statistics relating to "FinTech in Australia".

FinTech in Australia

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