Australian fintech revenue up 208% on 2016, companies target global growth – EY
Australia’s fintech industry continues to grow rapidly with more and more companies targeting international expansion.
The median income of the Australian fintech industry has grown by 208%, with businesses looking to grow into the likes of Europe, the US and Singapore.
According to the 2017 EY Fintech Australia Census, more than half (54%) of native fintech businesses are looking to expand internationally, with 14% more fintechs now at a post revenue stage of development.
“The Australian fintech industry has matured over the past 12 months,” the report outlined. “It has evolved from being quite a fragmented tech sector fuelled by the belief and passion of the founding firms to one that has much greater definition and structure.”
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The number of fintech companies in operation in Australia is now thought to be nearing 600, more than double that seen in 2015. Some 54% of these companies are based in NSW, making Sydney an increasingly important national and global hub for the industry.
A greater proportion (31%) of these businesses are more than three years’ old, a sign that the industry is maturing and becoming more stable.
Globally, Australia ranks 5th from 20 countries examined by EY in terms of fintech adoption. Its adoption rating of 37% is on par with similar developed economies such as the US and UK, but behind the likes of India (52%) and China (69%).
“This level of adoption shows that fintech is now at a tipping point where it is poised for mainstream adoption,” the EY census observed.
