Australian fintech revenue up 208% on 2016, companies target global growth – EY

By Tom Wadlow
Australia’s fintech industry continues to grow rapidly with more and more companies targeting international expansion. The median income of the Austr...

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.”

RELATED STORIES:

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.

Share

Featured Articles

New Crowdstrike president to drive cyber leader’s growth

CrowdStike has announced former CTO Michael Sentonas as its new President, aligning product and go-to-market functions to drive its next chapter of growth

New study reveals the smartest cities in Europe

New research released by ProptechOS has revealed that London is leading the top 10 smart cities in Europe, followed by Amsterdam (2nd) and Berlin (3rd)

KPMG UK announces major alliance expansion with Google Cloud

The investment underpins the ongoing alliance to help UK clients digitally transform their business through Google Cloud’s leading technology

Kyndryl driving Stellantis’ IT infrastructure transformation

Digital Transformation

The cutting edge: Edge computing trends to watch in 2023

Cloud & Cybersecurity

Shadow APIs pose serious threat to fintechs, report finds

Cloud & Cybersecurity