Finance comes to the tech party; fintech companies named in Tech Fast 50
zipMoney and GetCapital made the top 15.
A number of Australia's fastest growing fintech companies have been named in Deloitte's Tech Fast 50 2017 announced at an event last night in Sydney.
Now in its 17th year, the Tech Fast 50 ranks the 50 fastest growing public or private technology companies based on percentage revenue growth over the past three years (2015 to 2017). This placed interest-free provider zipMoney at the number two spot with a growth rate of 4,012%.
Small business lender GetCapital came in at number 12 with a growth of 480%, followed closely by small business lender Prospa at number 15 with a growth rate of 438%. Personal loans lender MoneyMe ranked number 24 with 298% growth.
Coming in first was Hireup (7,713% growth), an online platform for people with a disability to find, hire and manage support workers.
Tech Fast 40 lead partner Josh Tanchel said those that made this year's list showed significant growth.
“In the 17 years that Tech Fast 50 has been running, this year’s top 50 have the highest average growth rate we’ve ever seen, at 664%. Also, more than double the number of nominees (7) had over 1,000% growth compared to last year (3),” said Tanchel.
zipMoney CEO and co-founder Larry Diamond said the win was a "massive achievement" for the Zip team.
"[It] reflects the incredible need for the fair and transparent solution we bring to everyday Australians," he said.
"We grew 4,000% in the past two years and demand for what Zip does is accelerating as consumers and merchants realise the benefits. We have only just begun.”
CEO of GetCapital Jamie Osborn also said the company was "very pleased" to be recognised in the awards.
"The award reflects the hard work and dedication of the GetCapital team in helping Australian SMEs grow,” he said.
Dan Chesterman, from the ASX which sponsors the Tech Fast 50, pointed out that 10 of the top 50 are listed companies including zipMoney.
“The ASX-listed technology sector now comprises over 210 companies, with a market capitalisation in excess of $46 billion, highlighting the increasing profile, importance and strength of the industry, and the appetite of investors for exciting new opportunities," he said.
“Innovative new technologies continue to challenge existing business models and create new opportunities across all industries. ASX congratulates all the companies featuring on this year’s list and looks forward to seeing many of them as the leaders of tomorrow."