New map reveals Australia’s fintech strengths
FinTech Australia's first member ecosystem map shows that consumer and business lending is one of our largest fintech sub-sectors.
Australia's fintech industry body FinTech Australia has today released its first fintech ecosystem map, listing its 119 members and revealing the strengths of Australia's fintech industries.
The map reveals that consumer and business lending along with wealth and investment are Australia's two largest fintech sub-sectors, an outcome supported by findings from the EY FinTech Australia Census.
The fintech business lending space has had an especially rapid period of growth as of late, with startups looking to fill the holes left by banks.
“Our business lenders are typically using in-house or third party technology to analyse the financial information of small businesses, so that they can then offer the best and fastest possible deals,” Danielle Szetho CEO of FinTech Australia said.
“They are able to operate in spaces that banks traditionally found hard to service and are now playing a valuable role in helping our small businesses to grow.”
According to the ecosystem map, other strong areas of Australia's fintech lending space include invoice financing, peer-to-peer personal loans and home loan marketplaces.
While the map is a first for FinTech Australia, the industry body plans to update it every six months to show the changes in Australia's burgeoning fintech industries.
Take a look at the full map below:
