The report, Scaling the Fintech Opportunity: For Sydney and Australia, finds that the number of Fintech startups in Australia has increased from less than 100 in 2014 to 579 companies today, with around 60 percent of all Fintech companies basing themselves in Sydney. Launched today at a special event at by NSW Minister for Trade and Industry, the Hon. Niall Blair.
Fintech is by-and-large driven by local companies, with 512 Australian and 67 offshore companies operating locally. The range of sectors has also diversified substantially, with 10 Fintech categories having more than 20 Fintechs operating locally. The two largest sectors by number of Fintech companies and capital investment are payments (128 companies) and lending (80 companies), with substantial growth in both categories. Payments is expected to continue its growth, with the New Payments Platform going live in 2018, as Fintech companies, locally and globally, seek to benefit from this new national infrastructure. Wealthtech (78 companies) ranks third highest for number of companies and has also continued to grow, reflecting the sophisticated state of our financial services industry.