Aussie fintech startups boast 200% revenue growth, but there’s still work to be done on diversity and collaboration

The second ever census of Australian fintech startups has shone a spotlight on the industry’s rapid growth and significant investment but the report reveals gender equality in the sector is still a ways off.

FinTech Australia released the findings of its annual census at the Intersekt Collab/Collide summit in Melbourne this morning. The report, which was completed in conjunction with professional services firm EY, is the second of its kind and shows the sector’s burgeoning growth over the last 12 months.

Answers from 166 fintech companies show median revenue has shot up 200% since June 2016, and one quarter of companies surveyed reported a mind-boggling revenue growth of 700%, with this growth particularly significant in companies less than three years old.

In a statement, FinTech Australia chair Simon Cant said the census results are a “strong sign” of Australia’s fintech firms encroaching on the traditional finance sector.

“The fact that the industry has experienced a tripling in median revenue is a strong sign that fintech firms are acquiring customers and making strong inroads into the traditional financial services sector,” he said. Read more

Dominic Powell - Smart Company - 3 Nov 2017