Fintech investment reaches $2b
The number of Australian fintechs has more than doubled since 2017 with over 800 firms now in the market while investment in the sector has reached $2 billion.
According to KPMG, investments in the fintech sector was $2 billion in 2020, a rise of 250% on the previous year.
“This data shows the Australian fintech sector has not only a large variety of players with cutting-edge technological solutions but also strong growth and the ability to attract global investments,” KPMG said.
Most of the firms were consolidated in the payments space as two factors in Australia had created a “fertile ecosystem” for these businesses.
These were the fact that most payments in Australia were completed electronically and that Australians were accustomed to using advanced payments systems with their banks.
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Source: Fintech investment reaches $2b | Money Management