Fintechs, Insurtechs and Proptechs reign supreme at the Deloitte 2024 Tech Fast 50

The Deloitte 2024 Tech Fast 50 Australia winners have been unveiled and once again fintech, insurtech and proptech companies from all over Australia have feature heavily.

In fact, the top three in order happen to be an insurtech (Honey Insurance), a proptech (PropHero) and a fintech (Pay.com.au).

The winner of Deloitte’s 2024 Tech Fast 50 have demonstrated remarkable resilience in a challenging economic environment.

The awards recognise and profile Australian tech companies – public or private – that have achieved the highest rates of annual revenue growth over the past three years.

This year’s winners achieved impressive growth in an environment where access to capital and investment have fallen. This year’s focus has shifted from topline growth to sustained performance, with operational discipline and positive cash flow becoming key metrics for valuations.

Deloitte Technology Fast 50 Leader Josh Tanchel, said, “Capital costs have certainly impacted growth rates this year but the success of major capital raising by companies like Honey Insurance just goes to show the quality of the Tech Fast 50 list.

“This year’s entry-level growth percentage is lower than last year (123% vs. 264% in 2023), showing the impact of challenging economic conditions. It’s worth noting that the average growth rate remains high at 658% (though still down from 2023).

“NSW continues dominate the Tech Fast 50 winners list but there’s notable growth in QLD and WA, showing a broader geographic spread of innovation and growth. It was also good to see an increase in female leadership, from 14% to 18%, indicating some progress towards gender diversity in tech leadership roles.

“The rise in Healthtech and Fintech sectors highlights the evolving landscape of the tech industry, with increasing investments and innovations in these areas.”

Deloitte Technology Sector Leader Bec McConnochie said, “The Tech Fast 50 awards shine a spotlight on the innovation, resilience and opportunity for Australia’s tech sector. In a backdrop of economic challenges, declining productivity and higher capital costs, these trailblazing companies are not just navigating, but excelling.

“This year we showcase tech innovators who are setting new benchmarks and exemplify the strength and potential of Aussie tech innovation, demonstrating that with strategic investment and overcoming growth barriers, we can and are continuing to take Aussie tech innovation to the global stage, and adding to national prosperity.

“A new report from the Tech Council of Australia, ‘From Research to Reality: Lifting Tech Investment in Australia’, based on modelling provided by Deloitte Access Economics, shows increasing tech investment will bring substantial benefits to our economy and we look forward to seeing higher tech investment in R&D and tech adoption in coming years.”

The Deloitte 2024 Tech Fast 50 Australia include these fintech, insurtech and proptech companies:

1. Honey Insurance

2. PropHero

3. Pay.com.au

14. Wagetap

24. Proptech Labs

29. Bridgit

30. Send Payments

33. Handy Finance

37. Driva

42. Indebted

45. Hometime