Scottish fintech praises buoyant Australian fintech sector for its recent growth

Scottish fintech praises buoyant Australian fintech sector for its recent growth

Australia is at the forefront of fintech and tech adoption, according to CEO and founder of Know-it, Lynne Darcey Quigley.

Know-it, a fast-growing Scottish-based fintech company, recently made an exciting move by announcing plans to launch its innovative cloud-based credit management platform in Australia. The company was thoroughly impressed with the flourishing fintech community in Australia and expressed its admiration for it after spending some time in the country.

The fintech industry in Australia is steadily growing, mainly due to a regulatory environment that is more supportive of innovation. This has attracted fresh investment from overseas to the Australian fintech market, further strengthening its appeal.

Lynne Darcey Quigley, CEO and Founder of Know-it, commented, “Australia has access to a highly skilled workforce, which is a crucial factor in the success of fintech companies across the country. Major cities such as Sydney, Melbourne and Brisbane are globally recognised as significant fintech markets, which continue to attract investment and partnerships from international markets.

“However, businesses across Australia continue to be weighed down by one common problem – late payments. By tackling this issue head-on, we can improve support for businesses and further accelerate our economic growth.”

In 2023, it was reported that a staggering 53% of companies had to allocate additional time and resources towards chasing overdue invoices, all while establishing more robust credit control procedures. And unfortunately, this figure is only expected to rise in 2024.

“Know-it is expanding into Australia to address the gaps in every market. Australian businesses, just like their UK counterparts, need help with late payments and manual credit control. Automation is crucial in ensuring a steady cash flow and efficient financial processes. Therefore, it’s the perfect time to implement such solutions for better management.

“Our platform enables companies to perform credit checks, monitor finances, and collect overdue invoices in one location, saving time, reducing debtor days, and improving cash flow. At Know-it, we want to expand our services globally and help SMEs automate their credit control process for business survival and success.

Lynne concluded, “Australia is an excellent location for fintech companies to establish a strong presence. The Australian government is making significant efforts to promote fintech initiatives and has implemented policies to attract top talent in the industry. The country offers a stable political and economic environment, making it an attractive destination for fintech firms looking to set up shop.

“We aim to show Australian business owners, especially SMEs, how fintech can help them maintain business continuity during global economic turmoil. We’re excited to work with local businesses and help them improve their cash flow by addressing delayed payments, reducing debtor days, and automating their credit control process.”