FinTech Australia has continued its successful collaboration with EY Australia to deliver this important piece of research. The Census remains the only detailed, industry-backed analysis of the Australian fintech industry, offering fine-grain detail about the industry’s increased maturity.
The seventh EY FinTech Australia Census finds the sector still in growth mode but facing increasingly fragile market conditions. Despite a challenging and uncertain economic environment, the last 12 months saw Australia’s fintech sector continuing to demonstrate steady growth and increased maturity.
Fintechs are here to stay. This year’s Census found four-in-five (78%) of the fintechs surveyed at post-revenue, up from 70% in 2021. Not surprisingly, those most likely to be post-revenue are the larger and more established fintechs. Nine-in-ten (88%) fintechs in business for 3+ years, and 83% in business for 2+ years, are in the post-revenue stage.
- Australia’s fintech sector continues to mature, with more paying customers and increasing numbers of post-profit and post-revenue enterprises.
- But with cracks appearing in the capital raising landscape, fintechs need longer cash-flow runways and convincing sustainable growth narratives to secure funding.
- To keep this important growth sector on track, the ecosystem as a whole must rally, with government assistance needed to sustain growth and attract investors.