Australia’s fintech ecosystem has been a standout hero throughout the COVID-19 pandemic, with record investor capital raised, new job creation and an increasing number of fintechs preparing for international expansion, according to the new EY FinTech Australia Census 2021 (“Census”).
A collaboration between Ernst & Young, Australia, and FinTech Australia, and co-funded by Austrade, this year’s Census shows a dramatic increase in the proportion of fintechs whose capital raising expectations were either met or exceeded (82% in 2021 compared to 57% in 2020), with lower reliance on founder funding and higher amounts raised.
- Australia’s fintech sector has continued to mature rapidly throughout the COVID-19 pandemic, with record investor capital raised and increasing numbers of start-ups moving to post-profit.
- The digital acceleration caused by the pandemic is driving fintech innovation, leading to strong revenue generation from overseas markets and new jobs.
- Government incentives, industry collaboration, global talent acquisition and increased diversity will be critical to sustaining the sector’s global growth trajectory.