There is a lot happening when it comes to fintech startups in Australia. In the past few years the industry has come into its own, even getting its own industry awards, the Finnies, to acknowledge excellence in the space. This year, the number of entrants for the awards hit 223, a 40 per cent increase from 2017 – proof that the industry is booming. You can check out this year’s winners at fintech Australia.
Not only is the industry growing, but the space is also gaining more support from the government to help the companies within it to innovate and scale. This year we saw the UK-Australia FinTech Bridge deal signed by Treasurer Scott Morrison and the UK Chancellor of the Exchequer Philip Hammond, an agreement which helps the two governments to identify emerging fintech trends and policy issues, enabling better policy responses and faster licence processing. The deal could be a boom for Australian fintech startups looking to expand.
It’s fair to say that fintech in Australia, fintech in Melbourne and fintech in Sydney is thriving. Employment at these companies is understandably in high demand, with many offering a great workplace culture andawesome office spaces. We want to celebrate the rise of these fintech startups.
In no particular order, here are the top 50 Australian fintech startups to watch in this space:
Finch was created with a vision: to reimagine the consumer finance experience one behaviour at a time. In 2016, Finch beat over 100 fintech startups from around the world for one of eight spots in Silicon Valley’s top fintech incubator – Envestnet Yodlee. Their solution is a social spending app for millennials that allows them to pay friends, stay friends, and achieve financial wellness together. Their first year in operation has been massive, with the app launching on iOS and Android across Australia in July; they raised $2.25m seed capital in October, were named the Top 10 Australian Startups to Watch in December and won the award for the Best Digital Wallet at the Finnies.
Pennybox is a fintech app helping to teach kids about money, banking and finance in a fun, practical and gamified way. The business was created with the ambition to empower kids to learn real-life money concepts such as budgeting, setting savings goals, negotiating, banking, accruing interest, and managing debt. Founder Reji Eapen, a fintech veteran, has to date raised $250,000 from external investors, as well as winning the NSW MVP grant for his Pennybox app.
Valiant is an Australian business loan marketplace. They enable business owners and their advisers to get tailored business loan options and advice in a matter of minutes. Valiant’s proprietary technology gives business owners the ability to explore products from a universe of over 100 lenders and get matched to the those that they have the highest probability of being funded by. They currently offer products from lenders which cover the entire financial spectrum – from short-term working capital lenders to the Big Four banks. To date the company has raised $800,000.
PokitPal is a mobile marketplace designed to improve the way businesses and consumers interact, enabling smart transactions that provide economic advantages to both parties. Their unique loyalty solution enables businesses to identify and communicate with their customers without the need to implement or support expensive technology. PokitPal’s solution allows merchants and customers to use the existing EFTPOS equipment and credit/debit cards in circulation. Today PokitPal has a database of more than 300,000 Australian users. From August 2018, 10 million Mastercard holders in Australia will be able to link with the PokitPal app in minutes for real-time rewards on card purchases.
Marketlend is a first-of-its kind lending platform which offers working capital solutions to SMEs in Australia. They specialise in providing funding solutions to SME borrowers, including supply chain finance, debtor finance, and unsecured lines of credit. Beyond this Marketlend offers investors secure and robust investments in businesses with loss protection and insurance. All investments are managed by a Trust Manager, who handles all cash collections. Marketlend rates of returns range between at least 3-4 per cent above bank rates. Founded by Leo Tyndall, Marketlend has to date funded a total of 47 million dollars.
Cover Genius is a tech-based insurance services company; the parent company of RentalCover.com and BrightWrite. The company writes, and prices customised policies for local markets, then adapts them for other countries and underwriters. This model sees them sell regulated products in 80+ countries and 50 US States, with customers and claims serviced 24/7 in 40 languages. Claims are paid instantly in 80 currencies via direct payments to credit and prepaid cards, bank transfer and more.
Cover Genius’ patented technology delivers high liability policies that renew automatically and can be customised individually. Founded in 2014 by Angus McDonald and Chris Bayley, Cover Genius is one of the fastest growing Insurtech startups globally. To date, they have raised $1.5 million in seed investment and have offices in New York. London and Sydney, Australia.
Kikka Capital is a leader in online business loans. Kikka allows business owners to receive loan approvals in just minutes by assessing the business in real-time. The platform bases it’s assessment on the business’s health and current performance, rather than just the business owner’s credit score. It uses data-driven online lending platforms to provide short duration credit products to consumers and small business owners across Australia. Founded by David Brennan, Kikka Capital has facilitated the lending of over $12 million of credit, and has received $2 million in seed funding from Flexigroup.
easyshare is on a mission to make paying rent, bills and household expenses easier. The solution allows housemates to set up their own individual payment method, with easyshare taking care of the rest. The platform collects rent from each housemate and pays the total to the property manager or landlord. Splitting bills, tracking shared expenses and helping with shared savings is also made easy with the easyshare platform. Payment options are flexible with the ability for users to pay via bank transfer or credit card. Founded by John Bush, easyshare has already helped its customers pay over $10 million worth of rent and bills.