June 14, 2019
The Cricket World Cup fever has taken over the globe, and we feel it here at MEDICI too. The matches have begun, and all enthusiasts are looking closely at the points table. Interestingly, New Zealand and Australia are on top of the table. Seeing this, we decided to look at the FinTech market in the region.
To provide an overview, the FinTech industry in Australia has grown drastically, with the financial services sector being the largest contributor to the national economy, contributing around $140 billion to GDP in 2018. In March, the government announced a boost of AU $100,000 for its plan to develop a national blockchain roadmap. More recently, on June 13, Europe-based FinTech startup Revolut launched its app in Australia and announced that over 20,000 customers from Australia had already placed themselves on the waitlist.
In our research, we found that the leading startups headquartered in Australia seem to cover a range of segments. Over the next few weeks, we hope to do a deep dive into each segment. For now, here is a look at the top 15 FinTech startups in Australia:
Judo capital, founded in 2016, provides an online lending platform for small and medium Enterprises (SMEs), enabling them to avail financing solutions for their business needs. It provides credit ranging from $250,000 to $5,000,000.
Airwallex, founded in 2015, is a foreign exchange market and cross-border payment company that is focused on the APAC markets. Airwallex’s platform enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate.
MoneyMe, founded in 2013, is an automated provider of loans which includes short-term loans, medium loan, and personal loans. It claims that it takes a minute to an hour to credit the loan amount into the account of the borrower.
Tyro Payments, founded in 2003, is Australia’s first independent EFTPOS provider which allows users to take money on deposit and to advance money to Australian businesses.
Spaceship, founded in 2016, is superannuation fund for millennials with technology investments at its core. For its members, the company has pledged to provide greater weight to tech stocks and eventually, exposure to unlisted startups.
MoneyPlace, founded in 2014, is an online marketplace that uses peer-to-peer lending to connect investors with creditworthy borrowers looking for personal loans.
SocietyOne, founded in 2011, is Australia’s leading P2P lending platform connecting creditworthy borrowers with savvy investors.
Invoice2go, founded in 2002, is a mobile app that helps small businesses manage cash flow through easy-to-use invoicing, expense tracking, and simple reporting tools. The customer can create and send invoices straight from their smartphone, tablet, or computer.
Athena Home Loans, founded in 2017, offers an online lending platform for the users, enabling them to avail home loans digitally, without any paperwork.
Moula, founded in 2013, provides an online platform for businesses to receive unsecured loans without any paperwork. Users receive funds in their account within a day.
Waddle, founded in 2014, is a financing software to borrow funds against outstanding invoices. They provide an instant draw-down option on invoices before they are paid. This avoids the cash flow gaps in their customers’ business by simply linking your favorite online accounting software to Waddle and never worry about paperwork or late payments again.
Brighte, founded in 2015, focuses on providing households with affordable payment solutions. The payment plans help households buy solar panels, home batteries, and air conditioners. Brighte claims to be a one-stop ‘no interest’ payment solution for all the household energy and improvement needs.
Decimal, founded in 2006, operates as a cloud-based, software-as-a-service platform, primarily for the financial services sector in Australia as well as internationally.
Credit Clear, founded in 2016, enables payments of invoices in multiple currencies alongside sending users messages in their native language on their mobile phones. It allows merchants to offer multiple payment options such as PayPal, WeChat Pay, and credit/debit cards to their customers.
i2x.ai, founded in 2017, provides a machine learning-based application for speech analytics. It analyzes different data points from speech and gives real time feedback/training suggestions. This solution is useful in various industries for different purposes like sales, marketing, HR, and customer support. i2x.ai’s clientele includes Bonaverde, Homebell, EichenGlobal, CBL International, and others.