Ten Australian tech companies have made the annual Fintech100 list for 2017, while China took out the three top spots.
The honour roll of the best fintechs around the world, compiled by KPMG and Australian venture capital firm H2 Ventures, consists of a top 50 ranked list and an unranked list of 50 “emerging stars” startups.
Three Australian fintechs made the main list, while another seven were emerging stars.
Sydney online lender Prospa was the highest-ranked Australian startup, landing in number 24 after a year that saw it close a $25 million capital raising round led by AirTree Ventures and secure a $20 million debt facility from Partners for Growth. The ranking improvemed on last year, when Prospa sat at 31.
“Awareness of fintech is at an all time high and the sector is at a tipping point in Australia,” said Prospa co-founder and executive officer Beau Bertoli.
Another Sydney fintech, ZipMoney, entered the Fintech100 at number 37 after a massive 2017 that saw Westpac invest $40 million into the “buy now, pay later” venture, and rival NAB offer a $260 million debt facility deal.
Fellow Australian “buy now, pay later” fintech Afterpay Touch came in at number 44 after its February merger with Touchcorp saw it become a $350 million player. The service is starting to enter mainstream retail, with its integration into Jetstar in September.
Last year, Tyro and SocietyOne made the list at number 43 and 50, but they failed to return in 2017.
The 2017 emerging stars list saw foreign exchange provider Airwallex, artificial intelligence specialist Hyper Anna, home loan provider Tic:Toc, insurance distributor CoverGenius, cash loan provider MoneyMe, Business loan broking platform Valiant and investment firm Macrovue represent Australia.
Two New Zealand fintechs – Xero at number 16 and Pushpay at 42 – made the main list while Banqer was recognised among the emerging stars.
The USA contributed the most number of fintechs to the 100 with 19 companies, but China was the big winner. The world’s most populous country had third party payments provider Ant Financial, property insurance tech firm ZhongAn and electronics leasing startup Qudian in the number one, two and three spots respectively.
Lending and payment dominated this year’s Fintech 100, with 32 lending businesses and 21 payments companies making the cut.
KPMG and H2 Ventures said the 100 companies were chosen on 10 metrics, with total capital raised, rate of capital raising, geographic diversity, sectorial diversity and a subjective “X-factor” used as the five core judging factors.
The top 10 companies in this year’s Fintech100 were: