Australian fintech incubator AWI Ventures is set to raise $50 million in 2015 for its new fund which will focus on investing in startups which disrupt the banking sector.
AWI boss Ben Heap said the new fund will give institutions and wealthy investors a way to invest in tech startups while capitalising “on our core strengths in financial services”, the AFR reported.
To date AWI has invested $2 million in seven fintech startups.
The idea of enhancing the amount of capital available to fintech startups comes ahead of the Murray inquiry into Australia’s financial system which is due out on Sunday.
Financial Services Council CEO John Brogden said he hoped any recommendations for regulating fintech in the report would consider the up-and-coming players – not just the incumbents.
“The recommendation from Murray should be that governments and regulators consider the manner in which people are accessing products, are sympathetic to [the new] methods and look positively at allowing people to access products in this way,” Brogden said.
Murray has previously said he hoped the report would be used as a blueprint for Australia’s financial sector’s future which means it would need to have a strong focus on fintech.
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