CHART: Who fits in where in Australia's fintech industry

L-R: Matt Kean MP, NSW Minister for Innovation and Better Regulation, Gabrielle Wakeman and Nick Molnar from Afterpay (winner of FinTech Organisation of the Year), and Karen Borg, CEO of Jobs for NSW. Photo: Supplied

Industry body FinTech Australia has created an ecosystem map of all 119 members, including startups, venture capital firms, accelerators, co-working venues and regulators.

FinTech Australia chief executive Danielle Szetho said that the map finally provides a visual representation of the local industry, which is the biggest startup sub-community in the country.

“The broad range, depth and quality of fintechs on this map shows just how far Australia’ fintech environment has come in less than two years,” she said.

Click to view larger size: FinTech Australia ecosystem map 2017. (Source: supplied)

Szetho estimated that her organisation represents about a quarter of the country’s fintech community, which meant that Australia was punching well above its weight in terms of financial technology entrepreneurship and development.

“It is in fact arguable that Australia has a greater number of fintech companies than Hong Kong and is on par with or close behind Singapore.”

The map shows a large contingent of startups working in the wealth & investment sector, which backs up Austrade’s figures that Australia has the largest investment pool under management in Asia and the sixth largest in the world.

Click to view larger size: Australia’s investment fund assets pool compared to other countries. (Source: Austrade)

Consumer-facing investment startups have done especially well in this country, said Szetho, citing Pocketbook’s 300,000 users and Acorns Australia’s 200,000 user base.

“Many of our fintechs in the wealth and investment area are run by highly experienced financial services executives, who have left large corporate institutions to begin their own innovative startup companies that are unencumbered by large legacy systems,” she said.

FinTech Australia is planning to update the map every six months.

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