[ad_1]
KPMG and H2 Ventures have released their annual FinTech 100 compilation, which recognizes the world’s best financial technology (FinTech) innovators. Seven Australian companies made the list, making it the fifth most represented country.
The United States is home to the most fintech innovators with 15 firms on the list, followed by the UK with 11, China with 10 and India with 8. In terms of function, most of the leading FinTech companies are active in payments and transactions. . Other popular domains include wealth and brokerage, insurance and loans and credit.
The FinTech 100 comes just two months after a KPMG report found that investment in FinTech companies around the world slowed earlier this year. Slow growth has also permeated the Australian market, where FINTech investment fell by 50% between the first half of 2018 and the first half of this year.
However, the company emphasized that the numbers reflect a pause rather than a stop for the FinTech sector worldwide, and the low investment values are a result of fewer large transactions completed in the global FinTech space. However, the uptake of FinTech services is on the rise, with the recent FinTech Adoption Index compiled by Big Four accountancy and advisory rival EY revealing a surge in FinTech adoption across Australia.
Amid the paucity of deals that have closed this year, one deal in Australia has stood out. FinTech company Airwallex raised $100 million in Series C funding in March this year. Airwallex – which offers global payments solutions – was named in the FinTech 100 by KPMG and HR Ventures as the best firm in Australia and ranked 32nd globally.
Number 33 is also an Australian company. Victoria-based Judo Bank ranked just below Airwallex, raising $140 million in equity capital this August. Afterpay Touch – a Melbourne-based deferred digital payment solutions firm – was ranked as Australia’s third highest ranked firm at 47th.
The remaining four Australian firms – Athena Home Loans, Diasee, Alyp and Sempo – all featured in the Top 50 Emerging Firms list. KPMG Fintech Australia head Ian Pollari, quoted in Business insider, highlighted that the growth of FinTech is a new and exciting phenomenon.
“The Australian FinTech ecosystem continues to perform well – with established players such as Airwallex and AfterPay expanding globally and challenging SMEs, Judo is raising significant capital. We are also seeing a continued build-up of new FinTech innovators being listed in Australia – with all four from our local emerging list established in 2017,” Pollari said.
[ad_2]