Online lenders top Australian fintech
(20 November 2017 – Australia) Among the global Fintech 100, online lenders have topped the list in Australia.
Overall, 10 Australian companies have been listed in KPMG’s Fintech 100 list, which identifies the top 50 fintech firms and an “emerging 50” list of companies “seeking to boldly push the envelope in financial services”.
According to KPMG, the list was compiled based on innovation, capital raising activity and size.
At 24 on the list, online small business lender, Prospa was the highest ranked Australian startup. The firm claims averaging a 239 percent revenue growth since 2013–14 and holding A$50 million in equity and debt funding in 2017.
US-based lender OnDeck, which launched into the Australian market in 2015, placed 28th, while German fintech Spotcap (which also has operations in Australia) came in at number 32.
Other Australian businesses that made the top 50 ranking were “buy now, pay later” businesses zipMoney (37) and Afterpay Touch (44).
New Zealand-based Xero achieved 15th place.
Chinese fintechs — Ant Financial, ZhongAn and Quadian (Qufenqi) — took out the top three spots.
KPMG said that it expects the industry’s development of disruptive technologies to “drive further innovation”.
“Disruption in the lending space continues to be a focus given the size and profitability of the segment and is expected to drive further innovation,” the KPMG report stated.
From East & Partners' recent “Financial Technology and the Corporate” report, global treasurers from the world’s largest enterprises picked China as the best-perceived region for fintech innovation, with the United Kingdom and Singapore nominated close behind it. Meanwhile, Australia and France were the least nominated by these CFOs and treasurers as hotbeds for fintech innovation.
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