Fintech hub seeking Melbourne expansion
(30 May 2016 – Australia) Financial technology hub, Stone & Chalk is seeking to expand its operations into Melbourne following an application for Victoria’s A$60 million innovation fund and approaching potential partners for up to $2 million in funding.
The Sydney-based fintech hub’s chief executive Alex Scandurra has confirmed that firm applied for the LaunchVic startup fund, which contributes funding for projects that help build the infrastructure around the ecosystem.
The funding would be used to set up a similar specialised fintech co-working space in the heart of Melbourne.
MoneyPlace CEO and Fintech Australia board member, Stuart Stoyan, told Startup Smart that a hub is “desperately” needed in Melbourne.
“A hub will become a much needed epicentre of the fintech community, providing a dedicated support network for early-stage fintechs,” Stoyan said.
“It is also key to helping foster better collaboration between fintechs and corporates. It is time that Melbourne’s thriving fintech community has a dedicated hub,” he added.
The Victorian government has also signalled its support of a Stone & Chalk expansion, with minister for innovation Philip Dalidakis saying it is another vote of confidence in the local startup sector.
“The biggest community in Australia for fintech right now is here in Melbourne, and Stone & Chalk wanting to branch out here shows that we are getting it right,” Dalidakis said.
“We are pursuing the correct policy for fintech, providing the right support for fintech and more importantly growing the fintech sector.
“Our direction towards growing cyber security absolutely underpins everything we do to support our local fintech companies and that’s why you will see more and more Stone & Chalks establish bases here in Melbourne.”
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