Share of fintech companies Australia 2019-2020, by type

In 2020, 30 percent of Australia's fintech companies were involved with payments, wallets, and supply chain technology. Businesses operating in these areas were the leading type of fintech business in Australia, increasing from a 21 percent share in the previous year.

Fintech in Australia

In line with global trends, the rate of fintech adoption in Australia has continued to surge, and this has led to more Australian fintech businesses entering the market. Most fintech companies in Australia are located in New South Wales and Victoria, with the majority operating in the B2B segment.

Buy now, pay later

  In the payment space, younger generations have been quick to adopt buy now pay later (BNPL) services in Australia, with over half of Gen Z and Millennials making BNPL payments. These BNPL services are appealing to consumers as they split online or in-store purchases into installments while charging low or no interest at all. Afterpay is an emerging Australian-based fintech company that offers BNPL services. The millions of active Afterpay customers in Australia and New Zealand are an indication of the increasing consumer usage of such services.