Fintech adoption rate Australia 2015-2019

According to a survey conducted in 2019, the rate of fintech adoption in Australia reached 58 percent of the digitally active adult population. This was over four times the adoption rate that was estimated in 2015 in the country. Along with growing consumer acceptance, many startups are being founded with a business focus on fintech.

 What types of fintech companies are there in Australia? 

Australia’s robust regulatory framework and relatively straightforward processes to start a business make it an ideal country for founding a startup. Wealth and investment, lending, and data analytics companies dominated the Australian market in terms of the types of fintech companies. Nevertheless, the scope of fintech is extremely broad, including digital payments, cryptocurrency, insurtech, and crowdfunding.

 Fintech hub of Australia

New South Wales is undeniably at the center of the startup scene in Australia. Most fintech companies are located in this state, with the capital Sydney particularly popular. Along with a growing local presence, many Australian companies specializing in financial technology are planning on expanding overseas, with the United Kingdom, United States, and New Zealand the biggest destination markets.