Leading startups based on funding in Australia 2020

As of May 2020, Judo Bank was the leading Australian start-up with funding valued at 1.5 billion U.S. dollars. Judo Bank focuses on small and medium-sized business lending and is one of the prominent challenger banks entering the Australian banking market.

Startup landscape in Australia

Many startups have sprung up in Australia over the past few years across various industries. New South Wales is home to the largest share of startups in the country, while finance and tech industry startups lead the pack. The startup rate in Australia was almost six percent; meaning six percent of the 18 to 64-year-old population were actively involved in setting up a business they will own or co-own. While this was not as high as the rate in the United States, it was still relatively high among other leading economic nations.

Fintech leading the way 

In 2019, millions of U.S. dollars were allocated to fund startups involved in fintech in Australia. In keeping with the global development of fintech, Australian fintech companies are diverse and provide a range of services. The types of fintech companies have not changed drastically over the past three years, with wealth and investment businesses consistently leading the market share. With the startup environment constantly evolving, it looks likely that the makeup of startups in Australia will involve fintech well into the future.