20 August 2017
visit www.avoka.com

Australian Government agency steps in to support fintech accelerator

20 January 2017  |  5241 views  |  0 Australian Flag

Australian fintech accelerator H2 Ventures has secured a $4 million warchest from Investec to invest in up to 40 startups, underwritten by a Government-backed guarantee of $2 million

Jobs for NSW, the state’s private-sector led New South Wales Government-backed job creation agency says the loan guarantee will help H2 Ventures create up to 400 new jobs across NSW.

H2 Ventures in October scrapped plans to raise $55 million in investment capital through an IPO after failing to drum up sufficient interest from institutional investors.

Instead, it has turned to banking and asset management group Investec - which already has a stake in the venture's startup accelerator - to proceed as a private fund.

Investec, however, was unwilling to put up the cash unless it could guarantee a minimum 50% return on its stake.

Ben Heap, founding partner of H2 Ventures with his brother Toby Heap, says: “With the support of the NSW Government and Investec Australia, we are looking forward to taking the H2 Accelerator to the next level. This support will allow us to attract more domestic and international entrepreneurial talent to NSW and to support a significant number of new fintech ventures, creating new channels growth and jobs.”

H2's existing portfolio includes equity crowdfunding platform Equitise, automated investment service Stockspot, and sharemarket visualisation platform Simply Wall St.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Prospective fintech fund H2Ocean hits choppy waters

Prospective fintech fund H2Ocean hits choppy waters

17 October 2016  |  3739 views  |  0 comments | 4 tweets
Australian fintech accelerator bids to raise $55 million for startup fund

Australian fintech accelerator bids to raise $55 million for startup fund

31 August 2016  |  6004 views  |  0 comments | 6 tweets | 4 linkedin
Investec takes stake in Australian fintech accelerator H2

Investec takes stake in Australian fintech accelerator H2

03 March 2016  |  3983 views  |  0 comments | 6 tweets
Australian fund to raise A$10 million to invest in 100 fintech startups

Australian fund to raise A$10 million to invest in 100 fintech startups

26 May 2015  |  6417 views  |  0 comments | 12 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9018 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7855 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7258 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6470 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6341 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job