FinTech Australia has published a new member ecosystem map which illustrates the extraordinary growth in Australia’s fintech industry in just four months.
Published at the start of Intersekt - Australia’s inaugural fintech festival being held in Melbourne - the map represents the most fine-grained analysis of Australia’s fintech industry.
The map shows 162 logos of companies that are members of FinTech Australia - the national association for Australia’s fintech industry. This represents a 36 per cent increase in member logos compared to the ecosystem map FinTech Australia published in June.
During this time, we’ve seen a 40 per cent increase in lending members, a 31 per cent increase in wealth and investment members and a 30 per cent increase in payments members.
The map is likely to represent just over a quarter of Australia’s fintech companies (said to number in the order of 600).
The map is unique in that it not only shows Australian fintech companies in their sectors, but also the niche areas within these sectors and how they intersect with technology platforms.
For instance, the map shows both wealth and investment and lending companies which use marketplace-style solutions.
It also shows how Australian blockchain-based solutions are now cutting across a broad range of areas, including payments, supply chain, energy, human resources and lending.
We’ve also added some new features to the map, compared to our June 2017 version.
• We've divided our Wealth and Investment members into business to consumer (B2C), business to business (B2B) and companies which offer both B2C and B2B services. Recent announcements from Money Brilliant and Map My Plan would suggest there’s growing activity in particular happening in the fintech B2B wealth and investment space.
• We've included our new division of Insurtech Australia and its startup members, resulting in an increase in insurtech members from five to nine. Insurtech Australia launched this week and had an immediate success when insurance products were included in Australia’s proposed new fintech regulatory sandbox.
• We’ve reorganised some of our categories, including creating a new Security, Identity and Privacy section and a separate Data and Information Management section.
FinTech Australia CEO Danielle Szetho said: “We’re very excited to be releasing this map at the start of our first week-long fintech festival, Intersekt, in Melbourne.”
“We think it gives a great visual platform to inspire discussions in Melbourne about the current state of the Victorian and Australian fintech industry.
“The map is also an important tool to give the world a close insight into what our members are doing and how the Australian fintech industry is rapidly growing and changing before our eyes.”
Ms Szetho said FinTech Australia would be launching the EY FinTech Australia Census - a far more detailed analysis of the state of the Australian fintech industry - at the Collab/Collide Summit on 3 November. The summit is the final event in the Intersekt festival.
Insurtech Australia co-lead Brenton Charnley welcomed his association's placement on the member ecosystem map as a division of FinTech Australia.
"We are on the start of an incredible journey with insurtech and this map helps illustrate and showcase our founding startup members," he said.
"One of our key projects next year will be to create an ecosystem map of the entire insurtech community, including our partners, corporate members and startups, to bring to life the collaborative culture we are building in the Australian insurtech industry."
Being held in Melbourne from 27 October to 3 November, Intersekt is Australia’s inaugural fintech festival.
It includes the two-day Collab/Collide Summit, two community days and a one-day blockchain event. The State Government of Victoria is Intersekt’s presenting partner, with other partners including York Butter Factory, Next Money and FinTech Victoria.
The map will be regularly updated.