That’s according to a new report from professional services giant EY, which noted that the digital acceleration caused by the pandemic is driving fintech innovation, leading to strong revenue generation from overseas markets and new jobs.
The sixth EY FinTech Australia Census, in collaboration with FinTech Australia, finds the sector a standout hero preparing for even greater international expansion. Despite a wave of new entrants joining the sector in the last year, this year’s census found industry employment continuing to increase, with a median of 21 full-time employees, up from a median of 10 full-time employees in 2020.
Where fintechs are three years or older, 88% are post-revenue. Following in their wake, 81% of companies two years or older are also post-revenue. As a result, the number of paying customers has reached a new high among post-revenue fintechs, with 41% reporting more than 500 customers.
“This year’s census finds Australia’s dynamic fintech industry competitive on the global stage and poised to support our nation’s economic recovery — as the thousands of new positions on the FinTech Australia jobs board attest,” FinTech Australia CEO Rebecca Schot-Guppy said.
“With more concerted and co-ordinated support, the sector’s trajectory would be unstoppable.”
Minister for Trade, Tourism and Investment Dan Tehan said the Morrison government was supporting jobs and opportunities in fintech.
“Australia’s proximity to Asia, the Fintech Bridge Agreement with the United Kingdom and our international regulatory agreements make us an attractive destination for foreign investment, which is supporting growth and job creation in Australia’s fintech sector,” Mr Tehan said.
“Our government is working to establish more robust global digital trade rules, such as a regional digital trade agreement, that will enable Australian businesses to take advantage of exciting new opportunities, increase their resilience along global supply chains, and streamline regulatory processes.
“We have delivered the Australia Singapore Digital Economy Agreement that sets new global benchmarks for trade rules and paves the way for Australian businesses and consumers to benefit from digital trade and the digitisation of the economy.”
Minister for Superannuation, Financial Services and Digital Economy Jane Hume said fintech has led the way for Australian innovation, digitisation and, of course, an increase of local jobs.
“Leveraging Australia’s unique combination of competitive strengths such as our highly banked population and discerning userbase of early adopters, fintech has become a key and growing export for Australia,” Ms Hume said.
“Australia has never had a Prime Minister more passionate about fintech, and the Morrison government is committed to supporting the industry as it grows and thrives.”