Press Release
Press Release
According to a new report by EMR titled, ‘The Australia Fintech Market Report and Forecast 2024-2032’, the market is estimated to grow at a CAGR of 15.65% between 2024 and 2032. The growing adoption of digitization in the banking, financial services, and insurance (BFSI) sector is a key driver of the fintech market in Australia.
The Australia fintech market growth is fueled by the increasing digitalization across the banking, financial services, and insurance (BFSI) sector, along with the growing demand for advanced solutions in the banking sector to enhance customer satisfaction. Fintech, or financial technology, encompasses software that enhances financial services and processes, leveraging technologies like APIs, AI, blockchain, RPA, and data analytics. It aids businesses, companies, and consumers in managing finances using computers or smartphones. Fintech is extensively used in banking, financial services, and insurance (BFSI) for payments, loans, insurance, personal finance, wealth management, and more.
Fig: Percentage of Post Revenue Fintechs in Australia, 2016-2023
In the latest EY Australian FinTech Census (2023), a substantial 88% of participants reported being post-revenue, a significant increase from 78% in 2022. The study also found that 43% of fintech companies are now profitable, up from 30% in 2022. Additionally, business valuations are on an upward trajectory, with 13% of fintechs valued at over USD 1 billion, compared to 7% in 2022.
The rise of digitalisation is creating substantial opportunities for the fintech market expansion. There is a surge in demand for digital solutions that can enhance efficiency, reduce errors, and help manage large volumes of data effectively in the BFSI sector. The increasing adoption of fintech solutions to analyse financial behavior reflects the expanding landscape of digital transformation in BFSI.
Australia boasts over 800 fintech companies spread across its major cities, solidifying its position as a global fintech leader. This strong presence attracts companies aiming to establish Asian regional headquarters, capitalizing on Australia's fintech expertise. Australian fintech firms also show a keen interest in international expansion, forging partnerships abroad to drive growth.
The growing fusion of fintech with machine learning (ML) presents substantial benefits. ML, when applied to borrower spending patterns, enhances credit decision models by pinpointing risk indicators more accurately. This integration leads to the development of solutions that improve risk assessment and lending practices.
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The major players in the Australia fintech market are Airwallex Pty Ltd., Zeller Holdings Pty Ltd., PTRN Pty Ltd., Judo Bank Pty Ltd., Zip Co. Limited, Athena Mortgage Pty Ltd., Property Exchange Australia Ltd. (PEXA), mx51 Group Pty Ltd., Afterpay Australia Pty Ltd., and Wise Australia Pty Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Deployment Mode |
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Breakup by Technology |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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