Borrow
‘5 pillars of success’ see 80% growth for fintechs
Australian fintechs have grown their revenue by 80 per cent since 2018, with the industry’s business owners expecting more of the same in the foreseeable future.
‘5 pillars of success’ see 80% growth for fintechs
Australian fintechs have grown their revenue by 80 per cent since 2018, with the industry’s business owners expecting more of the same in the foreseeable future.
Releasing its latest findings, consulting firm EY and FinTech Australia have highlighted significant growth in the sector despite the financial services industry having felt the impact of the royal commission.
Commenting on the report, general manager of Fintech Australia Rebecca Schot-Guppy concurred, commenting that “Australia’s fintech industry has emerged as being amongst the important fintech ecosystems globally”.
The royal commission
Fintechs have been among the beneficiaries of the royal commission, with 76 per cent of those who took part in the research saying it had had a net positive impact on the industry.
The most prominent positive impact cited was a stronger update in fintech solutions in the market, followed by a willingness to partner and a positive attitude towards fintechs.
Of the few fintechs that stated it was a negative impact on the industry, they considered that it had had an impact on overall negative consumer sentiment, made incumbents busier and shifted focus away from innovation among those incumbents.
5 pillars of success
Aside from the impact of the royal commission, fintechs have put their success down to five pillars of success that underpin the industry.
Talent - While obtaining and retaining talent is a longstanding issues for all businesses, there has been a shift this year, with fewer fintech leaders believing there is a lack of experienced start-up and fintech talent available in Australia.
It also indicated that this year has shown a greater degree of gender diversity in these talent pools.
Capital - To date, capital has played an important part in fintech success, but as credit becomes tighter, the fintech sector has suffered.
Leaders acknowledge that they have been less successful in capital raising, which has seen a skew towards more established and larger players in the fintech sector.
Demand - The sector continues to grow and evolve at pace, with the major fintechs in Australia no longer being on the fringe but offering sophisticated and credible options for consumers.
Policy - This year has been highlighted by two prominent changes being Consumer Data Right Legislation (CDR or open banking) and the R&D tax incentive.
The CDR has been seen as an effective growth initiative by 85 per cent of the fintechs interviewed for the research.
Meanwhile, the R&D tax incentive has evoked a more mixed reaction, with over half of fintechs having successfully applied for the incentive. The prevailing concern that does exist is around the lack of clarity and certainty of the scheme.
Environment - The Australian environment is seen as supportive of fintech start-ups, and scale-ups continue to evolve. Fintech hubs are well established along the east coast and have seen expansion to the west for the first time this year.
Founders said they continue to draw on support networks provided through hubs, networks and also government initiatives, and considered this as vital for the success of the fintech industry.
RELATED ARTICLES
About the author
About the author
Banking
ANZ’s company-borrower mortgage clampdown: a risk reset with wide spillovers for SMEs, investors and non-banks
ANZ has tightened credit settings for home loans where the borrowing entity is a company — a narrow policy change with broad commercial consequences. It signals a shift in risk appetite across ...Read more
Banking
CBA’s investor-loan win signals a new phase in Australia’s mortgage machine
Commonwealth Bank’s outperformance in investor mortgages isn’t just a leaderboard moment; it’s a proxy for who owns the next growth leg in a broker‑led, increasingly digital mortgage marketRead more
Banking
A divided Big Four signals a two-track 2026: how to profit from rate uncertainty
Australia’s largest banks can’t agree on where the cash rate lands in 2026 — a split that matters more than the number itself. When the price of money is ambiguous, strategy becomes a game of ...Read more
Banking
Brokers own the mortgage funnel: Why a 77% share is reshaping bank strategy in Australia
Australia’s mortgage market has quietly consolidated around one gatekeeper: the broker. With brokers facilitating roughly 77% of new home loans, distribution power has migrated from bank branches to ...Read more
Banking
Commonwealth Bank leads consideration while People First Bank tops satisfaction in YouGov’s latest rankings
In a revealing snapshot of Australia's banking landscape, the Commonwealth Bank (CBA) has emerged as the most considered financial institution among prospective customers, according to YouGov's ...Read more
Banking
End of the easing: what a major bank’s call signals for Australian balance sheets
A major Australian bank now argues the Reserve Bank’s rate-cut run has hit a pause, resetting the risk-free rate narrative across corporate Australia. The Reserve Bank of Australia’s latest Statement ...Read more
Banking
Open banking, real returns: How an Australian brokerage turned CDR data into deal velocity
Open banking is no longer a whiteboard theory—it’s a working growth engine. This case study unpacks how a mid-sized Australian brokerage (“Pink Finance”) operationalised Consumer Data Right (CDR) data ...Read more
Banking
Open banking’s quiet revolution: how one broker’s data play rewrites speed, trust and margin
Open banking is shifting from compliance cost to commercial engine, and early adopters in Australia’s broking market are already monetising the curve. The playbook: consented bank-grade data piped ...Read more
Banking
ANZ’s company-borrower mortgage clampdown: a risk reset with wide spillovers for SMEs, investors and non-banks
ANZ has tightened credit settings for home loans where the borrowing entity is a company — a narrow policy change with broad commercial consequences. It signals a shift in risk appetite across ...Read more
Banking
CBA’s investor-loan win signals a new phase in Australia’s mortgage machine
Commonwealth Bank’s outperformance in investor mortgages isn’t just a leaderboard moment; it’s a proxy for who owns the next growth leg in a broker‑led, increasingly digital mortgage marketRead more
Banking
A divided Big Four signals a two-track 2026: how to profit from rate uncertainty
Australia’s largest banks can’t agree on where the cash rate lands in 2026 — a split that matters more than the number itself. When the price of money is ambiguous, strategy becomes a game of ...Read more
Banking
Brokers own the mortgage funnel: Why a 77% share is reshaping bank strategy in Australia
Australia’s mortgage market has quietly consolidated around one gatekeeper: the broker. With brokers facilitating roughly 77% of new home loans, distribution power has migrated from bank branches to ...Read more
Banking
Commonwealth Bank leads consideration while People First Bank tops satisfaction in YouGov’s latest rankings
In a revealing snapshot of Australia's banking landscape, the Commonwealth Bank (CBA) has emerged as the most considered financial institution among prospective customers, according to YouGov's ...Read more
Banking
End of the easing: what a major bank’s call signals for Australian balance sheets
A major Australian bank now argues the Reserve Bank’s rate-cut run has hit a pause, resetting the risk-free rate narrative across corporate Australia. The Reserve Bank of Australia’s latest Statement ...Read more
Banking
Open banking, real returns: How an Australian brokerage turned CDR data into deal velocity
Open banking is no longer a whiteboard theory—it’s a working growth engine. This case study unpacks how a mid-sized Australian brokerage (“Pink Finance”) operationalised Consumer Data Right (CDR) data ...Read more
Banking
Open banking’s quiet revolution: how one broker’s data play rewrites speed, trust and margin
Open banking is shifting from compliance cost to commercial engine, and early adopters in Australia’s broking market are already monetising the curve. The playbook: consented bank-grade data piped ...Read more
