Top Fintech Companies in Australia

In 2022, Australia's GDP was estimated to be $1.70 trillion, with the fintech industry contributing approximately $6.5 billion to the economy. The industry employs over 10,000 people across the country and has been a significant contributor to Australia's economy. In this article, we will explore the factors contributing to the growth and success of the fintech industry in Australia, key trends, including technological disruptions, challenges faced by the industry, and the future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
MEDIPASS15 +61 130000
support@tyrohealth.com

We believe that, in order to create a better healthcare system, we need better ways to pay. We focus on building those payments and claiming solutions, making it easier for providers, insurers, software vendors and the Australians they support. In 2021, Medipass was acquired by leading Australian fintech, Tyro Payments, Australias largest provider of EFTPOS solutions outside of the big 4 banks. In 2022, Tyro Health was established, bringing together all our health customers and focused on continuing our strong history of delivering payment solutions built for healthcare. As a combined entity, we are really excited about the opportunity to offer healthcare providers with even more ways to get paid, with more integrations into software vendors and healthcare funders, all from a single, unified platform.

KABLAMO91 +61 2 8042 8489
contact@kablamo.com.au

We design and build beautiful cloud-based software. The genesis of our business was a team of specialists who cut their teeth in the digital transformation of some of Australias largest media organisations. Those visionaries, and our growing team around the world, now bring that expertise and knowledge to unlocking the digital futures for enterprise and government. Our people set us apart. Only the most qualified specialists, with the natural curiosity and confidence to take nothing for granted, can uncover solutions to problems that others barely glimpse. Were embedded explorers who thrive on the trust we foster. Clients trust us to evaluate all aspects of data management, networking, security, architecture, processes, and strategy to discover the best path toward true digital enterprise. Were silo-busting and legacy-busting, data liberators. We break down the walls keeping enterprises from their potential. We deliver them the future theyve been promised. We combine all the …

INDEPENDENT RESERVE47 +65 3249 7779
general@independentreserve.com

Founded in 2013, Independent Reserves vision was to build Australias most secure and trusted way to buy Bitcoin and other cryptocurrencies. Our aim was to transform cryptocurrency technology into secure, robust and regulated financial services, and to do things the right way. We have now grown to serve over 200,000 customers from Australia, New Zealand and Singapore, who trust Independent Reserve to easily buy and sell Bitcoin, Ethereum, XRP and other major cryptocurrencies. Independent Reserve offers a range of innovative features, including the KPMG tax reports, AutoTrader, API integration and world-class security. Recently we were the first cryptocurrency exchange in Singapore to receive a licence from MAS (the local regulator), ahead of 170 global competitors.

NEXTGEN307 +61 2 9929 5999
info@nextgen.net

NextGen pioneered the groundbreaking platform ApplyOnline®. It is considered the Australian industry standard for best-in-class electronic lodgement services and the leading non-proprietary loan application processing software. ApplyOnline currently provides electronic lodgement solutions to 97% of Australian mortgage brokers and over 50 Australian lenders, facilitating around 70% of all of Australias loan applications per year. NextGens mission is to make lending easy. We focus on continuous improvement, constantly identifying new challenges our customers and the Australian lending industry may face, before creating innovative and ‘easy solutions to enhance our platform.

NIMBLE AUSTRALIA PTY LTD51 +61 1800 931 678
marketing@nimble.com.au

Hello. Were making finance faster. Weve been disrupting the land of lending since conception, way back in 2005. We were born from the idea that the world of lending was lagging behind and we had a strong desire to remove traditional barriers associated with lending. We quickly became a household name. Back then, Nimble reinvented the wheel – from being the first company in Australia to crack paperless applications in 2009 to straight-through processing in 2011. We made promises on speed and efficiency that we delivered on time and time again and this resulted in our ever-growing success story. Alongside this growth, our product suite also grew. Today, we stand tall with a much more developed product offering, including Car Loans and Personal Loans. New products focus on all the qualities Nimble was built on – speed, efficiency and an always-on customer-centric approach and include an array of ultramodern product features. Our journey to first-class technology, excellent customer …

TRAVLR59 +61 3 9069 8714
hello@travlr.com

In an era of digital transformation, the travel industry requires a new approach to booking and affiliation. Introducing TRAVLR – a fully modular, white label travel marketplace designed to revolutionize the way businesses connect to the global travel industry. TRAVLRs advanced technology provides a seamless connection between the global travel industry and its partners, allowing businesses to effortlessly commercialize their content, retain and own their users, and seamlessly add a customised travel vertical to their brand. Think of TRAVLR as the Shopify of Travel - a one-stop-shop travel marketplace, for all your travel vertical needs. Our platform offers unparalleled customization options, allowing businesses to tailor the platform to their unique brand and audience. From rapid development to established network relationships within the travel industry, we make it easy to turn inspiring stories into real-world, bookable experiences. Our end-to-end travel vertical solutions are des…

VERIDAPT PTY LTD58 +61 2 8075 2222
info@veridapt.com

VERIDAPT is an award-winning IoT & fintech company leading the digital revolution in commodity monitoring and management technology. The company is expanding its unique platform to support new blue-chip customers requiring maximum transparency and security for energy, agricultural and metals commodities –through production, storage, trading and financing. VERIDAPT is already trusted to monitor over US$6 billion in commodities, annually, primarily hydrocarbons. Agriculturals and metals are high-growth sectors for the company. VERIDAPT is committed to helping its customers reach net-zero targets. Our IoT platform provides real-time visibility of GHG emissions with accurate reporting, delivering reliable data to track their progress and help industries carbon offset. Last year alone, VERIDAPT monitored over 16 billion tonnes of C02 emissions. Our customers include the worlds biggest commodity producers, including, BHP, Rio Tinto, Yancoal, Glencore and VALE. VERIDAPT is also growing …

NOVUS FINTECH41 +84 24 7300 8999
contact@novus-fintech.com

Founded in 2008, to develop Software for Finance Industry Focus on TOMS (Trade Order Management System), servicing Banks and Financial Institutions Starting as a specialised algorithmic high-frequency trading platform, our products are capable of working unsupervised and trading on multiple markets 24/7 Built from scratch, leveraging latest technologies such as Cloud Computing, Event Streaming. This reduces upfront investment cost and offers elastic performance

LUMI94 +61 1300 005 864
support@lumi.com.au

Lumi takes the guesswork out of small business funding. We offer small business loans from $5k - $500k with 3 – 36 month terms. At Lumi, we dont believe in surprises (at least, not when it comes to finance). Instead, we pride ourselves on offering straight-forward loans to give your venture the financial boost it needs. No guesswork, no hassles, no reading between the lines. Just totally transparent loans to help you get ahead. Heres how it works: 1) Apply online in less than 5 minutes 2) Get an outcome within 2 hours 3) Receive your funds within the same business day Its that easy!

HONEY INSURANCE56 +61 137137
contact@honeyinsurance.com

Honey was founded on the belief that homeowners in Australia deserve better insurance. Were working towards a future where all homes and households are protected from avoidable accidents. We use smart technology in a new way to help protect you, and the things that matter most to you. By being smarter, weve re-imagined home insurance and are invested in making your home safer, every day.

MOULA102 +61 1300 880 972
info@moula.com.au

Since 2013, Moula has been creating the future of business finance. With HECTOR our AI decision engine, Moula is changing how business experiences financial services.

UNLOAN100 +61 1300 363 992
hello@unloan.com.au

Unloan is a diverse team of product managers, designers, engineers, risk managers and lenders. Were working together to try and deliver Australias most-loved home loan experience. Were looking for smart people who think differently and want to make a difference. We are a remote-first company, so you can be based anywhere. Interested? Check out our jobs page for all our latest openings.

IPAY REMIT(blank) +65 8904 2005
transcash.tci@ipayremit.com

iPay, a brand of the Australian Financial services company, TransCash International PTY Ltd, is a money remittance platform trusted by millions around the world for quick and safe monetary transfers across nations, at a trivial cost. Our strength lies in delivering quick, easy and secure money transfers around the globe, thanks to a robust network of money transfer agencies and partners. iPay also offers a 24/7 customer support facility to help you track your money and seek information. Customization and flexibility are the qualities that make iPay unique. We enable our clients to personalize transactions at the lowest transfer fee and competitive exchange rate without any hidden costs. The vision and strategy of iPay are woven around the idea of delivering world-class services at affordable costs, letting people enjoy big and small joys of life that money can buy. We help businesses flourish by providing them with an affordable platform to send and receive money from global marke…

MONOOVA81 +61 1300 656 157
hello@monoova.com

Awarded Fintech Organisation of the Year 2022, Monoova is a leading B2B payments solutions provider. Were shaping the future of payments both locally and across the world. But more importantly, were also a partner in your businesss success. We make it possible for organisations across Australia, and across the globe, to accelerate and automate how they receive, manage and pay funds across multiple payment methods. This means significant cost reduction, increased efficiency, speed and enhanced ability to scale. We are pioneers in the Fintech space introducing a range of industry firsts, including being one of the first to go with PayTo, a real-time alternative to direct debits, and our exclusive Automatcher automatic payment reconciliation product. With our commitment to innovation and local team dedicated to support each one of our clients, we enable large, ongoing transaction flows the freedom to scale without the burden of managing payments. Our solutions span enhanced Direct …

OPENMARKETS GROUP85 +61 3 8199 7700
support@openmarkets.com.au

OMG (Openmarkets Group) is an independent trading and wealth management fintech, providing technologies and market infrastructure to investment professionals and connecting consumers with investment and advice. OMG is made up of Openmarkets, one of Australias largest retail brokers providing a white-labelled tech stack for intermediaries and connecting fintechs to markets via enterprise APIs, and TradeFloor, Australias leading risk management solution trusted by over 60% of the addressable market. Our mission is to accelerate access to wealth creation for all Australians, whether they choose to use a financial adviser or go it alone.

PAYRIGHT39 +61 1300 338 496
media@payright.com.au

Payright was founded in 2016 with the vision of changing the way customers pay for their products and services. Our product is simple, we provide quick, easy payment plans that are always interest free. We give customers the flexibility to buy now and choose when they would like to make payments. Our leading mobile technology platform allows customers to apply in-store, in-clinic or on the go with a few simple taps on their phone. PayRight has quickly become the payment plan provider of choice for an ever-growing number of merchants across a wide array of industry types. Our team of enthusiastic and passionate people share our ambitious goal, and bring with them extensive experience in payments, finance and technology. We are continuing to grow our world-class team to help us change the way customers pay and we welcome you to follow our journey.

DOORSTEPS GROUP59 +61 1300 868 184
info@doorsteps.com.au

Were Doorsteps — and were on a mission to help Australians achieve their real estate dreams. Lets be frank, selling and buying property is *stressful.* While selling or buying a home often represents a new life chapter, theres no denying that the decision is often spurred on (and complicated) by some of lifes biggest challenges and milestones. Things like getting married, expecting a baby, an ever-growing family, or even losing a loved one. The system around buying and selling is clouded with complication, confusion and stress, and its not until you start the process that you realise just how overwhelming it truly can be. What should be straightforward can make you feel like youre chasing your own tail. And while the system cant be fixed instantly with just one app, product or idea, were working on reimagining every step of the journey to bring back that blue-sky feeling to home ownership. We started as OpenAgent back in 2013 with the goal to improve transparency around r…

AIRWALLEX1,000 +65 3129 4178
sg-sme-growth@airwallex.com

Airwallex is the leading financial technology platform for modern businesses growing beyond borders. With one of the worlds most powerful payments and banking infrastructure, our technology empowers businesses of all sizes to accept payments, move money globally, and streamline their financial operations, all in one single platform. Established in 2015 in Melbourne, our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. Today, Airwallex has a global footprint across Asia-Pacific, Europe, and North America.

BRYK GROUP66 +61 1300 727 427
enquiries@brykgroup.com

The BRYK Group (BRYK) is an award-winning Australian technology company with a reputation for innovative products backed by a great professional and managed services. BRYK commenced 21 years ago, building ongoing and long-term relationships within the financial, automotive, educational, commercial and government sectors. Over time, BRYK has built a core team of subject matter experts, led by founder David Brykman, supported by an in-house team of consultants, architects, developers, testers and production support staff based in Melbourne. Whether custom-built, our own products, or open-source platforms, our people are experts in the art & science of successful delivery. Ask us about our bespoke development services, comprehensive cutting edge secured and unsecured lending management software suite or consulting offerings.

SHAYPE44 +61 1800 592 323
privacy@shaype.com

The future of finance does not start and end with digital banking, but the seamless integration of these services into any customer journey. We have built a platform to rapidly embed financial services into any business. Our technology and product teams bring together experience in high-frequency trading from the leading edge of the hedge fund industry and the latest innovations in payments services. We started with a vision to create a faster, better, and more embedded financial & payment system, one that connects all types of businesses, large and small, finance and non-finance based, digital and physical, and one that integrates and embeds payments and banking options into the heart of your product offering giving your customers a seamless experience. Shaype™ delivers this in an extraordinary way - cost effective, SaaS cloud-native offering with flexible modules that are market tested and ready-to-go. By building a pure microservices architecture accessed by a universal API ada…

Top Fintech Companies in Australia

Factors Contributing to the Growth and Success of the Fintech Industry

The Australian government has played a crucial role in the growth and success of the fintech industry by investing heavily in digital infrastructure. The government has increased funding to the industry, with a particular emphasis on developing innovative and sustainable solutions. This investment has resulted in the development of better digital infrastructure, improved financial services, and more efficient use of resources.

Moreover, the Australian government has implemented several initiatives aimed at promoting innovation and sustainability in the fintech industry. For instance, the government has introduced the Open Banking initiative, which provides customers with the ability to share their financial data with authorized third-party providers. This initiative has encouraged fintech companies to develop new and innovative financial services and has resulted in the development of new digital solutions.

Industry Growth and Comparison to Previous Years

According to the Australian Bureau of Statistics, the fintech industry has experienced rapid growth over the past decade. In 2022, the industry's revenue was estimated to be $6.5 billion, which represents a 10% increase compared to the previous year. The growth in revenue can be attributed to the increasing demand for high-quality financial services.

Key Trends, including Technological Disruptions

Technological disruptions have had a significant impact on the fintech industry in Australia. The increased availability of digital tools and resources has revolutionized the way companies in the industry develop and implement solutions. With the advent of artificial intelligence and machine learning, companies can now analyze large datasets and develop predictive models that help them optimize their processes and improve customer outcomes.

Moreover, the use of technology has enabled companies in the industry to develop more efficient and sustainable financial solutions that reduce the environmental impact of financial operations. For instance, companies are now exploring the use of blockchain technology to develop more secure and transparent financial services, reducing the risk of fraud and improving the efficiency of financial operations. Additionally, companies are using machine learning algorithms to develop more personalized financial services that better meet the needs of their customers.

Challenges Faced by the Fintech Industry

One of the significant challenges faced by the fintech industry in Australia is the increasing competition from traditional financial institutions. The traditional financial institutions are also investing heavily in digital infrastructure and developing innovative financial services. This is putting pressure on the industry to continue to innovate and develop new and innovative financial solutions.

Another challenge faced by the industry is the need to ensure the security and privacy of financial data. With the increasing use of digital financial services, companies must ensure that their financial services are secure and protect customer data.

Future Outlook

The future of the fintech industry in Australia looks promising, with the government's continued investment in digital infrastructure and the growing demand for high-quality financial services. The government has announced plans to increase funding to the industry and implement new initiatives aimed at promoting innovation and sustainability.

Moreover, technological disruptions are expected to continue to shape the future of the fintech industry in Australia. With the increasing availability of digital tools and resources, companies will have access to more data-driven insights and predictive models that will help them optimize their processes and improve customer outcomes. The use of blockchain technology and machine learning algorithms is also expected to become more prevalent, allowing companies to develop more secure and personalized financial services.

However, the challenges facing the fintech industry, such as increasing competition and the need for secure financial services, will need to be addressed to ensure the industry's continued growth and success. Companies will need to focus on developing sustainable and innovative solutions that meet the evolving needs of their customers and stakeholders. This will require a strong commitment to research and development and collaboration across different industries and sectors.

In addition, the industry will need to address the issue of financial inclusion to ensure that everyone has access to high-quality financial services. This requires companies to develop innovative solutions that cater to underserved segments of the population, such as low-income earners, people living in remote areas, and those with limited access to traditional financial services.

Conclusion

In conclusion, the fintech industry in Australia has been a significant contributor to the country's economy, and its growth and success can be attributed to the government's investment in digital infrastructure and the implementation of new initiatives aimed at promoting innovation and sustainability. Technological disruptions have also played a crucial role in shaping the future of the industry, with companies now able to develop more efficient and sustainable financial solutions using digital tools and resources. While the industry faces several challenges, the future outlook looks promising, and with continued investment and collaboration, the fintech industry in Australia is poised for continued growth and success.

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By Melissa Goh
Published on 10 May 2023