Australia has a not-for-profit organization that supports Australian fintech community named Fintech Australia. They help Australian fintech startups build their awareness and trust and also advocacy to have a better policy on behalf of their members.
It was founded in October 2015 and now they already comprise over 70 startups, venture capital funds, hubs and accelerators across Australia that specialize in Fintech. It is established with the aim to make Australia be one of the world’s leading markets for fintech innovation and investment. Fintech Australia sounds an environment where the Australian fintech startups can thrive by having collaboration with related parties.
Australia actually gained trade opportunities from US President Donald Trump policy on global trade. The president’s focus to put America first means a good opportunity for Australia to strengthen its relationship with Asian nations to reach better Asian markets. Fintech Australia urged startups and small businesses to actively participated in the trade, market and investment opportunities in the Asia market to help to generate the economic benefits for the state.
The supports which was given to the community based on the background that the Australian fintech industry has grown rapidly in the las five years. It is especially the growth from small business, startup companies, peer to peer consumer platforms, and also payments innovations. Well, fintech industry should be ready shaping up a pivotal year in 2017, where the momentum predicted in the areas such as insurtech and blockchain. There is going to be a larger investments and funding rounds while proving the commercial viability.
One of the fintech startups that received the largest deal of its kind in Australia as much as 25 million Dollars funding round led by AirTree Ventures is Propspa. This is an online lender company which aims the small business and now it is claimed to pass 25 million Dollars in loans. Propspa uses the newest technology to facilitate its online loan application workflow. Customers will get the lending approval and funds within 24 hours. They said the 25 million Dollars fund will be used to beef up its technology, product quality and catalog, distribution, talent acquisition and brand development. The business aims high, of course.