May 19, 2020

Australian fintech revenue up 208% on 2016 – EY

Australian fintech industry
EY Australia
Addie Thomes
2 min
Australian fintech revenue up 208% on 2016 – EY

The median income of the Australian fintech industry has grown by 208%, with companies looking to expand into Europe, the US and Singapore.

According to the 2017 EY Fintech Australia Census, more than half (54%) of native fintech businesses are looking to expand internationally, with 14% more fintechs now at a post revenue stage of development.

“The Australian fintech industry has matured over the past 12 months,” the report outlined. “It has evolved from being quite a fragmented tech sector fuelled by the belief and passion of the founding firms to one that has much greater definition and structure.”

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The number of fintech companies in operation in Australia is now thought to be nearing 600, more than double that seen in 2015. Some 54% of these companies are based in NSW, making Sydney an increasingly important national and global hub for the industry.

A greater proportion (31%) of these businesses are more than three years’ old, a sign that the industry is maturing and becoming more stable.

Globally, Australia ranks 5th from 20 countries examined by EY in terms of fintech adoption. Its adoption rating of 37% is on par with similar developed economies such as the US and UK, but behind the likes of India (52%) and China (69%).  

“This level of adoption shows that fintech is now at a tipping point where it is poised for mainstream adoption,” the EY census observed.

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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