Fintech innovations drive financial recovery in Australia
By joining Startupbootcamp - a Fintech Accelerator - the global fintech innovations are expected to bring value to the financial services industry in Australia, as well as cut costs and accelerate businesses and customer financial health and wellbeing.
With social distancing accelerating the use of online viewing and management of financial services. As a result Startupbootcamp reports that recent talks in Australia’s Capital - Canberra - have been centred around a fintech-led COVID-19 economy, turning to innovation for support.
Those who are partners of the Startupbootcamp Fintech accelerator are looking for new and powerful technology and business models. These innovations will help to protect and empower financial health and wellbeing of both organisations and consumers.
The main focus areas for the 2020 ecosystem include:
- Financial health and wellbeing
- Claims and risk
- Data management
- Corporate social responsibility
As part of its efforts, Startupbootcamp works with some of Australia’s largest financial and insurance corporations, including: Bupa, AustralianSuper, Capgemini, DiUS, AWS, Pitcher Partners, KHQ Lawyers, the Victorian and Australian Government. Airwallex. Facet5, YBF Ventures, COSEC and Stripe.
“Australia has largely moved and accepted the ‘New Normal’ with most of the country deep into their reponing. Even here in Victoria, there’s a clearer picture of what’s next. These 7 companies will help to bring immediate support and cost savings to businesses, consumers, and the economy as a whole. There has never been a more important time for innovation in the industry and we are excited to be leading by example in the recovery effort.” Says Brian Collins, FinTech Managing Director.
Those selected to join Startupbootcamp’s 2020 program include:
- datacy - allows people to collect, manage and sell online data easily and transparently. Its capabilities allow businesses access to high quality and bespoke consumer datasets legally and ethically
- Harpocrates - provides simple data privacy compliance solutions
- Mark Labs - helps institutions integrate impact considerations into the core of their investment decisions
- massUp - provides digital solutions for the insurance industry, via a digital B2B solution for sales
- OnTrack Retirement - provides B2B digital retirement planning solutions for financial institutions
- Plastiq.it - a customer data platform that drives stored value
- RegRadar - an AI driven platform that helps to monitor, analyse and anticipate regulatory changes
Timeline: India takes unicorn leap with six in five days
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.