Australia Fintech Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.11 Billion |
| Market Size (2029) | USD 6.72 Billion |
| CAGR (2024 - 2029) | 10.32 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia Fintech Market Analysis
The Australia Fintech Market size in terms of transaction value is expected to grow from USD 4.11 billion in 2024 to USD 6.72 billion by 2029, at a CAGR of 10.32% during the forecast period (2024-2029).
The COVID-19 pandemic had a big effect on the Australian fintech market because it sped up the adoption of digital financial services and pushed innovation in the sector. One of the biggest effects of the pandemic was the move toward online banking and digital payments since many people couldn't or didn't want to go to physical bank branches because of social isolation. This made people want more fintech solutions like mobile banking apps, online lending platforms, and digital payment systems that let them access financial services from afar.
The pandemic made people realize how important it is to be financially stable, so many Australians started looking for new ways to handle their money and investments. This made it possible for new fintech solutions to be made in areas like wealth management and insurance. Overall, the COVID-19 pandemic sped up the adoption of digital financial services and pushed innovation in the Australian fintech market. Post-pandemic, the market is expected to continue to shape the fintech market in the years to come.
With over 800 fintech companies based in all Australian state and territory capitals, Australia has one of the world's most exciting and dynamic fintech industries. Australia's payments regulation in the digital age, including a new regulatory class for Stored Value Facilities and a system-wide review, and building on our collaboration with key partner nations, including the UK and Singapore, have made the Australian Fintech Industry grow at a very high pace. New players in the consumer and SME lending subsectors, as well as more buy-now-pay-later providers, are helping the number of fintechs in the lending sector grow. The growth of fintech related to blockchain and cryptocurrencies is in line with the general interest and support for the technology asset class. Despite the fact that delays in APRA's licensing process have had an impact on several neobanks, the neobank sector is still evolving across Australia.
Australia Fintech Market Trends
Digital ID Framework Witnessing Growth in Australia Fintech Market
The digital ID framework is witnessing growth in the Australian fintech market. The framework was launched by the Australian government in 2018 to enable individuals and businesses to verify their identities online securely and conveniently. This framework provides a set of standards and guidelines for digital identity verification that can be used by fintech companies and other organizations to develop their digital identity solutions.
The framework is becoming more popular in the fintech market as more companies want to offer digital financial services and need safe ways to verify their identities. Also, the COVID-19 pandemic made more people switch to online banking and payment platforms, which sped up the adoption of digital identity solutions. The Digital ID Framework is also seen as an important way to stop identity fraud and make sure that financial services companies follow the rules. It enables businesses to verify the identities of their customers more efficiently and securely, which can help reduce the risk of fraud and money laundering. Overall, the Digital ID Framework is expected to play a significant role in the growth of the Australian fintech market, as more businesses look to develop innovative digital financial services and improve their identity verification processes.
Blockchain/ Cryptocurrency Witnessing Growth in Australia Fintech Market
Australia is home to blockchains, which serve as a new fintech unit in Australia. It has also introduced a new digital identity solution that will serve as a standalone fintech division. The increasing investments in cryptocurrency are witnessing an average industry growth of 88.2%, projecting growth in the fintech market of Australia throughout the forecast period.
Australia Fintech Industry Overview
The Australian fintech market is very competitive and split up, and Australia's digital payment landscape, which is growing quickly but is still split up, is starting to see the first signs of market consolidation. In just five years, the number of fintech companies has grown by a factor of five. Australia's market also has a wide range of new companies entering many fintech subsectors all over the country. Australian groups such as Paytron, Airwallex, Zeller, and many more have been focusing on innovating the fintech industry and leading the Australian fintech market to new heights.
Australia Fintech Market Leaders
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Airwallex Pty Ltd
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Zeller Australia Pty Ltd
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mx51 Pty Ltd
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Paytron Pty Ltd
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Athena Mortgage Pty Ltd
*Disclaimer: Major Players sorted in no particular order
Australia Fintech Market News
- March 2023: Financial platform Airwallex secured a payment business license in China, following the successful acquisition of a 100% stake in Guangzhou Shang Wu Tong Network Technology Co., Ltd., an information and online payment services company.
- February 2023: Fintech Zeller took on the big four banks to offer financial services to the small business sector, launching a new transaction account, debit card, and app.
Australia Fintech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Regulations And Industry Policies Impacting Fintech Market in Australia
4.5 Revenue And Funding Statistics Related to Fintech Landscape
4.6 A Brief on Internet And Smartphone penetration in Australia
4.7 Consumer Needs And Behaviour Analysis - From Fintech Perspective
4.8 Industry Attractiveness - Porter's Five Forces Analysis
4.8.1 Bargaining Power of Buyers
4.8.2 Bargaining Power of Suppliers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes
4.8.5 Intensity of Competitive Rivalry
4.9 Insights of Technology Innovations in the Market
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Service proposition
5.1.1 Money Transfer and Payments
5.1.2 Savings and Investments
5.1.3 Digital Lending & Lending Marketplaces
5.1.4 Online Insurance & Insurance Marketplaces
5.1.5 Other Service Propositions
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Zeller Australia Pty Ltd.
6.2.2 Paytron Pty Ltd.
6.2.3 mx51 Pty Ltd.
6.2.4 Airwallex Pty Ltd.
6.2.5 Athena Mortgage Pty Ltd.
6.2.6 DiviPay
6.2.7 Judo bank
6.2.8 Afterpay Touch
6.2.9 Sofi
6.2.10 Wise
6.2.11 Stripe*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Australia Fintech Industry Segmentation
The Australian fintech industry is one of the fastest-growing fintech industries, as businesses and individuals are increasingly preferring the digital manner of choosing financial products for their investment evaluation and payments. The report gives a full background analysis of the Australia Fintech Market, including an analysis of the economy, a market overview, market size estimates for key segments, new market trends, market dynamics, and profiles of key companies.
The Australia Fintech Market Is Segmented By Service Proposition (Money Transfer And Payments; Savings And Investments; Digital Lending And Lending Marketplaces; Online Insurance And Insurance Marketplaces; And Other Service Propositions). The Report Offers Market Size And Forecasts For The Australian Fintech Market In Terms Of Transaction Volume And/Or Revenue (USD).
| By Service proposition | |
| Money Transfer and Payments | |
| Savings and Investments | |
| Digital Lending & Lending Marketplaces | |
| Online Insurance & Insurance Marketplaces | |
| Other Service Propositions |
Australia Fintech Market Research FAQs
How big is the Australia Fintech Market?
The Australia Fintech Market size is expected to reach USD 4.11 billion in 2024 and grow at a CAGR of 10.32% to reach USD 6.72 billion by 2029.
What is the current Australia Fintech Market size?
In 2024, the Australia Fintech Market size is expected to reach USD 4.11 billion.
Who are the key players in Australia Fintech Market?
Airwallex Pty Ltd, Zeller Australia Pty Ltd, mx51 Pty Ltd, Paytron Pty Ltd and Athena Mortgage Pty Ltd are the major companies operating in the Australia Fintech Market.
What years does this Australia Fintech Market cover, and what was the market size in 2023?
In 2023, the Australia Fintech Market size was estimated at USD 3.73 billion. The report covers the Australia Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key drivers of growth in the Australia Fintech Market?
The key drivers of growth in the Australia Fintech Market are a) Increasing digitization in the banking and financial sectors b) Rising demand for advanced solutions to enhance operational efficiency c) Government initiatives supporting innovation (such as Blockchain Pilot Grants) d) Collaborations between regulators and financial institutions to foster financial innovation and consumer protection
Fintech in Australia Industry Report
The Australian fintech market is experiencing robust growth, driven by the increasing digitization of the financial sector and the adoption of advanced technologies such as AI, blockchain, and data analytics. The market is segmented by deployment mode, technology, application, and end-user, addressing diverse needs across banking, insurance, and securities. Key applications include payments and fund transfers, loans, insurance, personal finance, and wealth management, showcasing the broad impact of technological innovations. The market features a mix of cloud and on-premises solutions, enhancing flexibility and scalability for financial institutions. The integration of fintech solutions boosts efficiency, reduces human error, and speeds up data processing, thus improving customer experience and operational efficiency. Dominated by trends towards mobile and digital payment solutions, the fintech market in Australia also sees significant growth in digital investments and asset management, driven by evolving consumer behaviors. For detailed insights, Mordor Intelligence™ provides statistics on market share, size, and revenue growth rate, including a market forecast, outlook, historical overview, and top fintech companies in Australia, available as a free report PDF download. This comprehensive analysis helps stakeholders understand the dynamic fintech landscape in Australia.
