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As of late 2024, more than 150 firms offering payment services are based in Australia. This segment constitutes approximately 20% of the nation’s overall FinTech sector.
KPMG Australia, the local division of the global audit and consulting firm, released the “Australia Fintech Landscape 2024” report, which examines the domestic financial technology landscape. A significant finding from the report indicates a 7% reduction in the number of active companies in the industry over the previous year.
Analysts attribute this trend to diminished investments and consolidation within the sector. Approximately 42% of all closures were linked to mergers and acquisitions, as FinTech startups and firms pursued scaling and self-funding opportunities amid lower investment levels. In other instances, closures resulted from bankruptcies.
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The downturn was noted across nearly all segments of the FinTech industry, with the payment sector being the most affected, representing one in five financial firms in the nation. Currently, 154 companies are active in this sector, with seven firms having shut down in the past year.
Blockchain enterprises account for about 10% of Australia’s FinTech landscape. By the end of 2024, 73 cryptocurrency companies remain operational in the market, with eight firms closing during the year. In percentage terms, this sector experienced the most significant decline, aside from neobanks.
Despite the reduction in the number of active firms, Australia’s FinTech industry continued to expand in 2024. For instance, the local central bank initiated a three-year program aimed at developing a wholesale version of the digital Australian dollar (eAUD). Concurrently, Australia and New Zealand Banking Group (ANZ), the country’s largest financial conglomerate, tested Chainlink’s Cross-Chain Interoperability Protocol for transactions involving tokenized assets.
Сообщение Payment Companies Represent Australia’s Largest FinTech Segment появились сначала на CoinsPaid Media.
