This week, Australian fintech tops non-core markets, agritech and fintech join forces in Melbourne, and the cash cow gets killed.
How do Australian fintechs like their apples?
Non-core. CB Insights reported this week that Australia is leading non-core markets in fintech investment deals, alongside our South American buddies Brazil. According to the report, Aussie investors hosted half of the 10 largest fintech deals outside the US, Europe and Asia – Airwallex being one of them. We just can’t seem to get out of the headlines.
We didn’t want to soil the surprise, but…
Finance and farming will be joining forces this August, with a new hub for the two being started in Melbourne’s Docklands. Sydney-based fintech hub Stone & Chalk is coming together with agritech accelerator SproutX, in what is hoped will put Victoria on the map for innovation. Keep your eyes peeled for this hot potato.
The Great Barrier to funding
Raising funds in fintech seems as likely as the Great Barrier Reef’s survival, with 99 percent of fintechs being turned down from investors. At a Sydney Summit last week, ASX general manager Cliff Richards said it was a conscious move to hot up fintech competition, so that the ‘cream rise[s] to the top’.
The cash cow has been killed, according to the Reserve Bank of Australia’s report. That’s right, tap-and-go is the new king of the money farm, with EFTPOS being the preferred use for payments by 52 percent of Australians. Times are mooving on.
Yabu Dhabi Do
They knocked Asia out the park, and now ASIC have moved onto the Middle East, where this week they shook hands with Abu Dhabi regulators to work together on fintech. The move aims to give Aussie fintechs access to the United Arab Emirates, aka a big dog in the trading world.
Walking in a wallex wonderland
On Thursday night, Airwallex developer Alexey led a meetup on Rabbits and Raspberries. It sounds more like something from a Lewis Caroll novel if you ask us.