First State Super commits $250m to fintech
Speaking at Sydney fintech hub Stone & Chalk yesterday, Prime Minister Turnbull said the $250 million partnership between First State Super and H2 Ventures “recognises there has been an insufficient appetite to date for this type of risk in Australia”.
“But that is changing. There is $2 trillion in superannuation assets. As we start to see more investors in innovative ventures we will see the fruits of that,” Mr Turnbull said.
“We’ve seen this year an explosion in venture capital funding, with more than $400 million raised so far.
“That’s expected to rise to $600 million by the end of this financial year. That’s the highest amount raised in seven years and more than triple the amount raised only four years ago,” Mr Turnbull said.