Melbourne fintechs rival Sydney, but help needed
Melbourne peer-to-peer lender MoneyPlace has identified a rash of new fintechs that have started up in the city in the past five years, but argues they in danger of being lured offshore without government help.
The first survey of Melbourne’s fintech scene by the lender’s founder Stuart Stoyan has uncovered more than 500 people being employed by 52 companies – three-quarters of which are less than two years old.
KPMG released a study of fintechs in Australia in late 2014. It identified 950 start-up businesses in Sydney and about 350 in Melbourne. It has no exact figures for what proportion are fintechs, but estimated there are at least 150 based in Sydney.