EY FinTech Australia Census 2023 (EY)

Summary

• Payments, wallets and supply chain is the most common fintech type at 33%, followed by lending at 26%.p.2
• The top potential expansion markets for Australian fintechs in the coming three years are the United States (48%), Singapore (45%), the United Kingdom (43%), New Zealand (39%) and Canada (38%).p.3
• 85% of fintechs say access to the R&D tax incentive improves growth and business sustainability.p.4
• Finding the right investors (57%) and macro-environmental factors (44%) are the top barriers faced in raising capital.p.4
• 43% agree that there is a lack of experienced talent in Australia, and rising employee salaries (63%) are the top challenge in attracting and retaining talent.p.4

Key insights

1. Competition from big techs (47%) and access to skilled domestic workers (40%) rank second and third among challenges to attracting and retaining talent.p.4
2. Data, analytics and information management makes up 21% of fintechs in 2023.p.2
3. Regulatory technology (regtech) fintechs make up 13% of the sector in 2023.p.2
4. Regulation (45%) is the top factor in determining a country of residence to grow the business.p.3
5. Demonstrating the revenue trajectory and unique products poorly understood by investors are among barriers faced in raising capital (32%).p.4