The report – compiled by Australasian Wealth Investments (AWI), KPMG and the Financial Services Council (FSC) – highlighted firms in the financial services technology sector that were “most likely to succeed”, according to a statement from AWI.
Australia’s top performer was peer-to-peer lender Society One, coming in at number 29 on the list.
Short-term loan provider Nimble was named at number 34 and Metamako, which provides hardware for high-frequency trading, came in at 39.
Stockspot – which the report describes as a ‘robo-adviser’ – rounded out Australia’s contributions, landing at number 45.
In the statement, FSC chief executive John Brogden said the Australian financial services industry needed to focus on innovation.
“In Australia, we have had an intense period of regulation,” he said.
“Now this is over, the industry can focus on what it does best – providing new and better products and services that address the changing needs of consumers.”
AWI chief executive and managing director Ben Heap said the Fintech industry was rapidly expanding worldwide.
“We have crossed the precipice with Fintech. Disruption is underway in the financial services market in Australia and globally,” he said.
“London and New York are recognised as centres of Fintech innovation, and Sydney is a major contender for similar status as activity here ramps up.”
The number one spot in the top 50 went to US funds manager Wealthfront.
According to the statement, each business was assessed on the basis of total capital raised, the rate of capital raising, the degree of sub-industry disruption and the degree of product, service, customer experience and business model innovation.
