Australian fintechs proving resilient

Australian fintechs proving resilient

The Australian fintech industry has proven resilient in the face of COVID-19, sustaining its revenue base, attracting more customers and planning for future expansion around the globe, according to the fifth annual EY FinTech Australia Census 2020.

Meredith Angwin, fintech advisor for Ernst & Young Australia, explained that fintechs have been able to respond quickly to the crisis, with many groups able to actually capitalise on the new opportunities presented, given that fintechs are inherently agile organisations.

“As people have adjusted to new ways of working and living during the pandemic, we have seen a significant increase in consumers’ use of digital payments and transactions,” Angwin said.

“At the same time, the buy now pay later sector has expanded at pace, both here and overseas. This is reflected in a change in the top fintech categories identified in this year’s census, with payments, wallets and supply chain (30%) now in the top spot, followed by lending (20%).”

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