Located on Australia’s east coast, Sydney is the city with largest population in the country. On one hand, the city is located is on the largest natural harbour and is home to the famous Sydney Opera House, making it attractive to many tourists. On the other hand Sydney is one of the top cities for economic opportunity despite being a rather expensive destination. Of course, Fintech has began flourishing in the city due to the growth-prone business environment.
Recently, Sydney gained the title “Australia’s Fintech Hub” due to its prosperous Fintechs. The wide-known online lending space Prospa finds its home in Sydney. The Fintech recently hit $200 million in loan originations. Tyro, an integrated EFTPOS solution and Society One, a large marketplace lender, are also players on the Sydney Fintech scene. On the other side of the spectrum are Fintech-oriented events such as FinTech Sydney and the first dedicated space for Fintech entrepreneurs Tyro FinTech Hub.
Although Sydney has emerged as a leading hub in the Fintech community, the city faces the challenge of location. Being far away from both Europe and the United States, Sydney has struggled to attract investments on a large scale. The help comes from Fintechs such as Transferwise, OnDeck and Acorns who often move their Australian and even Asian headquarters to Sydney, bringing more business to the city. On top of that, the Australian government has made it its goal to attract Fintechs and facilitate them with expanding their business models in Sydney.