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Fintech is Australia's top startup space

Among all startups sectors, fintech remains the most popular

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Fintech is Australia's most popular startup sector, a new survey has found. 

Fintech has strengthened its position as Australia’s most popular startup sector among company founders, according to a major survey released yesterday.

The Startup Muster 2017 report found that almost 20 percent of startup founders identified fintech as the industry they were in, up from 16 percent last year. 

The report, which surveyed nearly 1,200 startup founders, also listed fintech in the top five industries targeted by startup supporters such as mentors, professional services firms and coworking spaces. FinTech Australia, the industry’s lobby group, was named as a recommended "meetup and industry organisation".

FinTech Australia’s CEO Danielle Szetho said that while the results were welcome, more work needed to be done to grow the fintech industry.

“The industry is facing ongoing challenges in areas such as collaboration with corporates, female participation and skills shortages, and these will be focus areas for FinTech Australia across 2018,” Ms Szetho said.

“We also need to continue to drive policy reforms to reform our industry, including to give consumers control over their financial services data, improve our regulatory sandbox and our bank licensing processes.

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