Venture capital investment in Australian fintechs has grown despite concerns about the pandemic which has seen private equity and mergers and acquisitions activity fall, a new study from KPMG shows.
KPMG’s latest Pulse of Fintech report reveals venture capital investment in Australian fintech has grown by 153% year-on-year in first half of 2020 to US$376.5 million.
Despite this, mergers and acquisitions and private equity were down around 50% from US$1.3 billion to US$548 million.
Airwallex and Judo Bank recorded the two biggest transactions in the first half of the year raising US$160 million in venture capital and US$146.6 million in private equity respectively.
KPMG Australia partner and head of fintech Dan Teper said Australia is showing itself to be a strong fintech hub globally.