Ten Australian companies have been listed in KPMG’s Fintech 100 list, which identifies the top 50 fintech firms and an “emerging 50” list of companies “seeking to boldly push the envelope in financial services”.
Small business loan providers topped the list among Australian fintechs, with business loan provider Prospa leading its compatriots in the ranking.
According to KPMG, the list was compiled based on innovation, capital raising activity and size.
Online SME lender Prospa was the highest ranked Australian company at number 24. It also placed second on the Australian Financial Review’s Fast 100 list after averaging a 239 per cent revenue growth since 2013–14 and holding $50 million in equity and debt funding in 2017.
US-based lender OnDeck, which broke into the Australian market in 2015, placed 28th in the ranking, up two places from last year’s report, while German fintech Spotcap (which also has operations in Australia) came in at number 32.
Other Australian businesses that made the top 50 ranking were “buy now, pay later” businesses zipMoney (37) and Afterpay Touch (44).
Online home loan provider Tic:Toc and SME online lender Valiant made the Emerging 50 list, with both companies recognised for their growth and innovation practices.
Overall, 32 domestic and international lenders made the list, with Chinese fintechs — Ant Financial, ZhongAn and Quadian (Qufenqi) — taking out the top three spots.
KPMG said that it expects the industry’s development of disruptive technologies to “drive further innovation”.
“Disruption in the lending space continues to be a focus given the size and profitability of the segment and is expected to drive further innovation,” the KPMG report reads.
Other Australian companies that made the Emerging 50 list were international payment service Airwallex, online insurance provider Cover Genius, data service Hyper Anna, online investment service Macrovue and fast small loan provider MoneyMe.