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Fintech hub Stone & Chalk plans to open a new fintech hub in Melbourne in order to explore how to bring fintech innovation to the agribusiness sector.
The former CEO of Fintech Victoria, Alan Tsen, will head up the new Melbourne branch of the Stone & Chalk fintech hub, which will initially be housed alongside agricultural technology expert SproutX on Little Collins Street. SproutX is a joint initiative between Findex and the National Farmers’ Federation that brings together innovators, investors and the agri-community to develop ‘agtech’.
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“Co-locating with SproutX makes absolute sense for both organisations,” said Andrew Lai, SproutX accelerator director.
“The collaboration between Stone & Chalk with SproutX will see a new Agri-Fintech program developed, to explore how new fintech innovation can help solve major issues, and opportunities in the global agricultural sector."
Mr Lai concluded: “There is a huge but often overlooked connection between agriculture and financial services, and savvy start-ups are starting to take notice.”
“The partnership between SproutX and Stone & Chalk is a fantastic opportunity for both organisations to leverage their respective areas of competitive advantage to create a world-first initiative specialised in Agri-Fintech.”
Other partnerships that have been lined up for the Melbourne hub include those with Melbourne’s leading universities, which involve a blockchain research and commercialisation partnership with RMIT, and a program to help support and encourage more women to participate in entrepreneurship with female-founder experts One Roof.
As well as the new workspace, offering 60 available desks for fintech startups, Stone & Chalk Melbourne will run a series of programs and partnerships to help develop the local fintech ecosystem.
Corporate partners for the new hub include Liberty Financial, ANZ, NAB, Genworth and Findex.
Alex Scandurra, CEO of Stone & Chalk, commented: “This is a historic achievement for the Australian fintech industry as a whole. Providing promising fintech start-ups with a physical headquarters and access to customers, mentorship and partnerships in Australia’s two largest cities.
“By global standards, Australia is a very small market, so we need to find more ways to enable collaboration between Australia’s major economic hubs, which are our major cities and regions.
“Our Melbourne hub will help to further accelerate an already fast-moving industry that’s integral to Australia’s future,” Mr Scandurra said.
Stone & Chalk Melbourne officially opens its doors this month.
[Related: Agrifinance a boon for SME brokers]
