7 Global Fintech Innovations to lead Australia’s Financial Recovery

Seven of the world’s top Fintech startups and scaleups are going to help drive Australia’s financial and economic recovery. These innovative technologies will bring tremendous value to the Financial Services Industry as they join the world-leading Startupbootcamp Fintech accelerator to help cut costs, and accelerate businesses’ and consumer’s financial health and wellbeing.

Economic recovery is the primary concern of many Australians after seeing unemployment figures jump up to double digits, queues forming at Centrelink and businesses shedding tens of thousands of jobs in recent weeks. Social distancing has accelerated the online viewing and management of finances, there is talk in Canberra of a fintech-led COVID-19 economy and the financial services industry is turning to innovation to provide relief. 

Partners of the SBC Fintech accelerator have made it clear that they are looking for powerful new technologies and business models to help protect and empower the Financial Health and Wellbeing of organisations and consumers. The main focus areas determined by the ecosystem for the 2020 cohort are Financial Health and Wellbeing, Regtech, Insurtech, Claims and Risk, Data Management and Corporate Social Responsibility.

The program is working with some of Australia’s  largest Financial & Insurance corporations: Bupa, AustralianSuper and Capgemini, working alongside: DiUS, AWS, Pitcher Partners, KHQ Lawyers, the Victorian and Australian Government, Airwallex, Facet5, YBF Ventures, COSEC, and Stripe. 

SBC is very proud of what this program has already accomplished last year. By addressing real industry issues and opportunities, it saved partners over $12,000,000 engaging in dozens of commercial agreements. This year, SBC Australia has recruited companies to join their proven virtual accelerator program who are ready to pilot and almost immediately scale into the Australian financial market to aid the recovery as quickly as possible. 

“Australia has largely moved and accepted the ‘New Normal’ with most of the country deep into their reponing. Even here in Victoria, there’s a clearer picture of what’s next. These 7 companies will help to bring immediate support and cost savings to businesses, consumers, and the economy as a whole. There has never been a more important time for innovation in the industry and we are excited to be leading by example in the recovery effort.”  Says Brian Collins, FinTech Managing Director. 

From over 27,000 targeted global companies and meeting founders from 56 different countries, across 6 continents, SBC showcased the top 13 to the wider Australian ecosystem. During the Selection Days invited founders were put through their paces by corporates, mentors, other industry experts and SBC staff, and collectively, the top 7 companies were chosen to join the program on September 14th 2020.

Meet the final cohort here:

  • datacy allows people to collect, manage and sell their online data easily and transparently and gives businesses instant access to high quality and bespoke consumer datasets that are legally and ethically sourced directly from the people.
  • Harpocrates Solutions provides simplified data privacy compliance.
  • Mark Labs helps asset managers and other institutional resource allocators integrate the UN SDGs, ESG, Climate, and other impact considerations into the very heart of their investment decisions.
  • massUp is the digital white label solution for P&C business.
  • OnTrack Retirement provides B2B white label digital retirement planning solutions for financial institutions to help their customers in a more personalised way.
  • Plastiq.it is a Customer Data Platform that powers stored value.
  • RegRadar helps clients monitor, analyse and anticipate regulatory changes.

For more information on the startups visit here and to become a mentor for the program click here.