A Financial Base Fuelling a Fintech Future
Melbourne’s fintech ecosystem is built on a robust foundation with decades of financial expertise and strategic investment. The city is home to two of Australia’s Big Four banks, ANZ and NAB, as well as the country’s largest regional institution, Bendigo Bank. Emerging giants like Judo Bank, also headquartered in Melbourne, further reinforce its status as a banking centre.
Melbourne also hosts seven of the ten largest superannuation funds in Australia, playing a central role in managing the nation’s retirement savings, and is the headquarters of the Future Fund, Australia’s only sovereign wealth fund. The result? Fintech startups have direct access to established institutions, decision-makers and policy influencers from day one.
“Melbourne is the unofficial home of the Australian fintech industry,” says Rehan D’Almeida, CEO of FinTech Australia. “Many of our unicorns, including Airwallex and Judo Bank, started in this city, and many other global fintech organisations have set up shop here too.”
The sector’s strength is reflected in its global recognition. Melbourne ranked 32nd in the Global Fintech Index City Rankings and is home to more than 400 fintech startups. These include unicorns such as Airwallex, Afterpay, PEXA, and MYOB, along with rapidly scaling firms like FrankieOne and Verrency. Multinational players including Revolut, Square and Nomis Solutions have also chosen Melbourne as their Australian base.
Startup Momentum
Much of Melbourne’s startup strength comes from LaunchVic, the Victorian Government’s startup agency. Since 2016, LaunchVic has helped cultivate the startup landscape with targeted programs and smart investment. In 2023, it launched a VC Support Program that’s already bringing new funds into Victoria.
Melbourne’s startup ecosystem has expanded rapidly, with its total value more than doubling since 2020. Early-stage ventures have also seen strong growth, showing how the city is building momentum. According to the 2024 Global Startup Ecosystem Report, Melbourne ranks 32nd globally and holds the second position in Oceania, while leading the region in both talent retention and founder experience.
Professor Kate Cornick, CEO of LaunchVic, says: “Our targeted investment in accelerator programs ensures these companies receive the critical support needed at pivotal growth stages, enabling them to scale and achieve their full potential. By enhancing the venture capital landscape, we are strategically attracting more early-stage investors to the state, creating valuable prospects including for fintech startups. These actions are shaping the future of Victoria’s startup sector, including fintech.”
This boost has not gone unnoticed. Victorian startups continue to attract strong venture capital interest, even during global market fluctuations. One in three founders in Melbourne are women, a figure supported by targeted initiatives such as the Alice Anderson Fund, which backs women-led ventures including Milkdrop and MTime.
Innovation isn’t confined to startups, either. Institutions like the RMIT Blockchain Innovation Hub and Monash University are implementing research in real-world applications. Add to that a growing network of innovation precincts, like Melbourne Connect, Cremorne Digital Hub and Fishermans Bend, and you get an ecosystem that knows how to grow ideas.
“LaunchVic plays a pivotal role in advocating for and raising awareness of the Victorian startup ecosystem,” Cornick adds. “Through targeted campaigns, we showcase the globally competitive companies emerging here, while creating programs that support startups to grow, scale and access capital. We work closely with the Victorian government to highlight companies with global potential and partner with international startup research agencies like Startup Genome and Dealroom.co to ensure Melbourne is consistently benchmarked in global ecosystem reports, reinforcing its position as a rapidly growing startup hub.”
FinTech Australia’s Pillars of Growth
FinTech Australia plays a key role in scaling Melbourne-based companies through trade missions, policy advocacy and industry community building. “First, we help founders with laying the groundwork for international expansion primarily through trade missions,” says D’Almeida. “We also use them as a means to investigate countries on behalf of our members, as some may only be suited to certain types of fintech.”
Australia’s regulatory environment supports this forward strategy. Initiatives like ASIC’s Enhanced Regulatory Sandbox allow fintechs to test services for up to 24 months without a financial or credit licence. Strategic international partnerships (such as the UK-Australia and Singapore-Australia FinTech Bridges) enable Melbourne startups to access new markets more efficiently.
Policy certainty is another major focus. “We provide a single unified policy voice for the community in an industry that relies heavily on policy work. We help policymakers understand how their decisions can fuel the fintech industry and therefore create more jobs within the ecosystem,” D’Almeida adds.
Events are central to this growth, too. “Our flagship conference, Intersekt, and major awards, The Finnies, create partnership opportunities for the community,” he says. Held annually in Melbourne since 2016, Intersekt is the largest gathering of Australian fintechs, regulators, and investors, attracting upwards of 1,200 delegates and driving key connections across the finance value chain.
Melbourne’s fintech rise isn’t a coincidence. It’s the result of consistent investment, collaborative leadership and an ecosystem that knows how to move fast without losing its footing.
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