FinTechs are headquartered in Sydney or Melbourne. Both states and cities have a clear division, with an even more pronounced historical rivalry.
FinTech is included. Every city has its competitive advantage. KPMG's Australian FinTech Survey highlights New South Wales's vibrant fintech community housing 60% of Aussie FinTechs and a regulatory framework that promotes economic growth and global competitiveness.
KPMG highlights Victoria's talent pool, skilled workforce and reputation as one the most liveable cities in the world.
It also points out its vibrant startup culture. Sydney is ranked 11th in the Global FinTech Hub ranking by city, and Melbourne occupies the 25th.
Melbourne, Australia's most tech-focused metropolis, is home to Australia's biggest financial sector. We looked at our favorite FinTechs in each of these cities as part of this friendly battle.
Prospa was founded by Greg Moshal in 2012 and Beau Bertoli. Their tech platform, easy-to-use online application and customer service have made them the leading online lender of Australian small businesses.
Prospa, founded in 2012 by Greg Moshal and Beau Bertoli, has been lending to Australia's small businesses for over two years.
They have won the Excellence in Business Lending Award from FinTech Australia two consecutive times (2020 & 2025).
Customer experience has completely changed. We now pay with our watches, smartphones, and credit cards. We still receive a receipt on paper at the end of every purchase.
Paul Weingarth, co-founder and CEO of Slyp (formerly PingData), saw the opportunity to reinvent receipts. In 2016, Slyp was created.
Slyp delivers a smart interactive receipt to the banking app of the purchaser instantly upon purchase.
Once CBA becomes the fourth strategic partner, Slyp will be the only FinTech in Australia in 2020 to have the support of all major Australian banks.
Victor Zhen founded Steven Hadley and Magnus Hsu, the first Australian FinTech, in 2020 to create Payment as a bank-grade service platform.
The company is focused on the merchant experience. "mx" represents this. The company's mission of supporting merchants to stay ahead in a payment industry that is constantly changing and providing a seamless customer experience has allowed it to gain a substantial market share in Australia.
Mx51's headcount has doubled since its launch, and the company is looking to expand internationally.
Weel, formerly known as DiviPay. Weel is a simple and easy-to-use platform that helps businesses manage their expenses.
Weel allows businesses to manage tasks that are often a hassle, like reimbursements, managing subscriptions and tracking company credit card expenditures.
They enable all finance teams to work in harmony with other departments and to create an environment of trust.
AfterPay is the first to be mentioned. This Aussie Unicorn, founded in Sydney seven years ago by Anthony Eisen, Nick Molnar and others, relocated its headquarters to Melbourne when Square acquired the business.
All the largest retailers offer AfterPay's service, "Buy Now Pay Later." Block, formerly Square, recently acquired Afterpay.
This acquisition has consolidated the position of Australian FinTechs in the world.
Jack Zhang, Max Li and Lucy Liu launched AirWallex after Jack Zhang and Max Li saw firsthand the impact foreign transaction fees had on small and medium businesses.
They are now proud Australian Unicorns with 19 offices in different countries. The platform and software simplify financial operations and streamlines global money transfers for all organizations.
AirWallex recently announced a partnership with American Express. They now offer their customers over 60 different payment options at checkout.
FrankieOne is a company founded in 2017 by Simon Costello and Aaron Chipper. The Australian RegTech helps other FinTechs and banks to meet their compliance obligations with FrankieOne's API platform while also connecting them to fraud monitoring providers around the globe.
FrankieOne's focus on customer experience, onboarding and verification has made them stand out. FrankieOne received 45 million AUD in series A funding from VCs for its RegTech company.
This is the highest amount of funding ever given to an Australian RegTech.
Thriday, a bookkeeping application that uses AI and is a platform for financial management created especially for SMEs, offers a unique AI-based app.
Michael Nuciforo, Ben Winford and their team founded 2020 with the mission of reducing time spent by business owners on administrative tasks.
Friday has announced that "Luca," a bookkeeping algorithm that works similarly to Chat GPT, will be launched this month.
SMEs can only spend or earn money using their Thriday account with Luca.
Coders will support Australian FinTechs on their path to success, whether in Sydney, Melbourne or elsewhere in Australia.
Our specialty is connecting FinTech talent from APAC, Europe and North America.
Also Read: Building a Career in Australian Tech: Job Market and Opportunities
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Australia is a major player in world technology, and its cities are thriving hubs. According to reports, Australia's $167 billion technology industry has grown quickly, rising 80% in just 5 years.
Sydney and Melbourne are fierce rivals for the top spot in Australia's tech ecosystem.
This blog will explore the rivalry that exists between Sydney and Melbourne. We'll examine their strengths and weaknesses and how they contribute to Australia's technology ecosystem.
We will examine factors such as the infrastructure, talent pool, startup culture and government support to see which city deserves Australia's Tech Hub.
Understanding the current tech scene in Sydney or Melbourne requires a thorough understanding of their economic and historical contexts.
The section below will give an overview of each city's growth trajectory, including key milestones and industries that have helped shape their development.
The broader Australian technology landscape will be discussed, its growth potential and how these cities fit into it.
Any tech hub must consider infrastructure and connectivity. The physical and digital infrastructure in Sydney and Melbourne will be evaluated, considering factors like transportation networks, internet connectivity, and telecommunications.
In both cities, we will assess the impact of technology parks, data centers and innovation precincts on innovation and collaboration.
A robust talent pool will be essential for a tech ecosystem to thrive. This section evaluates factors like educational institutions, training centers and research centers to determine the quantity and quality of talent available in Sydney and Melbourne.
The cities will be explored through their universities, tech schools and STEM initiatives. We will also explore the visa and immigration programs that attract international talent into these cities.
For a tech hub to be successful, there must be thriving startup cultures and entrepreneurial spirits. The startup ecosystems in Sydney and Melbourne will be examined, including the available incubators, accelerators and co-working spaces and funding options.
In this section, we will examine the networks of support, community involvement, and events that encourage innovation and collaboration between startups in Sydney and Melbourne.
The presence of clusters and industries can significantly impact a city's ecosystem. This section will examine the sectors in which Sydney and Melbourne are strong and weak.
This section will explore key industries, such as biotechnology, artificial intelligence, software development and gaming.
We'll also shed light on companies and institutions driving innovation within each city.
Support from the government and favorable policies are crucial to fostering an ecosystem of tech companies. The New South Wales and Victoria governments will be assessed in this section for their initiatives, grant programs, tax incentives and regulatory framework.
This section will assess their efforts to attract investment, nurture startups and create a conducive climate for tech companies.
For startups and technology companies, access to capital is essential to scaling and innovation. The section on investment and financing in Sydney and Melbourne will be explored.
We will examine the existence of angel investors and venture capitalists, as well as government-funded initiatives, that help to support the tech industry's growth.
We will also examine how well startups have done in each city and whether they can get funding.
A thriving technology hub must be able to collaborate and connect with international markets. This section will evaluate the global connections between Sydney and Melbourne.
In this section, we will examine their distance from major markets abroad, their presence of multinational tech companies and their extent of participation at global technology events and conferences.
We will also evaluate how the cities are doing in terms of attracting international investment and building partnerships with other countries.
In a technology hub, the overall lifestyle and quality of life are important in attracting talent. This section will examine the various aspects of quality of life in Sydney and Melbourne.
These include factors like cost of living and housing affordability, cultural and recreational offerings, healthcare and work-life integration.
This section will compare the factors contributing to each city's overall appeal to entrepreneurs and tech professionals.
A thriving technology ecosystem is dependent on collaboration and sharing of knowledge. In this section, we will examine the collaboration and sharing of knowledge initiatives in Sydney and Melbourne.
The presence of industry associations, innovation hubs and meetups that foster collaboration and cross-pollination will be evaluated.
We will also assess how cities support research and collaborations among academia, government, and industry.
Sustainability and green initiatives will become increasingly important as the world struggles with environmental issues.
Sydney and Melbourne's sustainability and green initiatives will be examined in this section. This section will examine Sydney and Melbourne's sustainability practices and green initiatives.
We will also discuss how Sydney and Melbourne can lead in sustainable technology innovation.
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According to the report Tech Cities in Motion, Melbourne is the most desirable city in the world for technology firms.
Sydney is not even in the top 30 rankings of the global ranking despite Google and Facebook having their Australian headquarters there.
However, Victoria's capital was able to grab the 22nd position, surpassing Seoul and China's tech capital Shenzhen.
Rankings were based on venture capital availability, a city's status as a global technology hub, its attractiveness to work and live in, and whether it attracted and generated tech talent.
Melbourne is superior to Sydney in a few key areas. Brendan Coates of the Grattan Institute says that Melbourne is not just an innovation center but also one of Australia's most liveable cities.
Melbourne is more affordable than other cities, and this has a major impact on the location of startups. Melbourne excels in health science and digital platforms.
Sydney is the home of some of Australia's largest homegrown technology companies, such as Atlassian Canva and Airtasker.
Silicon Valley's giants, such as Google and Facebook, have also set up Asia-Pacific headquarters in the harbor city.
Melbourne is attracting US tech giants, such as Slack and Stripe. Etsy, Eventbrite, Etsy, etc., to establish their headquarters there.
Melbourne is also home to big Australian tech firms such as Seek, MYOB and MYOB.
Experts said the city's greatest feature is its ability to attract tech-savvy professionals. Attracting talent was primarily due to the presence of the technology industry in the city and its liveability, although great facilities were also important.
Many large open spaces can be utilized in a collaborative and agile way. New York topped the list of global tech hubs, beating out San Francisco.
London, Amsterdam, and Boston round out the five.
Sydney and Melbourne are competing to be Australia's technology hub. Each city is unique and has many advantages.
We can understand the technology ecosystems of both cities by examining factors like infrastructure, talent, startup culture and industry specialization.
It is crucial to see the rivalry between Sydney and Melbourne in the Australian tech scene as healthy competition which drives growth and innovation.
Instead of determining the clear winner, it is important to recognize and foster collaborations between each city.
This will lead to an interconnected and stronger tech ecosystem in Australia.
Sydney and Melbourne can work with the other tech hubs to propel Australia as a global tech leader.
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