The Department for International Trade (DIT) has taken a number of UK FinTech companies on a mission to Australia this week, according to an announcement from the government.
The cohort is showcasing the strengths of the UK sector at the Intersekt conference in Melbourne before heading to Sydney for further meetings and events. The nine companies are: Crowd2Fund; Disburse; Fractal Labs; Pirkx; Recordsure; Smart Pension; TradingHub; TrueLayer; and Thyngs.
The trip, which is designed to open up new opportunities for the UK’s financial technology startups, has taken place under the auspices of the UK-Australia FinTech Bridge pilot programme.
The bilateral scheme has been instrumental in forging strong links between the two FinTech communities. It aims to strengthen engagement on policy and regulation, facilitate trade flows and access to capital opportunities, and address barriers to international growth.
Both UK FinTechs expanding into Australia and Australian companies looking for UK opportunities are eligible for the programme, To date, 25 or more Australian FinTechs have set up in the UK under the scheme, while 15 or more UK startups have been doing business in Australia.
According to government figures, the UK accounts for 11 percent of the global FinTech market, with five unicorns in a roster of 1,600 companies. The sector is worth £7 billion to the UK economy and employs over 76,000 people.
- Brexit has been the spur for a number of expert trade missions to different parts of the world since the referendum, showcasing British research and startups in countries such as the US, Canada, China, Japan, and South Korea – not just in FinTech, but also in areas such as quantum computing, robotics, AI, and digital health.