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News

Aussie fintech investment up 252% compared to 2019, KPMG study says

Wednesday 26 February 2020 12:41 CET | News

Investment in Australia’s fintech sector surpassed 2019 record, jumping up to USD 2.9 bln, according to KPMG data. The KPMG data revealed a significant contribution to this figure came from the investment in neobank Judo. KPMG has predicted crossover between financial services and non-financial services groups in 2020, with "big techs" like Google to look for ways to integrate financial services into their offerings to their customers.

As such, there is a chance the "unbundling of financial services" seen over the past few years may start to reverse as fintechs and traditional financial institutions try to provide more value and a seamless experiences to their customers.

KPMG has also predicted fintechs and challenger banks will expand the breadth of their service offerings beyond their initial niche focus areas, as well as make “strategic moves across” international borders.
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Keywords: Australia, KPMG, financial technology, big tech, Google, fintech investment, financial services
Categories: Banking & Fintech
Companies:
Countries: Australia
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Banking & Fintech

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