Fintech is now worth $22 billion to the Australian economy

What makes fintech unique is that it operates both as a vertical and a horizontal sector.

As a vertical, it is an industry with its own ecosystem, capital flows, and innovation pipeline. As a horizontal, it spans across and reshapes multiple sectors, from financial services to retail, real estate, health, and government, embedding financial technology into the fabric of the wider economy.

This industry was formally prioritised by the Australian government as a key sector of growth 10 years ago. This means it’s 10 years of building a world-class ecosystem, solving real-world problems, and shaping the future of finance.

But the story doesn’t end here. Yes we have proven results, yes the industry has raised some of the highest capital in Australia.

Yes we’re no longer emerging but embedded deep in the financial system.

But dig just a little deeper, and you’ll see the structural challenges holding us back.

1. Fintech remains one of the most expensive sectors to operate in – compliance costs, licensing, and ongoing regulatory obligations absorb a disproportionate share of early capital
2. Funding remains highly concentrated. While some standout companies secure significant investment, the long tail of fintechs continue to bootstrap or face extended runways as capital delays set in.

To better understand these challenges and the true impact of the industry, we’ve partnered with Deloitte on a landmark report quantifying the economic contribution of fintech in Australia. The full report will be released soon, but I’m excited to share some early insights today.

Fintech contributes well over $22 billion in value to the economy – $12 billion of that as direct value.

That’s around 1.3% of Australia’s GDP. For comparison, that’s on par with the domestic air and space transport industry.

Fintech now supports 98,000 jobs, 47000 of those are direct employment.

Access to capital and regulatory certainty are critical challenges holding the industry back

Fintech is a strategic asset for Australia’s productivity, financial resilience, and cost-of-living solutions. And we now have the data to prove it.

Together we must create an environment that keeps fintech moving forward and moving faster.

That means:

• Smarter, more efficient regulation.
• Faster time-to-market for compliant products.
• Better access to capital, including fit-for-purpose investment structures.
• And new incentives to keep our founders building in Australia—not offshore.

These conversations will strengthen our collaboration between government, regulators, founders, investors, and the broader innovation ecosystem, centring our efforts on impact and setting ambitious goals. One of these goals were set in our Open Banking Ecosystem Report, which we launched – that is for 5.4 million Australians to actively use CDR-enabled products.

What we will do is set the global benchmark for fintech innovation and inclusion.

Fintech is the infrastructure that is powering the economy, building a future that is fairer, faster, and more financially inclusive for all Australians.

• Rehan D’Almeida is CEO  Fintech Australia. This is edited version of his opening address to Intersekt 2025 fintech conference.