As the number of fintech startups continues to explode across the globe, Australia has emerged as one of the fastest-growing fintech markets. According to a report by Fintech Global, fintech funding doubled in 2021 to surpass AUS$3.8 billion.

With over 550 fintech startups (and quickly rising) across Australia and notable events like Australian banks adding Google Pay support, the country is rapidly becoming one to watch as its list of fintech startups grows and captures the limelight.

Zepto Secures Additional $26 Million In Series A Raise

Founded in 2015, Zepto has just closed its external funding with a Series A round. It comes as no surprise that the merchant to merchant payments platform has been able to garner a great response to its fundraising ambitions- particularly since it has enjoyed a 10-year on year growth since 2018. According to recent reports, Zepto has been able to raise over AUD$26 million in funding.

The company expects to facilitate the processing of up to AUD$50 million in transactions by the end of 2022. As for what the firm intends to do with its new capital, part of it has been earmarked for the company’s foray into the international markets and the other is set for the development of technology that focuses on the changing consumer demands.

Block Earner Launches To Help Australians Save

As inflation soars and household incomes continue to be hit, there is a new fintech on the block to help consumers put more money away this year. Blockearner launched in Australia recently with the promise of helping Australians save more and combat the rising cost of living.

Once a user deposits money into their Blockearner account (which they can do within minutes), the fintech converts it into American Dollar based stablecoin (USDC). The converted USDC is then lent to Aave and compound (Defi networks) to generate investment returns.

Azimo Acquired By Papaya Global 

Earlier this month, Papaya Global announced its acquisition of Azimo, a trending money transfer service. The $150M-$200M acquisition will help Papaya Global expand its geographical reach into the global market as Azimo currently has licenses in Canada, Australia, Hong Kong, and the U.K.

While the fintech Papaya Global specializes in payroll and HR platforms, adding Azimo to its portfolio will enable them to offer a full-service solution to clients with the option of immediate worldwide payouts. In the age of remote work, the move will see Papaya Global become a go-to for companies embracing remote teams. According to Papaya Global’s CEO, Eynat Guez, “Azimo’s global digital payment network, multiple payment licenses, and deep fintech expertise strengthens our ability to help companies manage and pay their remote teams.”

These are just a handful of the fintech companies making their mark in Australia- and across the globe. Whether it is person-to-person payments, money transfers, or simplifying the investment arena for the everyday consumer, there is much more to come on the fintech front.