Top 10 Fintech Companies In New Zealand & Australia
This 2019, find out who makes up the Top 10 Most Dominant Fintechs in New Zealand (And Australia) and why should you be integrating with them?
The fintech sector in New Zealand is accelerating at a rate of more than 10% faster than the global average, according to insight from Fintech New Zealand. In 2018, growth in New Zealand fintech rose to 48% compared to the global average of 31%.
As a part of the broader FinTech 101 list for Asia/Pacific, here are the TOP 10 leading financial technologies (FinTech) of New Zealand (and Australia) arranged in alphabetical order.
All (or any) of which, we at Tandem NZ can help integrate into your platform. FinTech of your choice is not on this list? These are too expensive for your start-up? Hit us up, this list only contains the current Top 10 as per IDC’s research. Options are still wide and varied out there.
Afterpay Touch Group
Launched in mid-2015 in Australia, Afterpay or APT now has over 23,000 retailers using the platform, an additional 1400 are onboard in the US, and a further 2200 there have signed up or are in the process of turning it on. It is also about to take on Britain.
In New Zealand, Afterpay started operations last September, after teaming up with Trade Me as well as retail software provider Vend.
Afterpay’s service allows customers to split their payment into 4 equal fortnightly installments with the ‘Buy Now Pay Later’ program.
Afterpay’s competitors include Zippay, Splitit, Sezzle, QuadPay, Affirm, Uplift, and Klarna.
Started in Melbourne in 2015, Airwallex built a digital platform that allows companies to manage their international payments and money transfers. Its platform can be used to issue and pay invoices in any preferred currency, saving customers as much as 90% on foreign exchange rates.
Customers can also instantly create global accounts with local bank details, access interbank exchange rates and send money through local and international clearing networks to more than 130 countries.
Airwallex was founded by four Chinese founders who knew international payments could, and should, be better. So they developed a technology that uses machine learning to determine the most cost-effective way of settling every payment that comes through the platform.
CoinJar started out as an Australian cryptocurrency company but is now available worldwide. However, there is still one drawback, in order to enjoy full access to CoinJar’s currency exchange and bank transfer features, you have to be an Australian resident.
CoinJar offers a personal finance account which you can use to store, buy and sell select cryptocurrencies. By linking your bank account to your CoinJar account, you can also use it to store fiat currency and exchange your Australian dollars (AUD) for digital currency.
CoinJar accounts can be managed via a web browser, and an Android or iOS smartphone app.
With the new crypto debit card called CoinJar Swipe, you are allowed you to pay with BTC or AUD at 950,000 EFTPOS terminals around Australia, or even withdraw your crypto as cash at any ATM.
For security, besides the multi-factor authentication processes, a majority of the customer’s bitcoin holdings are stored offline.
Data Republic is an Aussie company that was founded in 2014 and backed by Westpac. It was meant to empower the liquidity of data by delivering technology which offers best-practice security, privacy compliance and governance controls for organizations looking to safely exchange data.
They offer customers a data-sharing control centre’ for organisations to store, categorise and share data, allowing businesses to swap data and undergo analytics reporting – now, they’re one of Australia’s top SaaS companies. Data Republic works with many big industry players such as Nine and APN Outdoor.
Unlike most companies on this list, Data Republic does not provide consultancy services along with their platform, they, however, do partner with many industry experts who can offer supplementary guidance and consultation as a feature.
Recently, among a line of investors, some of the bigger ones were Singapore Airlines and Singtel’s Innov8, both driving an expansion from Australia, into Singapore.
Harmoney was founded in late 2013 and officially launched on 10 September 2014, after it had acquired a license by the Financial Markets Authority on 8 July 2014. This makes it the first licensed provider in New Zealand after peer-to-peer lending and crowdfunding were enabled on 1 April 2014, following the passing of new financial legislation in New Zealand.
Harmoney is New Zealand’s leading peer-to-peer money marketplace. Here, the term ‘peer’ to ‘peer’ simply means it is a platform where people can borrow money from, and lend money to other people.
Harmoney is integrated with machine learning automation and highly-advanced modeling capabilities thereby is strengthening the marketplace with industry-leading credit risk assessment.
People who are eligible to invest or apply for a loan through Harmoney are New Zealand residents aged 18 or older with a valid New Zealand driver’s licence or NZ Passport.
HashChing, Australia’s first FREE online marketplace, is similar to Harmoney, but in their case, they allow consumers to access home loan deals without the need for shopping around. HashChing connects users directly to verified mortgage brokers who can further negotiate a better rate from multiple lenders and save you time, money and trouble.
Launched in August 2015, Hashching’s process operates like Uber’s – where consumers are connected to a mortgage broker who comes directly to their home.
HashChing’s vision is to keep Aussies financially smart by providing great home loan deals and financial information transparency – empowering them to make informed decisions.
Founded in 2014 and headquartered in Sydney, Identitii allows financial institutions to move away from customer level information to detailed information about each and every transaction – all secured by private blockchain software.
Think of this as understanding the unique ‘identity’ of the transaction called ‘Know Your Transaction’.
Recently, reports state that Identitii is joining the Banking Industry Architecture Network (BIAN), a group of banks that comprise of Rabobank, Commonwealth Bank, UBS, Société Générale, ABN AMRO and Nomura, to ensure that Identitii’s platform complies with BIAN’s standards of adoption.
BIAN also includes technology-driven providers and consultants including Dell, Accenture, SAP, SWIFT, IBM and Oracle.
Prospa is Australia’s leading online small business lender which is committed to providing small businesses access to the funds they need to grow. By using a proprietary technology platform, and a fast, simple online application process, Prospa can approve loans in as little as 24 hours.
Since 2011, this Australian-owned, high growth company has lent over $300 AUD to thousands of small businesses in and around Australia.
They currently have over 19,000 unique small business customers and holds a Net Promoter Score in excess of +77
Prospa is an AON Hewitt Employer of Choice in 2017 and 2018, and in 2018 and 2019 Prospa won Australian Fintech Lender of the Year, achieving a clean sweep of the MFAA Excellence awards in all five States.
Fairly new, Society One launched in mid-2018 with a new digital process through which Australian consumers can apply for a personal loan online and without affecting their credit score through a trusted third-party intermediary: the broker.
The process goes like this – consumer requests credit from their broker, the broker then submits a SocietyOne personal loan application on behalf of the customer. The whole 5-minute application system is built by brokers for brokers.
It is currently receiving over 300 loan applications every month and has gone on to provide more than $300 million in loans to customers.
Founded in 2006 in New Zealand, Xero is one of the fastest-growing software as a service company globally, overtaking even Australian, and United Kingdom cloud accounting markets.
Xero is a cloud-based accounting system that provides financial efficiency and clarity to business owners and their advisers in real-time. The platform can be integrated via any web browser or Android and iOS devices.
Forbes named Xero as the World’s Most Innovative Growth Company in 2014, as well as in 2015 again.
Fintech Software Integration Solutions
Based on this list, we can safely assume that the best solution for traditional organizations threatened by newcomers is to integrate fintech into their platforms – whether it is a payment gateway that quickly allows users to grab a loan, or whether to integrate it on to a broker’s website, or for accountants – there is a solution for every type of industry out there, plus, fintech brings in new capabilities, agility, innovation, cost reduction, better user experience and a more versatile data.
Soon, all products and services would be offered through APIs by fintech integration. There is no doubt about that.
As more and more businesses and consumers weave web and mobile technologies into their day to day lives previously isolated data pools are becoming increasingly valuable resources for businesses.
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There is a fintech solution for every type of industry out there, plus, fintech brings in new capabilities, agility, innovation, cost reduction, better user experience and a more versatile data. Find out the Top 10 fintech solutions currently out there.