Melbourne is a major hub for technology and finance, so it’s no surprise that it has a strong fintech ecosystem.
As home to a large number of innovative fintech incubators, hubs, accelerators and co-working spaces (including Stone & Chalk, YBF Ventures, York Butter Factory, Inspire 9, AngelCube and the Melbourne Hub), Melbourne attracts a fintech talent pool that outperforms other jurisdictions across the Asia-Pacific region. There are more software development professionals and full-stack engineers in Victoria than Singapore or Hong Kong, and more data analysts in Victoria than anywhere else in Australia.
You’ll find a vibrant grassroots fintech network in Melbourne. There’s strong industry support for the sector and high levels of collaboration from key industry associations like Fintech Australia and the Melbourne Fintech Startups Meetup group.
Victoria’s world-class universities are an integral link in the fintech chain, collaborating with industry on R&D, and offering training and education in a host of finance, technology and fintech-specific disciplines.
- RMIT University is home to the world’s first Blockchain Research Innovation Hub and offers a Graduate Certificate and Master of Blockchain Enabled Business.
- The University of Melbourne – Australia’s top ranked university – is an international leader in computer science, IT, software engineering and finance.
- Swinburne University of Technology has partnered with Bendigo Bank, IBM, Pitcher Partners and Tableau to deliver a Graduate Certificate and Master of Financial Technology – the first of its kind in Australia.
- Monash University is ranked number 1 in Australia for engineering and technology courses, and offers a Master of Advanced Finance, as well as fintech-specific intensive courses led by industry practitioners.
Leading international fintech companies who have expanded into Victoria include Tradeplus 24, Revolut and Square
Incentives, grants and support
The Victorian state government welcomes fintech startups, scaleups and corporates from around the world to set up business here or invest in our local fintech ecosystem. You’ll find a host of incentives and funding support on offer:
- up to $50 million in low-interest R&D Cash Flow Loans to support Victorian SMEs to develop products, services and technologies vital to the state’s future economy
- government and institutional coinvestment for high-growth start-ups through the A$25.75m Venture Growth Fund
- the new $2 billion Breakthrough Victoria Fund to ensure Victoria continues on its path to becoming a global innovation hub in key industry sectors including advanced manufacturing
- Business Victoria grants and programs.
The government’s investment attraction agency, Invest Victoria, works with international companies seeking to enter the Australian market by identifying opportunities, providing assistance with business cases, and facilitating introductions to partners, suppliers, recruiters and government agencies.
Support is available from the Victorian Government Trade and Investment offices, which offer tailored market intelligence, insights and guidance for investing in Victoria.
Victoria has one of the lowest business tax rates of any state in Australia. It also offers investors some of the world's most generous R&D support in a cost-competitive business environment. As a result, KPMG ranks Melbourne as having the most attractive R&D location costs in the Asia Pacific region.
Iress is an Australian technology company based in Melbourne. It provides software to the financial services industry, specialising in financial markets, wealth management, superannuation and enterprise lending. It has dominated the Australian market for around 20 years and its software is used by more than 9000 businesses and 500,000 users globally.
Following the opening of its Australian headquarters in Melbourne in 2016, global fintech company Square has expanded its presence here with a new engineering hub – its first outside North America – that will be at the forefront of new payment technologies development.