From startup to scale-up:

Business First - - NEWS -

Con­sumer fin­tech firm, MoneyMe, has an­nounced a $30 mil­lion cap­i­tal raise af­ter just two years in op­er­a­tion, sig­nal­ing in­creas­ing con­fi­dence by the in­vest­ment com­mu­nity in fin­techs who demon­strate an abil­ity to achieve their growth pro­jec­tions and de­liver true con­sumer value.

The funds came from a ul­tra high net worth Aus­tralian fam­ily of­fice, whose in­vest­ment port­fo­lio oth­er­wise mostly com­prises large scale prop­erty on the east­ern seaboard, in­di­cat­ing grow­ing con­fi­dence in fin­tech as a newly cred­i­ble as­set class for in­vestors who may not have pre­vi­ously con­sid­ered it an op­tion.

“Valu­a­tions in the fin­tech sec­tor have largely been based on for­ward-look­ing growth pro­jec­tions un­til quite re­cently, ren­der­ing it a some­what risky and most- ly untested in­vest­ment class for many high net worth Aus­tralian in­vestors,” said Clay­ton Howes, CEO of MoneyMe.

“Now that the fin­tech move­ment in Aus­tralia is reach­ing the two year mark, how­ever, a num­ber of in­vestors who were pre­vi­ously sit­ting on the fence when it came to in­vest­ing in fast-grow­ing, tech-based star­tups are now find­ing the con­fi­dence to put their money be­hind those firms who have now demon­strated an abil­ity to gen­er­ate real re­turns.

“This is great news for in­no­va­tion in Aus­tralia na­tion-wide, as it means we may be­gin to see Aus­tralian fin­techs given the type of sup­port and fund­ing op­por­tu­ni­ties needed to fi­nally com­pete on a global level.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.