From startup to scale-up:
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.”