Investment in Australia’s fintech sector has accelerated in the first half of 2020, reaching US$376.5 million, a more than 150% increase from US$149.05 million in the corresponding period in 2019, with the growth coming despite a decline in merger activity, according to a new fintech report.
Australian founded tech company Longtail UX has announced a $2.25m supplementary equity raise in partnership with Woolworths Group’s venture capital arm and Steven Lew owned group, Global Retail Brands (GRB).
Increasing foreign investment in venture capital, particularly at the early and seed stages, could give industry and innovation the critical boost it needs, generating greater economic benefits to Australia including higher employment and more patents, according to one of the country’s fund managers.
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