The financial technology (fintech) sector in Australia is booming, with the industry valued at over $10 billion in 2022 and expected to grow to $25 billion by 2025. This growth is being driven by the acceleration in the adoption of digital technologies by businesses and consumers, the growing demand for more convenient and customer-centric financial services, and a regulatory environment that supports innovation. Non-bank lenders, such as Lumi and Prospa, are using technology such as AI, data analytics, machine learning, and cloud to assess the creditworthiness of SMEs, verify identification, process data and applications, and even detect fraud. These lenders are leveraging cloud-based software-as-a-service (SaaS) technology, such as Mambu’s cloud banking platform, to build their lending platforms and pass on savings to their customers.
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