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Local fintechs named in world power list

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Ten Australian companies and three from New Zealand have made it onto the fourth annual Fintech 100 list.

And Cover Genius has become the first Australian insurtech to make the “emerging companies” section.

Australians in the top 50 are Prospa (24), Zip Money (37) and AfterPay Touch (44).

Airwallex, Cover Genius, Hyper Anna, Macrovue, MoneyMe Financial Group, Tic Toc and Valiant all make the “emerging 50”.

New Zealand companies Xero (16) and Pushpay (42) are in the top 50, and Banqer is in the emerging 50.

Insurtech Australia co-founder Brenton Charnley told the entries reflect the strength of the Australian and New Zealand fintech community.

“Australian companies now make up more than 10% of the top 100 fintechs in the world and this reflects the work of the whole Australian fintech community, including work by associations such as FinTech Australia to help further Australian fintech on the global stage.

“The diversity of Australian technology companies featuring in the list this year shows Australian technology is advancing on multiple grounds, with insurtech becoming a more prominent feature this year – with 12 insurtechs overall – and with the first Australian insurtech, Cover Genius, to make the emerging companies list.”

Mr Charnley says insurtechs act more as enablers than disruptors.

“This is because about 60% of Australian – and global – insurtechs are providing technology solutions to support incumbents or improve the existing value chain.”

The 12 insurtechs on the list are ZhongAn (China), Oscar (US), Clover Health (US), League (Canada), VertaaEnsin (Finland), Alan (France), Clark (Germany), Cover Genius, CoverWallet (US), Cuvva (UK), GrassRoots Bima (Kenya) and Sherpa Management (Malta).