Sydney fintech startup hub to launch in late 2017, Melbourne to follow

Fintech Australia announced that Sydney and Melbourne will launch fintech startup hubs for innovation across the nation.

According to the release, Sydney’s proposed new 11-floor fintech startup hub is set to be the largest in the southern hemisphere that will help in building stronger links between the Australian fintech industry and global markets.

According to Danielle Szetho, CEO of Fintech Australia, with the launch of fintech hubs, the facility will create up to 6,500 jobs and contain enough floor space to spread over the size of two football fields. He also said that Jobs for NSW (the Sydney startup hub) would invest $35 million into the facility.

Also, the Victorian Government has also confirmed it will be the presenting partner of Australia’s inaugural fintech festival ‘Intersekt’ that will be held in Melbourne from late October to early November.

“Both of these announcements clearly prove there is united support for fintech across both Federal and State governments and from both sides of politics. It’s great news and will help us accommodate the impressive growth in Australia’s fintech startup ecosystem,” Ms Szetho said. “The new Sydney Startup Hub will be an important and regionally-significant centre of gravity for fintech and startup innovation within Asia.”

An independent fintech hub Stone & Chalk and Tank Stream Labs have been confirmed as tenants in the new Sydney facility. Stone & Chalk announced that it will accommodate upto 600 residents across 4,252 square meters of secure labs, co-working, meeting and collaboration space at the Sydney Startup Hub.

“Sydney Startup Hub will be “the focal point for the metropolitan, regional, national and international startup community,” Jobs for NSW stated. “Creating a central destination for the NSW startup sector via a high-density cluster is critical to ignite collaboration, innovation and propel us into the top world’s top 10 ranked innovation centres.”

The announcement said that Sydney Fintech Startup Hub will open in late 2017 or early 2018, which will be followed by the Melbourne FinTech hub in a similar timeframe.