A new Technology Investment Network report finds the Kiwi fintech sector going from strength to strength despite a 2022 investment peak.
With global revenues of $2.64 billion, Kiwi fintech is the country’s largest and fastest-growing tech-export sector.
The figures come from the Technology Investment Network (TIN) New Zealand Fintech Report 2024, out today.
The report provides an update on TIN’s 2023 New Zealand tech sector survey data, including longitudinal growth, key markets, investment, and business spending trends.
TIN New Zealand Fintech Report 2024 insights include:
TIN head of research and report author Alex Dickson says: “New Zealand’s flourishing fintech sector has been a stallion in sluggish economic times; it’s now the country’s largest tech export sector as well as its fastest growing. A decade ago, fintech revenues totalled about $150m, today we’re talking about a multi-billion-dollar earner, comparable to the wine industry in terms of value.
“This rapid growth is validated by interest from global dealmakers, both in terms of investment into the sector and acquisitions. The sector has seen half a billion dollars of investment over the last six years, while eleven of our most bankable multi-million-dollar fintechs have sold offshore in that time.”
The next wave of innovation will come from open banking, an area in which New Zealand is running about seven years behind [globally], Dickson says.
Minister of commerce and consumer affairs, Andrew Bayly, says open banking offers further opportunities for the fintech sector.
“Open banking represents a paradigm shift, unlocking the potential for personalised financial services tailored to individual needs. Not only will consumers benefit, but small and medium enterprises will gain access to new products and services that will increase productivity and enable them to grow their businesses.”
Copies of the 2024 New Zealand Fintech Report are available for free download here.
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