The fintech industry is heating up in Australia as of late. Westpac is backing a second AU$50m startup fund for fintech startups in the country. The bank will do so in collaboration with Sydney-based VC firm Reinventure. The hunt for promising Australian fintech startups is in full swing, and it is positive to see Westpac being part of this initiative.
It is not the first venture by Westpac in the fintech industry either. The financial institution had shown its support for the local fintech sector late in 2014 and pumped a lot of money in the Reinventure plan. Now that both parties are doubling down on their efforts, things are looking bright for startups in Australia.
Reinventure and Westpac Are Bullish on Fintech
Raising capital is often a severe roadblock for fintech startups. Finding a venture capitalist, or a bank that takes an interest in the project, is not as straightforward. But with the help of Reinventure and Westpac, that process suddenly becomes a lot smoother. Additionally, this renewed partnership solves the VC problem of committing to a second fund.