Although financial technologies (fintech) have become more popular in the small business space, the majority of Australian-based SMEs are not familiar with the term. Fintech companies have developed new platforms and products to fill in the gap left by bigger financial institutions, platforms and products that benefit many smaller companies.
The lack of awareness may also come from the fact that fintech is mostly industry-speak, which means that small businesses that have collaborated with fintech companies did not know the actual term.
The survey, which collected answers from 700 SMES, shows that 79% of companies have never obtained financing outside big banks. On the other hand, an analysis from finder.com.au in mid-2016 found out that the fintech lenders have been gaining ground, receiving more than AUD 1.1 billion (USD 811 million) in loan applications per month.
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