More than 7% of Australian fintechs closed in 2024, with blockchain firms leading the decline, a KPMG report revealed.
More than 7% of fintech companies headquartered in Australia shut down in 2024, with the blockchain and cryptocurrency market taking the biggest hit, a KPMG study of the country’s fintech landscape found.
The number of independent fintech firms in Australia has declined for two years, falling from 800 firms in 2022 to 767 across all business verticals as of Dec. 9, noted KPMG’s Australia Fintech Landscape 2024 report.
Firms from the blockchain and crypto industry represented 14% of the 60 Australian fintech firms that shut down in 2024. The report said:
