• Sydney Chic

Fintech for Sydney Small Businesses


Making business more efficient is typically always a goal for most small business owners and, if you are looking for a new way to go about this, you should be looking into Fintech. In Australia, there are well over 800 Fintech orientated companies in existence, with the number growing rapidly. The services that many of these businesses offer, can be utilised by most Australians, and Australian Businesses, in day-to-day living.


Whether it is online banking or shopping, you are most likely already utilising Fintech to some extent. However, it is worth considering the available opportunities for incorporating Fintech into your small business, to take your efficiency to the next level.

What is Fintech?

Fintech is the combination of the financial sector with technological advancements. As of late, the industry has been rapidly growing, however, the instalment of ATMs in the sixties put Fintech on the developmental path to what we know it as today.

Unless you live under a rock in the middle of the Simpson desert, you would have experienced Fintech, whether you realised or not. Any financial tasks you can complete via the use of technology and the internet, falls under the industry’s banner. For example, using an online banking app to transfer your funds without visiting a branch, is perhaps one of the most utilised features of Fintech.


However, it doesn’t stop there. Being matched to a lender from the comfort of your home, through a company like Monzi Personal Loans, is another way Fintech is making your life easier. Ecommerce of every description is also an immensely useful aspect of Fintech, for both the customer and the business itself. Wherever you can perform a transaction, a transfer, or an application for a financial service, you are most likely utilising Fintech.

How can Fintech help Sydney Businesses?

Some of the big players in Fintech that most Sydney companies and small businesses are already utilising are payment gateways and mobile payment functions. It is increasingly difficult to run a successful business without being available for online shopping.


However, Fintech can be useful to small business in ways you may or may not have already considered. For example, budgeting apps, to monitor cashflow. Organising your insurance online, because business insurance can be imperative, and cutting out the fuss of organising insurance in person is highly appealing. Peer-to-peer lending for when you need a little extra cash to get by and are unlikely to be approved for a traditional business loan. And even potential Robo investors for growing funds to put back into the business.


If you are a very new Sydney business, and conduct most of your operations in public, such as at markets, there are Fintech options available to you as well. This may include obtaining a point-of-sale (POS) machine. We are moving to a cashless society, especially in this new pandemic-stricken world, and being able to offer potential customers the chance to pay by card may drive your sales.

How can Fintech help Sydney Customers?

To run a successful small business, it is key to put yourself in the shoes of your customers. Consider what you are looking for out of your business-to-customer relationship.


One aspect of Fintech that customers are utilising at a growing rate is various buy-now-pay-later services. Companies like Afterpay are excelling in the ecommerce field. Adapting to offer a buy-now-pay-later option to your small business, may result in an increase in sales. Purchasing shares and contributing to GoFundMe’s is also another Fintech orientated option available to the customer, or invested publics, that may work to your advantage.


For the new Sydney small business, crowdfunding can be a great way to grow your venture without requiring a loan. For the company with a compelling mission statement that people can get behind, you may see a lot of community support for your growing business in the early days. More established companies have the option of allowing stakeholders to invest in the company. Which can potentially qualify you to apply for a successful business loan and scale your company to the next level.


The Fintech industry will continue to adapt into the future. The impact of the pandemic has only served to strengthen it and improve its use for businesses. If your business is merely a side hobby, and not your main source of income, you may manage just fine without embracing the industry.


However, for those who want to move from strength to strength, learning how to utilise Fintech may see you developing into a highly successful company. Regardless of how you operate, or what your future plans may be, good luck with your business in the year ahead.


Written by Lauren Mae

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