HSBC Innovation Banking launches in Australia for tech scale-ups
HSBC has launched HSBC Innovation Banking in Australia, aiming to support venture-backed companies and the technology and venture ecosystems.
The service is the first specialised banking offering in Australia dedicated to venture-backed businesses. It forms part of HSBC Innovation Banking's global network, which now covers the United States, United Kingdom, Israel, Continental Europe, Hong Kong, mainland China and Australia.
Australian expansion
Since its foundation in 2023, HSBC Innovation Banking has reported client base growth of close to 50%, underpinned by a team of nearly 900 finance professionals focusing on innovation finance. The bank provides tailored financial services, strategic support, and funding solutions to scale-up companies and their investors.
David Sabow, Global Head of Innovation Banking for HSBC, commented on the expansion into Australia during a trip to Sydney. He said:
"We're very excited to launch in Australia, where there are more unicorns generated for every billion dollars invested than any other country in the world.
"We are combining the strength of a global institution with our unparalleled venture network to support Australian scale-ups earlier in their growth cycle to help fulfil their ambitions. We believe there is a big opportunity to better serve this thriving community, connecting them to the international capital and ideas that will fast track their growth."
The bank will deliver its services with the backing of HSBC's global network and financial resources, while focusing on the particular needs of high-growth, innovation-centric companies and their backers.
Banking products and local leadership
The launch in Australia includes HSBC's Specialist Venture Debt, first introduced to the market in 2023. According to the bank, it remains the only institution in Australia offering this specific form of debt financing and support targeted at scaling start-ups and technology firms.
Alan Watters has been appointed as Head of Innovation Banking for HSBC in Australia and New Zealand and will lead the local dedicated Innovation team. Watters brings over two decades of experience in financial services, specialising in both retail and corporate banking across several markets including Ireland, the United Kingdom, and Australia. He previously led HSBC's technology and venture debt offerings in Australia and New Zealand.
Support for clients
Steve Hughes, Head of Banking, Corporate and Institutional Banking, HSBC Australia and New Zealand, explained the strategic direction of the bank's move and its commitment to current business clients.
"As the leading international bank supporting Australian corporates, we understand the challenges of expanding into new markets and the unique complexities for the tech and venture sector.
"We're delighted to launch with a number of existing clients, including Australian insurtech Cover Genius which now operates in more than 60 markets and protects more than 30 million customers."
The presence of HSBC Innovation Banking in Australia is intended to give domestic technology companies improved access to HSBC's international banking network, capital, and contacts, reflecting the increasing interconnectedness of the venture and technology sectors around the world.
Global context
HSBC Innovation Banking operates globally, aiming to serve innovation-focused clients across major venture markets. It claims to bring the bank's financial strength, international reach, and sector expertise to support companies as they develop and scale internationally.
With assets totalling USD $3,214 billion as of mid-2025, HSBC serves customers in 57 countries and territories.
