The thriving fintech sector in Australia is attracting international recognition and investment as it continues to exhibit robust growth supported by an innovative regulatory environment. Renowned Scottish fintech firm Know-it is the recent addition to the roster of international companies impressed by Australia's flourishing fintech community.
Lynne Darcey Quigley, the Founder and CEO of Know-it, shines a light on Australia's fintech achievements. She says, "Australia has access to a highly skilled workforce, which is a crucial factor in the success of fintech companies across the country."
Quigley points out that considerable fintech markets like Sydney, Melbourne and Brisbane continue to attract international investment and partnerships, enhancing their global stature.
However, a recurring issue that businesses across Australia face is the burden of late payments. Quigley believes that rectifying this problem is fundamental to accelerating economic growth. She elaborates, "By tackling this issue head-on, we can improve support for businesses and further accelerate our economic growth," says Quigley.
A worrying trend that emerged in 2023 indicates that half of the companies had to assign extra time and resources to chase overdue invoices while cementing more robust credit control procedures. Unfortunately, this trend is expected to rise in 2024.
This is where Know-it plans to make a difference. The company has announced expansion plans into Australia with the mission to fill the gaps in every market.
"Australian businesses, just like their UK counterparts, need help with late payments and manual credit control. Automation is crucial in ensuring a steady cash flow and efficient financial processes", says Quigley. "Therefore, it's the perfect time to implement such solutions for better management."
Buoyed by the positive response, Know-it is set to launch its innovative cloud-based credit management platform in Australia. Know-it's platform enables companies to perform credit checks, monitor finances, and collect overdue invoices all in one place, thus saving time, reducing debtor days, and enhancing cash flow.
Addressing the company's goals, Quigley says, "At Know-it, we want to expand our services globally and help SMEs automate their credit control process for business survival and success."
Quigley praises Australia as an excellent location for fintech companies looking to establish a solid presence. She appreciates the significant efforts by the Australian government to promote fintech initiatives and the various policies implemented to attract top talent in the industry.
Quigley expresses the goal of demonstrating to Australian business proprietors, particularly those with small to medium-sized enterprises (SMEs), the beneficial impact of fintech in sustaining business operations amidst worldwide economic uncertainties.
Quigley concludes, "We aim to show Australian business owners, especially SMEs, how fintech can help them maintain business continuity during global economic turmoil."
"We're excited to work with local businesses and help them improve their cash flow by addressing delayed payments, reducing debtor days, and automating their credit control process".