Sydney based independent fintech hub Stone & Chalk launched last night, supported by law firm Allens, among 20 other corporate partners, who have donated over $2m to the establishing the hub.
The hub will support the 40 fintech start-ups already signed onto the program helping businesses to grow and commercialise, operating out of a space on Bridge Street in the CBD.
“What we want to do is position ourselves into a very fast growing sector,” said Allens partner Niranjan Arasaratnam.
“We want to be able to encourage in the same way that start-ups do, we want to encourage the culture of entrepreneurship, innovation and being afraid to fail.”
Allens will continue to contribute to the hub by providing networking opportunities and legal advice to start-up businesses through the program.
With the support of big corporates ANZ, IBM, KPMG, Macquarie Group, Optus, Westpac and Woolworths Financial Services, Arasaratanm told Australasian Lawyer
that there is potential for tech start-ups to secure investment from overseas investors.
“We have noticed a significant funds flow into the cyber sector in the UK and America,” said Arasaratnam. “We’re seeing that US venture capital funds are becoming much more comfortable with the tech start-up scene and are much more actively allocating funds towards Australia… We’re seeing an increase in funds flowing from the US.”
Anthony Roberts, NSW Minister for Industry, Resources and Energy, officially launched the hub in Sydney last night.