400 fintech jobs for NSW from H2 Accelerator
Media release | 11 January 2017
Jobs for NSW (the state’s private-sector led NSW Government-backed job creation agency) is backing fintech start-up accelerator H2 Ventures, with a loan guarantee of $2 million to enable the company to access a $4 million loan by Investec Australia Limited.
In announcing the deal Deputy Premier John Barilaro said the loan guarantee would help H2 Ventures create up to 40 new start-up fintech companies and 400 new jobs across NSW.
H2 Ventures supports the creation of new fintech companies through its highly regarded start-up Accelerator program and is on track to invest in at least 100 early-stage fintech companies over the next three to five years and attract global companies to NSW.
“It’s another great example of how the NSW Government is supporting high potential start-ups and fast-growth small to medium enterprises, businesses which can innovate and build companies that trade globally while creating jobs locally,” Mr Barilaro said.
Ben Heap, founding partner of H2 Ventures (with his brother Dr Toby Heap) said H2 Ventures has established itself as Australia’s leading fintech accelerator.
“With the support of the NSW Government and Investec Australia, we are looking forward to taking the H2 Accelerator to the next level,” Mr Heap said.
“This will allow us to attract more domestic and international entrepreneurial talent to NSW and to support a significant number of new fintech ventures, creating new channels growth and job.”
Jobs for NSW CEO, Karen Borg, said start-ups like H2 Ventures are reshaping the financial services industry.
“In 2015 investment in the Australian fintech market totaled $438 million and by 2020 it is predicted to reach $4.2 billion. Jobs for NSW’s support for H2 Ventures demonstrates our focus on supporting the NSW startup ecosystem to scale to global standards,” Ms Borg said.
David Phillips, head of the Emerging Companies division in Investec Australia, said the company looked forward to working with the NSW Government on other joint initiatives.
“The joint financing which Investec Australia and Jobs for NSW are providing to H2 Ventures is a great example of the private and public sectors working collaboratively to help entrepreneurs successfully launch and then grow new businesses,” Mr Phillips said.
Download the media release in PDF format.