A hundred early stage fintech ventures will be invested into by an investment team over the next three years to advance the financial services industry.
Fintech investors, Ben and Toby Heap, from H2 Ventures launched their H2 Accelerator program on Tuesday aiming to drive fintech innovation to new heights in Australia.
Ventures will be selected on the basis that the idea has the potential to fundamentally disrupt the sector and have a start-up value at $1 billion dollars.
"What we are looking to do is support entrepreneurs that have innovative, sometimes disruptive, and usually customer focused ideas that further advance financial services industry," Ben told Money Management.
"There is a huge opportunity to innovate in financial services as the market has usually been dominated by usual players so there is real development in this space."
Ben noted that their last digital financial industry venture AWI Ventures brought in many applicants from the wealth, and payment space.
"There are also significant opportunities in data and data analytics, and insurance. But frankly the broader the range the more innovative the ideas the better," he said.
Ben said his team is currently looking for several key partnerships and cornerstone investors in H2 Ventures.
The H2 Accelerator program runs for six months and will provide selected teams with $100,000 (in return for 10 per cent equity share), an office space in Sydney, education, feedback, and access to the financial services and technology industry leaders.