Deloitte revealed the champions of its 2024 Tech Fast 50 Australia, with the nation’s tech scene once again dominated by companies transforming the financial, insurance, and property sectors (fintech, insurtech, and proptech, respectively).
The top spots showcase this dominance, with the winner being Honey Insurance (insurtech), followed by PropHero (proptech) and Pay.com.au (fintech). These innovative companies have defied economic headwinds, demonstrating remarkable resilience.
These trailblazing companies have proven their resilience in the face of a tough economic landscape.
The Deloitte Tech Fast 50 recognises the Australian tech companies that have seen the fastest growth in revenue over the past three years, regardless of whether they are public or private.
Despite a year where capital access has become more challenging, this year’s winners have shown exceptional growth. The criteria for success have shifted, moving from rapid revenue expansion to focusing on sustainable performance, where operational efficiency and healthy cash flow have become more vital for company valuations.
According to Josh Tanchel, leader of the Deloitte Technology Fast 50, while rising capital costs may have impacted some, the ability of companies like Honey Insurance to secure significant funding rounds highlights the remarkable level of innovation and quality driving the program’s top performers.
While entry-level growth slowed from 264% in 2023 to 123% this year, mirroring the economic climate, the overall average growth for the Deloitte Tech Fast 50 remains impressive at 658%. Notably, innovation is geographically diversifying, with Queensland and Western Australia showing strong growth alongside New South Wales. Additionally, female leadership is on the rise, increasing from 14% to 18%.
The surge in Healthtech and Fintech winners signifies a shift in the tech landscape, driven by increased investment and progress in these sectors.
Bec McConnochie, Deloitte’s Technology Sector Leader, emphasized that the Tech Fast 50 awards draw attention to the exceptional innovation, resilience, and opportunities within Australia’s tech industry. Despite ongoing economic difficulties, declining productivity, and rising capital costs, these leading companies are not only overcoming challenges but thriving in their respective fields.
This year, the awards highlight innovators who are pushing the boundaries of tech and setting new industry benchmarks. By strategically investing and navigating through growth challenges, these companies are advancing Australian tech to the global forefront and contributing to the country’s overall prosperity.
A report by the Tech Council of Australia, supported by Deloitte Access Economics, predicts substantial economic benefits from increased tech investment. This bodes well for further R&D and tech adoption, solidifying Australia’s position as a global tech leader.
The 2024 Deloitte Tech Fast 50 recognizes the achievements of these groundbreaking companies:
1. Honey Insurance
2. PropHero
3. Pay.com.au
14. Wagetap
24. Proptech Labs
29. Bridgit
30. Send Payments
33. Handy Finance
37. Driva
42. Indebted
45. Hometime
47. Beforepay Group
50. Ordermentum
A collective congratulations to Australia’s amazing tech companies!
