The report – compiled by AWI Ventures, KPMG and the Financial Services Council – highlighted firms in the financial services technology sector which were “most likely to succeed”, according to a statement from AWI.

Australian firm Stockspot, which the statement described as providing “robo-advice (replacing financial advisers)”, came in at number 45.

Ranked first on the list was US online advice and funds management tool Wealthfront, with another 'robo-advice' tool specialising in ETFs, Motif Investing, coming in at number three.

Other Australian firms recognised in the top 50 were peer-to-peer lender Society One, short-term loan provider Nimble and Metamako, which provides hardware for high-frequency trading, according to the statement.

Financial Services Council chief executive John Brogden said the Australian financial services industry needed to focus on innovation.

“In Australia, we have had an intense period of regulation,” he said.

“Now this is over, the industry can focus on what it does best – providing new and better products and services that address the changing needs of consumers.”

AWI chief executive and managing director Ben Heap said the fintech industry was rapidly expanding worldwide.

“We have crossed the precipice with fintech. Disruption is underway in the financial services market in Australia and globally,” he said.

“London and New York are recognised as centres of Fintech innovation, and Sydney is a major contender for similar status as activity here ramps up.”

According to the statement, each business was assessed on the basis of total capital raised, the rate of capital raising, the degree of sub-industry disruption and the degree of product, service, customer experience and business model innovation.

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