Fintech hub Stone and Chalk is extending its reach into Victoria with the help of an industry superannuation fund.
AustralianSuper, the nation's largest super fund with over $120 billion under management, will partner with Stone & Chalk to open their new Melbourne-based operations, with chief executive of Fintech Victoria, Alan Tsen, at the helm.
AustralianSuper chief executive Ian Silk said the arrival of Stone & Chalk into the Victorian marketplace is a boost for the local economy, and will bring huge opportunities and insights for existing and new businesses in the fast moving fintech sector.
"The partnership approach between existing businesses and entrepreneurial startups will bring benefits to both sides, and assist AustralianSuper to ensure it is best paced to meet changing member demands," Silk said.
"The hub provides companies with a tested formula to develop deep connections with the exciting work being undertaken by startups in the fintech community."
Stone & Chalk Melbourne will be housed alongside SproutX, Australian's national agricultural technology innovation hub, and offer 60 desks for fintech startups. The hub will also run a series of programs and partnerships to develop the local fintech ecosystem.
Alex Scandurra, chief executive of Stone & Chalk, described the creation of the new office as one of the biggest and most exciting pushes for Australian fintech.
"This is an historic event for the Austraian fintech industry as a whole," Scandurra said.
"Our Melbourne hub will help to further accelerate an already fast-moving industry that's integral to Australia's future."
Since launching in 2015, Stone & Chalk has housed over 90 start-ups with 32 graduating alumni including Data Republic, Reinventure and H2 Ventures.
Globally the fintech industry has grown from US$100 million in 2008, to more than US$12 billion in investments in 2014.