International banking group Investec Australia has further endorsed the growing fintech industry by committing sizable funding to venture capital firm, H2 Ventures.
The investment is expected to assist H2 Ventures roll out its next round of funds as part of an accelerator program. The program invests in early stage fintech startups, supporting Australian entrepreneurs to build new ventures, and working with institutional and other sophisticated investors to fund promising early stage companies in the sector.
H2 Ventures was established by brothers Ben Heap and Toby Heap in 2015 and recently launched the third round of its H2 Accelerator at its base in Stone & Chalk, Sydney's fintech hub.
Investec Australia's David Phillips said the group believes in entrepreneurs and "we are backing Ben and Toby to identify and help grow the best fintech entrepreneurs in Australia. We look forward to playing our role in the evolving Australian technology ecosystem."
Ben Heap said the firm is "thrilled to be working closely with David Phillips and the team at Investec. This additional funding will allow us to scale up the H2 Accelerator program, to fund more startups, and to build new businesses in a crucial sector of the economy."
The most recent H2 Ventures funding announcement follows a $250 million commitment from First State Super, and comes at a time when the federal government is keen to spruik Australia's fintech innovators.