Jobs for NSW says it expects up to 400 new jobs and 40 fintech businesses to be created in New South Wales by startup accelerator H2 Ventures.
Jobs for NSW announced today that it was offering a loan guarantee of $2 million to help the accelerator access a $4 million loan from Investec Australia.
The government-backed Jobs for NSW fund launched in August 2015, replacing the State Investment Attraction Scheme (SIAS) and Regional Industries Investment Fund (RIIF). Its board is led by former Telstra CEO David Thodey.
H2 is based in Sydney fintech hub Stone & Chalk. It was launched in 2015 by Ben and Toby Heap.
“With the support of the NSW Government and Investec Australia, we are looking forward to taking the H2 Accelerator to the next level,” Ben Heap said in a statement.
This will allow us to attract more domestic and international entrepreneurial talent to NSW and to support a significant number of new fintech ventures, creating new channels growth and job.”
Investment in Australia’s fintech sector is expected to reach $4.2 billion by 2020, according to Jobs for NSW CEO Karen Borg.
In February last year, the federal government launched a fintech advisory group to offer guidance on boosting the fintech sector in Australia.