A fintech start-up accelerator has received a $2 million loan guarantee from Jobs for NSW, the state government-backed job creation agency, to access $4 million in funding to grow up to 40 new companies.
H2 Ventures will invest $100,000 in each start-up for a 10% equity stake. The start-up accelerator, which has a focus on attracting global companies to NSW, is on track to invest in at least 100 early-stage fintech companies over the next three to five years
According to Deputy Premier John Barilaro, by enabling H2 Ventures to access a loan from Investec Australia, Jobs for NSW has helped facilitate the creation of up to 400 new jobs in the local fintech sector.
Meanwhile, Jobs for NSW CEO, Karen Borg, said the agency’s support for H2 Ventures demonstrates its commitment to supporting the NSW start-up ecosystem to scale to global standards.
Jobs for NSW offers a suite of financial products that are geared towards supporting fast-growing entrepreneurial businesses at different stages of their lifecycle. Assessment criteria for business like H2 can be found here.