HSBC has launched its Innovation Banking division in Australia, marking an expansion of its involvement in the country’s technology and venture capital sector.

Since its establishment in 2023, HSBC Innovation Banking has increased its client base by almost 50%, supported by a team of nearly 900 innovation finance specialists worldwide.

The division, which draws on HSBC’s financial capacity and international network, provides banking services, funding solutions, and sector-specific support to high-growth, innovation-led companies and their investors.

Speaking during a visit to Sydney, David Sabow, Global Head of Innovation Banking, based in San Francisco, said:

“We’re very excited to launch in Australia, where there are more unicorns generated for every billion dollars invested than any other country in the world.

“We are combining the strength of a global institution with our unparalleled venture network to support Australian scale-ups earlier in their growth cycle to help fulfil their ambitions. We believe there is a big opportunity to better serve this thriving community, connecting them to the international capital and ideas that will fast track their growth.”

This expansion follows HSBC’s introduction of venture debt in the Australian market in 2023.

It remains the only bank in the country currently offering this type of financing and expertise to scale-ups.

Alan Watters has been appointed Head of Innovation Banking, HSBC Australia and New Zealand.

With over 25 years of experience in financial services, he will lead a dedicated local innovation team, having previously overseen HSBC’s tech and venture debt offering across the region.

The article first appeared on Fintech News Singapore

Featured image credit: Edited by Fintech News Singapore, based on image by Joshua Lawrence via Unsplash