The buoyant fintech sector in Australia has resulted in everyone from promising start-ups to heavyweight incumbents fighting each other for the best software and technology developers, leaving a market where it is extremely hard to secure talent. The market for Artificial Intelligence developers has become the most competitive, as quality talent is the rarest in this domain.
With a predicted market value of $190.61 billion by 2025, Artificial Intelligence is one of the most rapidly evolving and in-demand technologies around the world. Australia's largest bank, the Commonwealth Bank recently announced a direction of $100M of capital towards building their AI capabilities internally as well as taking a minority stake ($134 million) in AI market leader, H2O.ai.
It appears the battle for talent in this sphere however is being won by up-and-coming business-to-business buy-now-pay-later payments platform BizPay. BizPay's technology team led by CTO David Huang, who heralds from Harrison.ai which was voted Australia's second most innovative company, has managed to secure a truckload of new developer and AI talent. BizPay's AI team which has the reputation for being world-class and is in partnership with Google, has gone on a hiring spree as they shore up talent on their roadmap to IPO on the ASX in Q3 2022.
In terms of the application of AI, 20% of businesses say automating tasks such as invoicing and contract validation is one of the most crucial uses of AI and BizPay is precisely focusing on AI-driven analysis, data extraction, and monitoring payment solutions in reshaping the way businesses pay and get paid.
Using state-of-the-art artificial intelligence, BizPay can analyse a company's financial status within minutes and approve the transaction, allowing them to continue with the payment process rather than labour through pesky paperwork and other timely hurdles necessitated by conventional financial institutions and rival lenders, an issue only exacerbated by Covid-19.
BizPay's Global CEO, David Price expressed, 'Customers see us as a payment product, not credit. To occupy this space, you cannot ask for a lot of financial information in the same way that credit products do. So our AI looks at alternative data points in the background and is able to take a lot of the burden off the customer.'
With the acquisition of top market talent, BizPay looks well positioned for a successful IPO where it is believed they are expecting to raise around $100 million.