HSBC Innovation Banking launches in Australia

HSBC has expanded its support of the local technology and venture ecosystem with the launch of HSBC Innovation Banking in Australia today.

Since its establishment in 2023, HSBC Innovation Banking has grown its client base by nearly 50%, supported by nearly 900 globally-connected innovation finance experts.

HSBC Innovation Banking is backed by HSBC’s hallmark financial strength and global network. It offers tailored banking services, funding solutions and specialist support to faster-growing, innovation-focused scale-up companies and the investors that support them.

Commenting during his trip to Sydney, San Francisco based David Sabow, Global Head of Innovation Banking 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 world¹.

“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.”

Steve Hughes, Head of Banking, Corporate and Institutional Banking, HSBC Australia and New Zealand, said “As the leading international bank supporting Australian corporates, we understand the challenges of expanding into new markets and the unique complexities for the tech and venture sector.

“We’re delighted to launch with a number of existing clients, including Australian insurtech Cover Genius which now operates in more than 60 markets and protects more than 30 million customers.”

The launch of Innovation Banking in Australia follows the introduction of Venture Debt to the market in 2023. HSBC remains the only bank in Australia to offer this form of debt finance and specialist expertise to scale-ups.

Alan Watters has been appointed Head of Innovation Banking, HSBC Australia and New Zealand, and will lead a dedicated Innovation team on the ground. Alan has over 25 years of financial services experience and has led the tech and venture debt offering for HSBC across Australia and New Zealand to date.