In the world of start-ups, marketplaces are the pot of gold that never seem to end.
Also known as platform companies, the likes of Fodoora and GoCatch might be household names, but there are thousands of smaller ones in Australia shifting the landscape in their respective industries.
![Detch Singh, co-founder of Hypetap.](/web/20160916103041im_/http://www.smh.com.au/content/dam/images/g/r/h/p/k/m/image.related.articleLeadwide.620x349.grhehk.png/1474007364001.jpg)
These include the likes of Sydney-based companies LawPath (legal services) and Expert 360, a global marketplace for consulting talent.
The highly-scalable business models are beloved by investors.
In mid-2016 there were 5723 early stage private online marketplace companies listed on AngelList, the leading online marketplace for investors in early stage technology start-ups, with an average valuation of $6 million.
One example of an Australian marketplace start-up going gangbusters is Hypetap, a platform for social media "influencers" and the brands that want to do business with them to meet and do deals.
"Since the start of the year we have seen 60 per cent revenue growth month on month," co-founder Detch Singh said.
Asian expansion
The company, founded in Melbourne in 2014, is now expanding globally with all the challenges that entails.
"When you expand in a business like ours it's a very localised expansion. If you are an Australian brand you want Australian influencers, so we are looking at the Asia Pacific market to expand."
Singh also mentioned Hypetap are also seeing growth in requests for video and live content.
Hypetap recently expanded into Singapore and Singh says the process was made easier by using payment company Stripe.
The American payment platform has just launched a new product for start-ups in Australia called Stripe Connect that allows marketplaces to accept payments in any currency and pay out sellers internationally.
"We're pretty proud to be one of the first start-ups in Australia to be using Stripe Connect because now our influencers can get paid through into their bank accounts," Singh said.
"Because it's a global payment provider, it lets us seamlessly expand internationally without having to find local gateways."
Stripe launched in Australia in 2014 and now operates in more than 25 countries, meaning companies are able to immediately sign up and verify sellers.
1 comment
New User? Sign up