Two pioneering Australian fintech companies were off and running on Wednesday under the pleased eye of trumpeter of innovation and Prime Minister, Malcolm Turnbull.

Sydney-based company OnMarket Book Build launched an online platform to allow retail investors to bid on IPO stock, and Bitcoin Group, will be the IPO guinea pig, hoping to raise $20 million.

In a bid to open up the IPO market, OnMarket Book Build has developed an app enabling retail investors to access the Australian Securities Exchange's infrastructure and make live bids for companies raising equity, traditionally the sole realm of institutional bankers and stockbrokers.

Prime Minister Malcolm Turnbull with CEO of On-Market BookBuilds Ben Bucknell. Dallas Kilponen

"I think all of these technologies put pressure on financial institutions," said Mr Turnbull at the launch. "And the people in the financial services sector are constantly having to work harder to justify the charges they make.

"But I think this is good. The more competition and power we give to the individual or consumers the better."