In the technology innovation space, we hear a lot of buzzwords that are often difficult to quantify; examples being “Big Data, Artificial Intelligence, The Cloud, Internet of Things and FinTech”.  FinTech has been described as a catch-all term that “applies to companies using the internet, mobile phones, cloud computing and open source software to make banking and investing more efficient.” Source: Bloomberg

The number of disrupters/technology start-ups associated with FinTech seem to be endless with new companies popping up all the time.  There is a significant focus on investment in this new vertical, we have data from Accenture that highlights the growth:

  • Global FinTech Investment will grow to at least $6 Billion by 2018. Investment in FinTech ventures is on the rise, and banks are helping drive it by investing in startups that could help solve their IT problems.
  • Global investment in financial services technology ventures tripled since 2008, growing from $928 million in 2008 to $2.97 billion last year
  • Worldwide venture capital investment in FinTech has grown four times faster than the rate of overall venture capital investment in the last three years
  • The fast growth to the convergence of several factors in the technology and banking space, such as the spread of open source and cloud-based technologies that help cut costs for new startups
  • The U.S. is by far the biggest market for FinTech venture capital investment, making up 83% of the global market

Source: Accenture

We here at FirsTech have significant experience in developing online payments applications, as well as securely integrating with a wide variety of technologies across multiple verticals and industries.  Our team has experience to offer companies in the FinTech space who need assistance with their new product development.  Give us a call, we’d love to talk about your FinTech project!

Technology

About the author

Vice President, Technology Solutions for FirsTech