With more and more venture capitalists infusing money into the FinTech ecosystem, “challenger” banking and financial service providers are confident of wiping out institutional behemoths faster than Blackberry and Nokia were taken out of the cellular phone market.
You’re here to know how FinTech make money. But do you know the different types of FinTechs, and the answer to why is FinTech so popular? New business models have emerged in the Finance industry as new entrants (FinTechs), taking over the traditional banking and finance infrastructure. This article will answer all your questions related to FinTechs.
The world is moving towards a cashless economy with a faster pace of financial innovation. Banking and financial institutions are extensively using data analytics to digitize operational processes. Similarly, the customers are prioritizing digital convenience over traditional financial services.
In 2021, there are several examples of innovative ideas transforming into billion-dollar companies. Some of these financial innovators are Stripe ($95B), SoFi ($8.65B), Chime, Robinhood, Addepar, and many more. These innovative ideas have attracted attention from venture capitalists across the globe.
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Users Are Continuously Increasing The argument is backed by the fact that one of the most popular commission-free trading apps, Robinhood, has been gaining 4 Million new users every year. The app grew to 6 Million users in 2018 from 2 Million in 2017. And in the first four months of 2020, the user base reached 13 Million users.
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