We’ve only seen the start of how fintech can transform the world
Fintech in some ways created the blueprint for the way in which innovative startups can disrupt a seemingly unmoveable industry. But as the players in the Digital Innovators list demonstrate, the fintech innovation story is far from done.
The latest breed of fintech startups focus on improving our experience of financial products in all sorts of ways – from timesaving banking apps to creating a freer flow of wealth worldwide. While some challenger banks like Monzo take on the retail banking services that the big high street banks have traditionally supplied, other firms are improving a niche area of the financial services mix – Osper, which helps parents teach their children about money management through practical experience of using a controlled debit card system, is a prime example of that.
We're also seeing products aimed at specific groups in society – SalaryFinance's aim is to help middle-to-low-income employees improve their financial health by helping them to pay off their debt faster and save towards their financial goals.
While the London fintech market was one of the first on the scene, today there are numerous pockets of fintech innovation popping up across the world. Today's movers and shakers are ambitious and see global domination as the inevitable progression of their business journey. Powered by a global mission to transform worldwide payments from the outset, Currencycloud (which recently brought its platform to six countries in Asia) is a glowing example of this.
Of course, how a bright spark with a brilliant idea goes on to transform it into a profitable business is in large part down to funding – and we have always seen a strong amount of interest from venture capitalists in this area. VC investment in fintech startups in 2016 is on track to exceed 2015 levels despite a host of macro-economic factors contributing to global uncertainty.
There's no doubt that fintech products are here to stay – the fact that authorities are beginning to create more regulatory frameworks around fintech demonstrates that as much as anything. This industry will continue to provide a rich seam of innovation.
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