Banks are not glamourous — FinTech is.
It’s fancy to get excited over FinTech these days. But why exactly should we?
Some background information for novice readers: FinTech means financial technology. It encompasses a new wave of companies changing the way people pay and send money, but also borrow, lend, invest. The most disrupted sectors — or at least the ones that we hear the most about — are payments and money transfer, represented by companies you’ve certainly heard of (TransferWise for money transfer, Square for mobile payments…), crowdfunding (Kickstarter, Crowdcube, Smart Angels…), and peer-to-peer lending (LendingClub, Zopa, Prêt d’Union…). So where’s all that happening? Well, London is clearly the leading hub, followed by New York, and other cities fighting to get to the top: Paris, Hong Kong, Singapore, Tel Aviv… Just to give you an idea, FinTech investments reached $2.97 billion in 2013 and is expected to climb up to $8 billion in 2018, so there’s room for new players!
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Author: Rebecca Menat
Content director @the_assets // @ESCPeurope alumni.
