Fintech is really a blend of two words namely “Finance” and “Technology”. Completely, it is called Financial Technology. It is usually caused by technology innovations within the financial industry. Put differently; it describes the convergence of finance and technology – or ways technologies are improving use of finance, from making payments, currency, peer to look lending and even wealth management.

The year 2008 was the dawn of your major evolutionary change in the financial technology industry. This is a result of the collapse associated with an unsustainable banking system that took too many risks in the search for profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue offers to save major high-street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened up the opportunity to do things differently. Previously financial technology had been an in-house enterprise for the banks. The roll-out of cards within the 1950’s, ATM’s within the 1960’s and electronic trading within the 1970’s were all driven internally by major players within the banking industry.

The failure within the banking system gave rise with a variety of financial technology upstarts. Latest firms that wanted to see change and more importantly remove traditional barriers how the banking system had built. This increase in financial technology was quickly labelled as fintech.

Fintech covers a huge spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are only a few areas where individuals are seeing room for innovation and disruption to conventional methods.

This rapid growth has generated an excellent financial technology industry and a lot of fintech company list online. Due to multitude of firms that fall under the umbrella of fintech it’s difficult to put a defined you’ll need the worldwide price of this industry. Thankfully KPMG develop a quarterly report called ‘The Pulse of Fintech’. This gives a global research latest investments within the fintech industry. Their newest report claims that global acquisition of fintech companies reached a whopping $24.7 billion in 2016, spread across 1076 deals.

For more info, check this out article on “what is fintech ?”
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