A metaverse is a three-dimensional virtual cosmos that mixes augmented and virtual reality with social media technologies to create a simulated digital environment at its most basic level. For some in the digital world, particularly in video games, the concept of the metaverse is simple. Whether it’s the (often) mild-mannered virtual landscapes of simulation-based games or the action-packed digital worlds of RPGs and shooters, gamers have long admired the concept of choosing a character and entering a reality vastly different from the actual one. The degree and types of technology used in the metaverse are unique, allowing for a stronger sense of engagement, autonomy, and boundlessness. What’s also unique is the increased interest by non-game firms in discovering new ways to make money.
Fintech is taking the banking world by storm thanks to its innovative and cutting-edge technologies. But with new tech comes new responsibilities and risks, so it’s important to know what you’re getting yourself into.
Here are four key things to keep in mind before investing in a new fintech startup:
Over the past two years, the payments market has faced more than one unprecedented challenge, starting with the pandemic, and ending with economic and political events, e.g., Brexit or the recent sanctions, aimed at Russia. Despite the unrest, market players continue to innovate, giving rise to new trends which push the industry forward. Marius Galdikas, CEO at ConnectPay, has commented on what elements are currently shaping the payments market.
FinTech is the widely used term denoting all the technologies, tools and software apps facilitating financial transactions and management. From simple mobile banking apps to investment and stock apps to insurance apps to payment gateways and mobile wallets to cryptocurrencies, all come under the broad umbrella term of fintech.
Technology sometimes moves at a dizzying pace. When it comes to innovation in financial activities, often referred to as FinTech, the world is seeing major advances.
For banks, FinTech disrupts core financial services and pushes them to innovate to remain relevant. For consumers, it means potentially wider access to better services.
In this new financial landscape, where fintech is reshaping the sector, blockchain development companies have a leg up. The adoption of the new economic model by users will have a major impact on the rate and scope of this transition. It’s clear that the public is fed up with black boxes and wants control over how their data and money are transferred.
Despite being the backbone of emerging economies, small and medium-sized business (SMBs) in Latin America face significant challenges in terms of scaling and growth.
SMBs comprise the majority of Latin American business, generating 67% of formal productive employment and 40% of the GDP. Nevertheless, businesses face challenges of poor financial inclusion, minimal competition among financial institutions, and strict banking regulations. It makes it extremely difficult for them to even open a bank account, much less take out a loan.
Fintech momentum has fueled an explosion of solutions tailored to niche demographics and new fintech startups are sprouting up on a daily basis. In fact, it’s only a matter of time before there’s a neo-bank catering solely to aliens in disguise. Yet, success in this space isn’t a foregone conclusion, irrespective of the expanding fintech landscape (and the compelling evidence attesting to the existence of UFOs).
Fintech is the trendy short form of financial technology referring to the tech-driven means of providing financial services. By fintech apps, we can refer to a multitude of solutions ranging from mobile banking apps to e-wallets or mobile wallets to cryptocurrencies to connected terminals for retail transactions, to many others. These fintech solutions have revolutionized modern banking and financial transactions in many parts.
As fintech continues its rapid and unprecedented growth, one area of the sector remains entirely stunted. March 1st marked the start of international women’s month, and as companies take to social media to share support for women globally, what still remains largely unaddressed is how fintechs intend to make tangible ground towards addressing the gender imbalance in their workforces.
This past week, I published on TC+ my first fintech investor survey. This is something I plan to do on a quarterly basis. I asked 10 investors who actively and frequently back fintech startups a few questions such as what criteria they use when evaluating potential investments and what is the best way to pitch them.
The 2021 Matrix Fintech Index reported that public fintech companies outperformed the market by 3x, driven in large part by favorable IPO debuts, SPACs, and increased adoption of digital payments and e-commerce, BNPL in particular.
Even though those companies saw a draw-down of approximately 30% in the year’s closing months, investors are eagerly looking for new opportunities: in the final accounting, VCs funded private fintech startups to the tune of $134 billion, Crunchbase found.
Despite the potential for a lull in activity transpiring in the shadow of the pandemic, 2021 remained a resilient year for the financial-technology (fintech) sector. According to CB Insights’ latest “State of Fintech” report covering the third quarter of2021, for instance, this quarter was the second-highest on record for fintech financing, up by a whopping 147 percentyear-on-year.
“Trust arrives on the back of a tortoise and leaves on the back of a galloping horse,” said Joseph Healy, Co-founder and CEO, Judo Bank on the growing trust in the digital banking and payments sector in the last 18 months.
The fintech industry continues to struggle with a gender gap that sees women making up just 30% of the fintech workforce. In recent years, fintech has been seen as an exciting and dynamic sector. There are plenty of opportunities for career progression, high salaries and even the chance to bring about significant social change. Despite this, many female employees cite harassment or bullying at work. In their charter, InChorus revealed that 85% of harassment-related incidents in UK fintech were related to gender, and 84% of victims were harassed more than once. This shows that fintech is still not an industry where women can feel welcome and safe enough to progress.