FinTech is taking the financial industry by storm, by innovating on a highly stagnating ecosystem which, in recent decades, was benefitting end customers less and less. In simple terms, FinTech refers to the mix of finance and technology, where tech innovations are used to improve financial transactions, as well as commercial and investment banking services. One such technological innovation being blockchain.
Blockchain has brought renown and efficiency to ambitious new FinTech businesses and startups, wishing to dethrone the incumbent banking players. From incorporating cryptocurrencies — particularly ‘stablecoins’, which are digital currencies pegged to fiat currencies or assets — to double-entry bookkeeping, the future is bright for those companies looking to bring speed, transparency and fairness to the finance industry.
Although financial tech has existed since the advent of computers in the 80s, and the explosion of the internet in the 90s, these past few years the sector has reached new heights of success. Created by Elon Musk and Peter Thiel in the late 90s, PayPal was the first true global FinTech company, which revolutionized the lagging money transfer and digital payment systems of the era. More players have arrived, since.
By leveraging blockchain in the past decade, FinTech companies have been able to disrupt the whole industry — including its current leaders — with high-level efficiency, transparency, speed, trackability and improved customer service. On this page you’ll discover some of the ways these exponential-growth startups have been able to quickly grow from “garage businesses” to multi-billion dollar successes.
From practical use cases for FinTech, such as e-commerce, to full explorations of the industry, you’ll be able to learn all about this revolutionary finance sector. You can also check out some of the ways FinTech thrived in 2019 thanks to blockchain, as well as the blockchain trends for 2020, many of which are part of the financial world.