By Paul Hope.
FinTech is changing the world we live in, one app at a time.
As smartphone tech and software continues to disrupt traditional business models, transforming standard methods of customer/service interaction, commercial exchange and communication, FinTech (short for “Finance Technology”) is disrupting the fields of personal finance, banking and e-commerce.
The expansion of FinTech start-ups has been impressive and spontaneous. Investment soared in 2015, expanding from $3 billion to $19.5 billion in the space of two years. In 2016, global investment in FinTech grew by 11 percent, reaching $17.4 billion, with spending in China out-pacing that of the United States. Yet the American sector has seen far more activity, with some 650 deals compared to only 28 in China.
In the second quarter of 2017, FinTech companies backed by venture capitalist (VC) firms raised $5.2 billion, roughly doubling the amount raised in Q1, hitting the highest level yet reached in the FinTech sector.
Read more at Yahoo Finance.