The global Fintech market has continued to go from strength-to-strength despite the worldwide Covid-19 pandemic threatening to upset its growth.
With more and more payment providers turning to Fintech to help boost their presence in their target industry sectors, the process of borrowing is being made more user-friendly with the adoption of mobile apps and plug-ins enabling customers to check their finances including monthly payments whilst on the move.
Fintech started off as a mainly banking focused tool offering flexibility for its users but has since transitioned into other areas of finance including loan credit and stock trading as well as cryptocurrency.
Figures released by Innovate Finance show that the Fintech market has made over $44 billion in the last year, an overall increase of 19% since 2019. This has bucked the trend of industry slowdown due to the effects of Covid and has also shown a large increase of new Fintech start-ups.
The UK holds the crown of being Europe’s capital for Fintech investment having attracted $4.1 billion in venture capital and is only second to the US in global investment. This proves that the next generation of innovative payment solutions are very much in demand and will no doubt be utilised by a range of payment providers moving forward.
Find out more about Innovate Finance’s latest report here.