Fintech is short-hand for financial technology.
It describes technology innovations, developments, and advances taking place in the financial services sector.
Fintech isn’t only about cryptocurrencies and Bitcoin. They’re a small but growing segment within Fintech.
Fintech also includes many segments from the traditional finance world, including but not limited by:
- venture funding,
Some examples of Fintech innovations include mobile banking, blockchain technology, investment apps, small ticket loans, digital insurance, crypto apps, Robo-advisers, and peer-to-peer (P2P) lending apps.
Fintech startup funding exploded in 2021, with global fintech investments hitting a record $132 billion, more than double the $49 billion the sector saw in 2020.
Online lending and cryptocurrencies were standout performers in 2021, seeing major funding.
The U.S. leads the world in fintech funding, reaching $63 billion in 2021, up 171%.