Fintech is a blend of the word’s “finance” and “technology,” and it refers to any company that employs technology to improve or automate financial services and operations. The phrase refers to a fast-expanding industry that serves both consumers and corporations in a variety of ways. Fintech offers a seemingly limitless number of uses, ranging from mobile banking and insurance to cryptocurrency and investment apps.
The industry is massive, and it will continue to grow for many years. There are “41 VC-backed fintech unicorns worth a combined $154.1 billion,” according to CB Insights. Many traditional banks are proponents and users of the technology, aggressively investing in, acquiring, or collaborating with fintech companies because it is easier to provide digitally savvy clients with what they want while also propelling the industry forward and being relevant.
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