The Incredible Growth of Fintech (Infographic)
Everything evolves, constantly. Each new breakthrough poses heaps of new questions to which answers are yet to be discovered. One of these breakthroughs happened with fintech. Fintech, as a word, is what linguists would call a portmanteau – a combination of two separate words. In the case of fintech, those two words would be financial and technology. However, as a system or a sector, fintech is what experts would call the future.
Quite simply, when technology put its fingers in the financial services’ pie, fintech was born. We are talking about mobile payments, transfers, fundraising, cryptocurrencies; you name it. Even though fintech liberalized the whole financial system and put the power into people’s hands, the traditional financial sector felt threatened by it, and understandably so. Although everyone knows about Groupon coupons and deals, when technology started to influence their financial business heavily, the CEO and creator of Groupon, Andrew Mason couldn’t keep up and had to step down. One of the best online travel agencies, for example, aside from the Expedia promo codes and deals, is also continuously growing due to fintech. To share our amazement with it, here are some incredible facts on the incredible growth of fintech in the last couple of decades.