Financial technology start-ups are getting set to shake up the financial world.
Investors see the opportunity and are putting more money into financial technology companies. Global fintech funding totaled $19 billion in 2015 and had already reached $15 billion by mid-August 2016, according to Business Insider.
“These new players have the potential to become the next Visa, Paypal or Charles Schwab”, according to a recent report from Business Insider.
Financial technology start-ups include:
– Online-only banks, versus traditional retail banks – Peer-to-peer marketplaces, versus traditional lenders – Robo-advisors, versus traditional asset managers
Established financial firms are adapting by engaging with technology themselves — sometimes by partnering with “fintech” start-ups.