PAYMENT SOLUTIONS
Outsourcing technical processes has helped the fintech industry scale fast . But what is the future for digital partnerships once the industry matures ?
WRITTEN BY : JOANNA ENGLAND
Fintech is growing at an incredible rate , with the pandemic having accelerated industry growth .
According to data collected by the market research company Toptal Finance , the global fintech market was worth $ 127.66bn in 2018 , with a predicted annual growth rate of 25 % until 2022 , to $ 309.98 bn .
However , the Bank of England released a report recently that revealed some fintech sectors had grown by 40 % over the duration of 2020 and a
recent survey by Whitelane Research and PA consulting showed that a staggering 33 % of UK businesses surveyed in their report plan to increase their outsourcing over the next 12 months .
Digital partnerships and fintech The sheer rate of fintech company growth is the primary driver behind the partnership ecosystem , says
Michael Donald , founder and chairman of the board at
Image N Pay .
He explains , “ I believe that virtual partners have become such a big fixture in fintech because the industry moves so fast , and a partner that was right for you last year might not be right for you the following year . To adapt , change and scale at pace , a virtual partner actually becomes something that is there at the right place and right time , but potentially is not there for forever .”
The flexibility digital partnerships provide means fintechs can outsource an array