FINTECH
Fintech Startups to Watch in 2020 / 2021
an opportunity , combined with the fact that people are adopting new technology at a faster rate than I can remember ,” Munro says .
Meanwhile ,
Andra Sonea , Head of Solution Architecture at
FintechOS , an app development , services and solutions enterprise , believes poor budgeting is responsible for the vast majority of fintech startup failures . “ A lot of start-ups burn through money quickly , and don ’ t make that money back as fast as they should because they choose the wrong business model ,” she says . “ This is especially true of fintech startups pursuing a B2C business model , who will often overestimate the extent to which consumers will change their behaviour , or pay for a new product or service in addition to all the things they already pay for .”
New technology As 5G becomes mainstream and more IoT devices hook up to fintech services , the data collected by fintech services will become more detailed and valuable . The technology accelerates payment speed and security processes , allows payment providers to leverage the power of tech such as AI , blockchain and API integrations in a faster way . Some industry experts believe that better connectivity will see the industry truly come into its own , becoming increasingly mainstream .
Marwan Forzley , CEO of
Veem , a San Francisco-based online global payments platform founded in 2014 , explains , “ Financial technology is built to be done anywhere . Fintech innovators who adopt 5G technology can expect to engage in more partnerships , M & A , etc . as legacy financial institutions and banks look to modernise their service offering . We can also expect quicker transactions on a global scale as the uptake in 5G bolsters networks and reduces over-air network latency issues .”
36 March 2021