Collaboration helps FinTechs demonstrate true innovation
In 2018, venture capitalists invested 36.6 billion dollars in fast-growing FinTech companies, according to a report by Innovate Finance.1 However, a closer analysis of the numbers reveals a pattern. Almost two fifths of that venture capital money went to a single company. In Europe, the top five recipients of venture capital included well-known challenger banks with millions of customers and ability to grow their reach.
The report reminds us of the market classification of recognisable innovation: original ideas which can truly scale. Start-up FinTechs are typically know to be friendly, flexible, and highly attuned to customer demands. It is the ability to maintain, and not compromise, these qualities as the product reaches beyond a wave of first adopters that will position these businesses for growth. Strategic partnerships will help FinTechs focus on mitigating the security, network reliability, payment access and ease of use pitfalls that can appear as user data and numbers grow.
With experts calling for ‘an expansionist mindset’ in order to push financial technology higher up the business agenda and with global investment in FinTechs more than doubling in the past year2, the spotlight on the industry has been magnified. The opportunity for start-ups to gain positive coverage, awareness and market traction is great.
At Visa, we’re passionate about working with FinTech start-ups to fast-track ideas to reach mass awareness and adoption.
Partnering with Visa can lend FinTech start-ups credibility, trust and access to best practice that will be a key differentiator as they scale. Partnership is in our DNA. By working with FinTechs we can help create a financial ecosystem that better serves both consumers and businesses. By offering access to our robust security features and by facilitating payments, we’re making it easier for these innovators to use our network as a springboard to grow their businesses.
Find out more about how we can work with your business here: https://www.visa.co.uk/fintech.html
12018 VC FinTech Landscape, Innovate Finance
22018 VC FinTech Landscape, Innovate Finance