Note from the CEO: Silicon Valley who?? No, the biggest funders of fintech growth and development do not come from “the Valley” but rather the big boys of the New York canyons. Yeah, Citi ventures, Goldman, JP Morgan and NASDAQ do some funding BUT innovation and creative thinking still come from the gang out west.
“As much as FinTech entrepreneurs would like to attribute their success to groundbreaking solutions and talented teams, it is rarely a single journey. Substantial role in growth and development of FinTech plays the ecosystem – competition, regulators, financial institutions, consumer market, supporting ventures like accelerators and incubators, VCs and dedicated funds. For FinTech in particular, traditional financial institutions have been of immense support regardless of the fact that they often represent direct competition.
By some estimations, (around) $4.7 trillion out of $13.7 trillion of the traditional financial services’ revenue is at risk of being displaced by new technology-enabled entrants. Whether the estimations are exaggerated or not, there is still a general consensus that FinTech has a substantial impact on the financial services industry and its traditional players.”