Note from the Publisher: We’re including this piece today, almost but not quite, tongue in cheek. We feel we have a decent handle on the world of fintech and cover a new VC deal every day we publish our newsletter. Easy, it’s NOT, to start one of these things up. While there appears to be endless wads of cash from VCs for any interesting fintech out there, every venture we’ve seen is just incredibly complex and specialized and requires loads of data and algorithms and programming and precise targeting and yadda yadda yadda. So we thought it was quaint, in a way, that Entrepreneur magazine featured a piece on how to start a fintech, with a 5-point how to list. As if you just did those 5 things, you’d have yourself a fintech – yup. Anyway, it’s worth a quick read.
“Innovative fintech startups are ready to disrupt the financial services industry, and they’re getting plenty of capital to do it — more than $9 billion in the first three months of 2016 alone.
The rise of smartphones and the abundance of consumer data are driving this revolution. And, this charge is gaining steam, as consumers become more comfortable with their data being collected, aggregated and shared. Nearly 60 percent of smartphone owners say they’ve used their phones for online banking, and that’s just the tip of the iceberg.”