October 28, 2014 Comments Off on The rise of Fintech
Financial Technology or “Fintech” is changing the financial services industry and redefining the way people bank, borrow, invest and exchange money. Today, there are countless alternatives to traditional banks. There’s online banking, peer-to-peer lending, crowdfunding, online trading and many more. The industry is growing rapidly and venture investment is also on the rise. According to Accenture, global investment in Fintech ventures in the past five years has increased from a little over $900 million in 2008 to more than $2.97 billion in 2013. This trend is expected to continue with a global investment forecast of $8 billion by 2018.
One of the hottest sectors in the Fintech industry today is the peer-to-peer money transfer space. To date, this sector has enjoyed continuous funding from investors. TransferWise recently received an additional $25 million from existing investors and Sir Richard Branson, CurrencyFair raised $2.5 million led by Frontline Ventures, and WorldRemit enjoyed a $40 million investment led by Accel Partners. Today, WeSwap, an online, peer-to-peer travel money exchange service that charges a service fee of just 1%, received $7.5M from investors. Read about the funding here.
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