Over the last few years, there has been a growing trend in the U.S. financial technologies (or fintech) market as investment pours into such point-of-sale solutions as peer to peer, money transfer, Face ID, digital wallets and more. Companies like Paypal, Apple, Facebook, Intuit and beyond have all made recent announcements on apps and platforms that enable people to pay one another with ease.
We’re in an exciting time, as the fintech world is evolving on an almost constant basis with technology presenting traditional finance with new and exciting opportunities. Most financial sectors and offshoots are seeing large investment:
- Money transfer successes like Venmo, Kantox and Remitly have invited significant investments, acquisitions and major companies to follow suit. PayPal acquired Venmo through its Braintree acquisition in 2013, Facebook launched peer-to-peer payments in Facebook Messenger in 2015 and Apple recently rolled out Apple Pay in its iOS 11 update.
- The sectors of business and personal loans and financing are also seeing many new entrants, such as FundedByMe and LendingClub. They are also inspiring larger company investment like Quicken Loans’ Rocket Mortgage.
- Personal investment is changing as consumers switch from brokers to platforms with tools like Mint and Nutmeg.
- Point-of-sale and mobile solutions are making it easier and faster for retailers to make transactions through such innovations as Square, Stripe and SumUp.