Global FinTech Growth in 2018
August 9, 2018 | BY MOMBO
Investment opportunities in Kenya are growing fast in the FinTech area.SACCOs in Kenya are still behind in the game, but we’re going to see a lot of changes in 2018. In this article you can read all about what FinTech is, the latest FinTech advances including several FinTech companies you could invest in, plus details on Mombo SACCO and MomboiCapital.
What is FinTech?FinTech is Financial Technology. Any financial service or business that uses technology to make managing finance easier is using FinTech. Global FinTech growth was very positive in 2017; figures from KPMG show that US$8.2billion was invested in FinTech globally in the 3rd quarter of last year alone. The really interesting FinTech companies are thosethat push the boundaries in new ways; FinTech that makes managing finances easier for the user and the financial organisation. It’s FinTech like this that can be very profitable as investment opportunities in Kenya and globally.
Latest FinTech AdvancesFinTech news is fast paced! These are some of the top developments in FinTech from the past week:
- WealthSimple (a Canadian FinTech service that’s like a virtual financial adviser) announced that they’ve secured £37million in investments.
- The South African Reserve Bank (SARB) is starting a FinTech program to analyse how FinTech can be harnessed and used safely in SA.
- Jay-Z, famous US rapper, is continuing to invest his fortune in FinTech companies like Robinhood for great returns on investments.
3 Global FinTech Companies to Watch in 2018These 3 global FinTech companies are using technology to make finance easier, from accounting software to merchant payment services to blockchain maintenance. We are expecting to see more great things from these companies in 2018.
- Xero.The New Zealand accounting app was awarded as World’s Most Innovative Growth company by Forbes, but they’re not finished growing yet. Last year they recorded NZ$1.4trillion transactions, according to Investopedia.
- Stripe.This easy to use FinTech company is an online service that allows merchants (from big superstores to small websites) to accept payments securely and easily. They’re currently worth US$9.2billion according to Forbes.
- EllipticWith the rise of cryptocurrency transactions and blockchain tech, Elliptic uses FinTech to monitor the Bitcoin blockchain for illicit records. We predict that this is going be incredibly successful as the world of cryptocurrency is increasingly under the threat of hackers. They’ve already raised $7million according to Tearsheet.