By Steve Viuker
Fins are back in style. Not the Cadillac fins from the 1950s – we’re talking about financial technology, better known as fintech. According to Fintech Weekly (yes, there is a publication and website devoted to the sector) fintech aims to provide financial services by making use of software and modern technology.
And the traditional financial industry is taking note – a recent panel of the New York Society of Security Analysts was devoted to fintech.
“Five years ago, venture capital totaled $5 billion in fintech. In the last two years, it has reached $20 billion globally,” Justin Brownhill, managing partner of SenaHill Partners LP, said at the panel. “The breakdown is divided equally between Silicon Valley, New York City, Europe and the rest of the world. There have been fintech startups in the past few years that haven’t performed particularly well – On Deck, Lending Club and Square to name three. I believe these are early-stage hiccups. Financial services is a one trillion dollar industry; fintech will soon be the same.”
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