With FinTech companies on the rise, Choice Loans has put together a colourful infographic to show how we’ve gone from graph paper to personal data algorithms – and everything in between.
Given the size and weight of the finance industry, outsiders might think financial technology development would be a difficult process slowed by inertia.
But that couldn’t be further from the truth: FinTech companies, the bright and active technology developers, are disrupting every part of the sector – as the latest infographic from Choice Loans shows.
Detailing the growth in the area over the last ten years (and covering some of the major FinTech companies from before that, like SagePay and Xoom, both founded in 2001), it splits the developing companies across their different specialisations – including:
- Accounting, like New Zealand software-as-a-service company Xero
- Crowdfunding giants such as Kickstarter and Patreon
- Investment gurus like Nutmeg and Xoom – among others
- Personal finance pioneers, covering non-traditional data sources (Moven) and savings assistance (Squirrel)
“Would you like to see it one more time? You may have blinked and missed it,” said Tim Cook when he launched Apple Pay. And the same is true of the entire industry – it’s moving quickly, and this piece helps to chart the rapid progress of developments across the FinTech industry.
As an update to the previous version, released last year, it now includes companies founded in both 2015 and 2016 to date, as well as over 60 more companies founded between 2000 and 2014 – bringing the total list to over two hundred, from online payment goliath PayPal, founded in 1998, through to 2016’s ‘digital mortgage broker’ habito.
It’s an approachable and accessible view on the development of FinTech, and a vital industry highlight for anyone with an interest in the financial sector.
To explore the spike in technology start-ups in 2012, or to see how new technology is reshaping the financial industry, check out the infographic, available here.