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Tag: entrepreneurship

What is fuelling the fintech boom?

I have a new job that’s all about fintech. You will probably know roughly what that is if you have been reading around finance, entrepreneurship, innovation and such lately. Or, frankly, if you’ve been awake in a place like London in the last few years. My definition is ‘disruptive, technology-based businesses in financial services’.

You are also likely to be a customer of at least one fintech company, as last year an estimated 2/3rds of all banking customers were using a fintech service. For me it’s ClearScore for checking my credit score for free and TransferWise for sending money cheaply to Finland (since I have you here, have a code for a free transfer).

In short, you can’t have avoided hearing about one of the most active areas of the startup scene in London and globally. You may be asking yourself, when will all this blow over? When will there be just Jack Daniels and dating ads on the Tube again? To answer that I have analysed the main drivers fuelling the revolution using a 2×2 matrix, below – I’m not an MBA for nothing, hey. On the vertical axis is the impact or the level of disruption caused by it, and the horizontal axis shows whether a driver is likely to become less important over time or is here to stay. Spoiler: fintech is not going away.

BusinessFinance

Publishing is an employers’ market

(c) MSMcCarthy Photography
(c) MSMcCarthy Photography

The other night, my friend was telling me about a get-together for young IT professionals he went to. He met several interesting people with various orientations and specialties. Someone had a business idea about doing A, and another one was really good at B; a third was pitching his side project to venture capitalists.

I listened and compared this to how events for young publishing professionals sometimes turn out. There’s usually more women, for one thing, and they’re more light-hearted occasions somehow – you often end up part of a comradely chat with a group of people quite like you, talking about your quite uniform experiences of working as an assistant.

Would that be fair? Those evenings are fun and lots of names and numbers get exchanged, but they’re not usually very productive in terms of new partnerships or businesses getting the first spark.

Business