Why there are still many opportunities left to be successful in Fintech
One of the misconceptions many people who are not familiar with financial technology (Fintech) have is that you need to be a computer programming and finance genius to build a Fintech business. The reality is that most financial apps can be built by developers of average ability with a good understanding of the workings of the financial sector.
The Fintech sector has been booming for over a decade and we have only scratched the surface when it comes to opportunities to build successful fintech businesses.
Fintech disruption has been led by young entrepreneurs
Fintech is an industry where young entrepreneurs with little capital have been building billion-dollar businesses over the past decade. We regularly hear such success stories coming from Asia, Europe or Africa.
Earlier this year, Fintech startup Ramp raised $300M at a $3.9B valuation in a series C round, less than 2 years after its inception. That's more than double the $1.6 billion New York-based Ramp was valued at in the previous year.
Wave, a U.S. and Senegal-based mobile money provider, raised Africa's largest series A round of funding just a few weeks ago, a record $200 million at a $1.7 billion valuation.
Fintech Investments Have Hit $91.5 Billion In 2021
There is a proven appetite in the venture capital community for investments in Fintech startups. Many startups founded by young people with little to no experience in financial services have received record amounts of money to scale after showing initial traction.
The rationale behind these huge investments is not necessarily to sustain startups financially until they are profitable, but also to be able to sell them to bigger competitors at a huge profit.
