Forbes: CrediFi (aims to solve the lack of transparency, particularly around key financial information, in the Commercial Real Estate space, and providing in-depth loan information previously unknown to the market), City Falcon (is looking to level the playing field in the $25b financial information services market bringing “Bloomberg to the consumer”) and TransferWise
I have good news and bad news. Let’s start with the latter; essentially we’re still recovering from a rocky economic situation caused by the recession (this we know). The bad news is that the recession exposed fundamental weaknesses in the world of global finance, demonstrating how interconnected and interdependent economies are today. Sometimes bad things have to happen before good things can.
This transition presented opportunities for technology entrepreneurs that were never realized before. Now that the rebalancing and deleveraging process is largely complete, the U.S. economy is poised for growth. For many recession-era entrepreneurs, this was the case: getting downsized became a catalyst to do something they’d only dreamed about, the opportunity to try a new adventure and breathe new life into the economy.
FinTech has become increasingly popular amongst these technology circles, offering financial services which compete against the traditional finance sector dominated by legacy players. Fintech’s accelerated growth is accredited to the advances in technology and innovation that target traditional methods of Finance from transactions to underwriting. The recession is the one notable explanation for the rise of FinTech. FinTech is an area that is radically changing how we live as a society and how we do business professionally. Just like my Forbes colleague Ilya Pozin claims; “FinTech companies, as they’ve come to be called, are easing payment processes, reducing fraud, saving users money, promoting financial planning, and ultimately moving a giant industry forward.”