KPMG: Baltics become more active in FinTech sector
The most rapidly growing areas of financial technologies or FinTech are lending, payments and insurance, as well as the new RegTech sector, which covers the development of regulator technologies and solutions, according to the FinTech100 list jointly put together by KPMG and H2 Ventures.
The study shows that investors around the world now invest more capital into FinTech companies. In the past twelve months, companies included in FinTech100 have attracted USD 14.6 billion in investments.
«We have noticed that Baltic States have become active in FinTech sector. Latvian and Estonian companies engaged in this field are especially noticeable. It is interesting that the largest number of emerging companies in the Baltic region is noted in accounting service and electronic payments segment. The biggest stories of success foreign funding attraction-wise include BittFury and TransferWise. Thanks to Latvian-based Mintos and Twino companies, the Baltic region has undergone an uprising in alternative loan segment,» – comments KPMG Baltics transactions consultation director Julija Masane-Ose.
FinTech100 list shows that the boom of new financial technologies companies is noticed all over the world. One of brightest qualities noticed in FinTech100 is the relatively large proportion of companies that assist existing market participants. The fact that 92% of the leading 50 companies belong to the ‘revolutionaries’ provides a signal to the financial sector that now is the time to introduce innovations offered by FinTech. This is good news for consumers, because new solutions and ideas help satisfy clients’ needs more effectively, creators of the list say.
TOP 10 financial technology companies of 2016 are: Ant Financial, Qudian, Oscar, Lufax, ZhongAn, Atom Bank, Kreditech, Avant, Sofi and JD Finance.
Even though FinTech sector continues to rapidly grow in the world, the market remains largely dominated by new Chinese financial technology companies. Four out of five TOP10 FinTech companies come from China – Ant Financial, Qudian, Lufax and Zhong An.
FinTech100 consists of companies that have managed to create world-class changes in the financial services sector using new technologies. The main assessment criteria used for FinTech100 include attracted capital, geographical and sectorial variety, as well as the level of innovations used to enhance competitiveness.