Whether or not you think that the future lies in financial technologies, it is hard not to be impressed by the sector’s astronomic growth. Rarely have we seen an industry expanding at the rate ‘FinTech’ did in 2016 when it attracted over $17.4 billion in investment. For the first time ever, China outpaced the U.S. in both the amount of deals completed and the total capital raised by start-ups.
During the year, Chinese investments into FinTech companies grew by an astonishing 84%, making the country the market leader in one of the most modern and prominent technology sectors in the world. Meanwhile, the money flowing into western companies dropped dramatically. The U.S. and U.K. saw 12% and 34% decreases in investment respectively while, in Europe, the amount of investment fell from $12.4 billion in 2015 to only $2.2 billion last year.
This transformation was, therefore, one of the main discussions at the eFinTech show is Barcelona this year. The event attracted companies from all around Europe. All came to discuss current trends and ways European start-ups could compete on a global scene. “We’ve seen a fall of investment because of the political instability” says Fabrizio Villani, founder of Fintastico, a global FinTech portal that features start-ups from all over the world.