The State of FinTech
FinTech and the overall market faced significant challenges in 2023—rising interest rates, inflation, slowing economic growth, geopolitical conflicts, and bank failures, like Silicon Valley Bank, Silvergate Bank, and First Republic Bank, rocked every industry. However, 2024 shows increased fintech deal activity driven by the growing adoption of digital payments, the popularity of mobile banking, and anticipated decreases in interest rates. Plus, ecommerce reaches a new frontier with automation and AI. That means constant demands for fintech deal activity as providers seek secure ways to process payment and manage financials. Regulation in payments, data security, privacy, and digital assets is also increasing. The "regulatory lag" that often colors the industry is catching up to the growing upticks in cybercrime.
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