Global fintech is on the rise: Is your credit union ready?

Financial Technology (Fintech) startups are making waves throughout the financial services industry. Traditionally functioning banks and credit unions are facing a time of extreme change, both competing with and potentially benefiting from these new financial technologies. KPMG recently released, “The Pulse of Fintech, Q2 2016: Global Analysis of Fintech Venture Funding” to accurately paint a picture of Fintech growth and funding.

The State of Fintech

According to the report, financial technology had been expanding globally over the last year. New businesses are forming with innovative methods for serving and delighting customers (especially millennials), and raking in profits.

“We are seeing a continued diversification across many dimensions of fintech – the growth of different subsectors, the size of organizations participating, the geographic location of fintech companies attracting investment and the increasing levels of activity from companies outside the traditional financial services industry”, stated Ian Pollari, Global KPMG International and Partner, KPMG Australia.

Q2 2016 experienced 195 deals, resulting in $2.5 Billion raised by VC-backed Fintech companies, or $9.4 Billion overall invested in financial technology.

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