Fintech startups amass war chests for the economic downturn

Fintech startups amass war chests for the economic downturn

4 years ago
Anonymous $-9GJQVHNr8

https://techcrunch.com/2020/05/11/fintech-startups-amass-war-chests-for-the-economic-downturn/

Consumer fintech startups were massively successful in 2019, attracting millions of new users and disrupting traditional retail banks and financial services with mobile-first, consumer-oriented products. Despite the economic downturn in public markets and the massive wave of cuts at public and private companies in recent weeks, fintech startups have been raising a ton of money.

It feels like they’re all building a war chest to survive the economic winter as traditional banks continue to iterate so they can catch up and offer more user-friendly services. This is not the time to raise fees, slow down on product development or plans to acquire new users.

Fintech startups amass war chests for the economic downturn

May 11, 2020, 3:38pm UTC
https://techcrunch.com/2020/05/11/fintech-startups-amass-war-chests-for-the-economic-downturn/ > Consumer fintech startups were massively successful in 2019, attracting millions of new users and disrupting traditional retail banks and financial services with mobile-first, consumer-oriented products. Despite the economic downturn in public markets and the massive wave of cuts at public and private companies in recent weeks, fintech startups have been raising a ton of money. > It feels like they’re all building a war chest to survive the economic winter as traditional banks continue to iterate so they can catch up and offer more user-friendly services. This is not the time to raise fees, slow down on product development or plans to acquire new users.