The Fintech Super Highway to Startup Riches

by Robert McGarvey

Want to know a magic trick to wrapping your arms around startup wealth? One word is the superhighway to startup riches today: fintech.

What’s that? It’s companies that blend financial services money matters with high tech, and this is the moment for that marriage. Forever banking has been a high touch sector — lots of human to human interaction — but buckle up; the sector now is riding a tech rocket to provide better services, faster and typically at a lower cost. The pandemic is the fuel for this, as more people do much of their banking digitally. Yes, the pandemic will end, but most experts now believe the changes it has brought to financial services will persevere because we have grown to plain prefer them. Why drive to an ATM to deposit a check when you can just take a photo with your phone?

Create a startup that makes our financial lives better, and it just might become a wealth machine.

Case in point: Stripe, a payments startup primarily focused on ecommerce. In mid-March, the company jumped to a $95 billion valuation and is now the “most valuable startup in the United States,” per The New York Times….

It’s worth noting that Stripe has been around since 2010, but only now has its valuation gone stratospheric. But those riches are why interest in fintechs has soared, and they come in a rainbow of shades nowadays.

Let’s take a capsule view of three different fintech startups: Nav.it, which focuses on financial health; DoubleCheck, a new toolset for lessening the damage done by an overdraft; and Breach Clarity, which scores data breaches by how truly severe they are and who is likely to be most impacted.

Continued at StartUp Savant