According to the Global Fintech Adoption Index 2019, fintech adoption was doubling every two years before the pandemic struck. From 2015 to 2019, the industry grew from 16% to 64%. This growth can be credited to fintech's developed agility compared to brick-and-mortar financial institutions. When the world was struck by the COVID-19 pandemic, fintech became an essential sector for businesses to survive the chaotic times. The true power of fintech enabled the rapid migration to digital payments at a time when even the skeptics had no choice but to embrace the new transaction solution.
It's been a big six months for European fintech. A dozen new financial unicorns have joined the stable, funding has reached record-breaking levels, and a wealth of IPOs are being lined up. So it's time we updated our Europe-famous (soon to be world-famous) fintech ranking, which lists the most exciting financial startups in town. We've cleaned up the data (courtesy of Dealroom), removed the dead weights and also welcomed several newbies onto the list. Over 30 new fintechs have ascended the ranks this year.
Fintech is an essential part of modern finance. The traditional understanding of financial operations has changed. Fintech opportunities allow people to enjoy the convenience and speed of managing their financial operations. In addition, it has enormous potential to improve global economic life. Fintech has opened the way for businesses and individuals to overcome new financial problems caused by social distancing and other government restrictions during the coronavirus pandemic.