2021 was an exceptional year for FinTech. In the year, we witnessed once-nascent businesses scaled up to become the potential next giants in the economy. For example, Coinbase and Robinhood were listed respectively in May and July. Coinbase was listed with a market capitalization of $86 billion and Robinhood was listed at $32 billion, surpassing the market capitalization of some decades-old reputable companies such as Nasdaq ($26B). These companies have taken about a decade to dethrone and challenge the market share of big financial services companies.

In this ECA, we seek to explore and understand the chain of events culminating to these major developments and how these developments will further accelerate the adoption of technology to deliver affordable financial services to the masses

 

Required:

1) Discuss and explain the factors that contribute to the meteoric rise of FinTech companies. Make good uses of examples, statistics and events to augment and develop your discussion