Do you have financial insight and want to build your business around it? Have you ever thought about starting a FinTech company from scratch? If yes, then in this blog, we will discuss every aspect of creating a FinTech company while keeping it successful. From the prospects of developing a FinTech startup and factors critical for FinTech startup to market insights and steps essential to start a FinTech company, we will cover everything. So, let’s go deeper with the concept of a FinTech app and understand how to create a FinTech startup.
Why Is It The Right Time To Start A FinTech Company?
The one thing that every FinTech startup owner should know is the financial prospects of a FinTech business model. As of 2023, over 1,00,000 FinTech apps in Google Play and Apple Store combined. The global market size for this app category has crossed $28,000 billion this year, and the valuation of more than 100 FinTech companies has reached $1 billion. FinTech companies secure better financial deals from venture capitalists compared to other business models. It is the most invested business category, with a 20.5% projected growth rate by 2027. In recent years, the number of FinTech apps has grown significantly. Let’s understand the growth of FinTech apps with a table.
| Year | Google Play Store | Apple Store | Total | Growth Percentage |
|---|---|---|---|---|
| 2018 | 20000 | 15000 | 35000 | – |
| 2019 | 25000 | 20000 | 45000 | 28.6% |
| 2020 | 30000 | 25000 | 55000 | 22.2% |
| 2021 | 35000 | 30000 | 65000 | 18.2% |
| 2022 | 40000 | 35000 | 75000 | 15.4% |
| 2023 | 60000 | 40000 | 100000 | 33.33% |
The table shows that the number of FinTech apps doubled every 5 years. The increasing demand for affordable financial services has contributed to the growth of this app category. The growing availability of smart devices and high-speed internet access also drive the success of FinTech apps. Experts believe that the FinTech industry is still in its early stages, and it is a great time to be involved in this industry and build a FinTech app. So, if you want to start a FinTech startup, the time is now!
Different FinTech Categories:
The FinTech services are The FinTech is a broad and ever-changing industry. Many technological products and services fall under the FinTech business category. These technological innovations facilitate financial transactions and seamless financial management for individuals and organizations. To know how to build a FinTech startup, you should have complete knowledge about the FinTech categories and niches. It will help you decide the type of FinTech service you want to provide your customers.
#1 Blockchain Cryptocurrency:
Blockchain-powered trading platforms and the intersection of cryptocurrency have transformed the FinTech landscape. Prominent cryptocurrency trading platforms such as Bitcoin, Bloq, and Wirex use blockchain technology to securely record financial transactions, transact, invest, and manage financial assets. Digital currencies, tokenization, smart contracts, and smart tekone offerings are some of the innovative solutions of this FinTech category.
#2 Insurance (InsureTech):
It is another popular FinTech app category where companies use technology to facilitate the delivery of insurance products and services while improving the user experience. Insurance companies incorporate artificial intelligence, IoT, and advanced algorithms in their insureTech apps to serve their customers efficiently. High-value insure-tech solutions are transforming the way clients buy insurance products. InsureTech offers several benefits, including online remote accessibility, customized policy presentation, quick premium payments, etc.
