Financial technology has been increasing in popularity as banks and other financial institutions look for ways to beef up their services, while businesses and consumers desire simpler ways to manage their funds — whether it’s using Kabbage for getting a loan, or Zelle for sending cash.
Worldwide, the fintech industry generated $9 billion in revenue in 2017, and was projected to hit $169 billion in 2023, and $294 billion in 2027, according to market insight firm Statista.
Chris DiPentima, president and CEO of the Connecticut Business & Industry Association, said tech has been “one of the fastest-growing industries in Connecticut over the last five years.”
Fintech and insurtech have particularly driven this growth, due to the abundance of financial and insurance companies here, he said. Connecticut has a number of fintechs statewide, including Covr Financial Technologies and IncomeConductor, both in Hartford, Darien-based Oasis Pro Markets, and Tomo and Rellevate in Stamford, to name a few.
There were 11,651 fintech startups in the Americas…