What is a fintech? Updated in 2022

 

The term Fintech has become a bit more popular in recent years, due to the significant growth of companies in this sector.

What is a Fintech?

 The concept is the connection of the word finance and technology, and is used to describe technological developments that improve or automate the use of financial services.

What fintech is looking for is to generate ease when accessing a financial product, since they are leveraged on user-friendly interfaces. Likewise, in many cases, solutions are generated that allow the product or service to be obtained digitally.

Fintech startups can operate or dedicate themselves to various segments. there are those specialized ones that function as a payment gateway, such as payment processing providers and point of sale terminals. Also others focused on personal finances, which carry out activities such as organizing expenses, preparing programmed savings or the most used ones, which are the fintech origination of credits.

So there are fintech startups that configure initiatives that provide resources to companies or people who require them. In this segment, some entities carry out the entire digital loan process or offer factoring or leasing services. Finally, there are those specialized in generating information technology solutions for the financial sector, where I occasionally carry out integrations between various languages ​​for fintech and credit bureaus.

In Latin America and Central America the largest are Mexico and Brazil, followed by Colombia.