Nihara Gooneratne

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State of tech in financial services - 2024

State of tech in Financial Services - hero

financial-services-OG

State of tech in Financial Services: How AI, blockchain, and biometrics are forging the future

<div>
 <ul>
 <li>
 
 57% of banks use AI in fraud detection, and 48% in risk assessment. Major initiatives include Wells Fargo's AI in trade finance and Abound's USD 1 billion raise for AI lending.
 
 </li>
 <li>
 
 GenAI is growing, 69% of wealth management firms using GenAI in customer service.
 
 </li>
 <li>
 
 Blockchain and AI-enhanced biometrics are active, with 60%&ndash;75% biometric adoption in financial services.
 
 </li>
 </ul>
 
 
</div>

<div>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 
 Classical AI (predominantly machine learning [ML] and natural language processing [NLP]) has found its footing in backend operations, 
 with
 
 57% of banks having deployed it in fraud detection and 48% in risk assessment. Notable developments included 
 <a href="https://www.fintechfutures.com/2024/04/wells-fargo-to-integrate-ai-into-trade-finance-operations-with-tradesun/">
 Wells Fargo
 </a>
 and 
 <a href="https://www.bobsguide.com/lloyds-and-cleareye-ai-forge-ai-centric-trade-finance-alliance/">
 Lloyds'
 </a>
 AI integrations in trade finance and significant funding rounds like 
 <a href="https://sp-edge.com/updates/31021">
 Abound's USD 1 billion
 </a>
 raise for international AI lending platform expansion
 
 </li>
 <li>
 
 GenAI is gaining momentum across customer-facing operations:
 Major initiatives included Wells Fargo's 
 <a href="https://itrexgroup.com/blog/generative-ai-in-banking/">
 Fargo
 </a>
 assistant (handling 100 million annual interactions) and NatWest's
 <a href="https://www.natwestgroup.com/news-and-insights/news-room/press-releases/data-and-technology/2024/jun/natwest-launches-cora-plus-the-latest-generative-ai-upgrade-to-t.html">
 Cora+
 </a>
 having practical applications of GenAI in this space. Notably, Temenos' 
 <a href="https://www.temenos.com/news/2024/05/13/temenos-launches-the-first-responsible-generative-ai-solutions-for-core-banking/">
 launch
 </a>
 of &ldquo;Responsible Generative AI&rdquo; solutions for core banking operations aimed to address regulatory compliance and data security challenges in financial operations.
 
 </li>
 <li>
 
 Blockchain and AI-enhanced biometrics appear as active trends across payments:
 Blockchain is making substantial progress in backend and customer-facing payment applications, with Worldpay reporting a 50% reduction in payment processing time through its stablecoin system and 29% of retail investors using crypto for transactions (up from 23% in 2022). Biometric adoption in financial services has reached 60%&ndash;75%&mdash;among the highest across sectors&mdash;with solutions like Mastercard's
 <a href="https://www.mastercard.com/news/press/2024/april/mastercard-transforms-the-fight-against-scams-with-latest-ai-tech/">
 Scam Protect
 </a>
 combining identity verification and behavioral biometrics.&nbsp;
 
 </li>
 <li>
 
 AI-driven personalization supports retail investment strategies and back-office automation for wealth managers:
 Product updates such as Revolut's 
 <a href="https://www.revolut.com/en-FR/news/revolut_launches_robo_advisor_in_eea_to_automate_investing/#:~:text=Revolut%20has%20made%20investing%20more,Advisor%20service%20in%20the%20EEA.">
 robo-advisory service
 </a>
 s and EarnUp's 
 <a href="https://sp-edge.com/updates/32186">
 AI Advisor
 </a>
 are examples of hyper-personalized investment products. GenAI adoption in wealth management is particularly strong in 
 customer service (69% of firms) and investment research (50%),
 with BCG estimating potential time savings of up to 30% in areas like customer boarding.
 
 </li>
 <li>
 
 Open banking data sharing receives big regulatory boost:
 Relaxation of regulations surrounding open banking has enabled banks to seamlessly share data among themselves, resulting in the emergence of new payment models, such as account-to-account (A2A) and multi-currency payments. Notable developments included 
 <a href="https://sp-edge.com/companies/41928">
 HSBC
 </a>
 &rsquo;s launch of 
 <a href="https://fintechmagazine.com/articles/hsbc-set-to-launch-international-payments-app-zing">
 Zing
 </a>
 , a 
 <a href="https://investor.visa.com/news/news-details/2024/HSBC-Partnered-with-Visa-to-Develop-Zing-International-Money-App/default.aspx">
 multi-currency payments app
 </a>
 , in collaboration with 
 <a href="https://sp-edge.com/companies/13061">
 Visa
 </a>
 
 </li>
 <li>
 
 Asset tokenization regains traction for institutional wealth management:
 The value of tokenized assets reached USD 15 billion as of September 2024 (excluding stablecoins). Major financial institutions, including BlackRock, Fidelity, and JPMorgan,&nbsp; actively implemented blockchain technology for tokenization, players such as State Street 
 <a href="https://www.paymentsjournal.com/state-street-to-launch-tokenization-platform-for-institutional-investors/">
 introduced tokenization
 </a>
 platforms, and partnerships between companies like AlphaPoint, Polymesh, 
 <a href="https://archax.com/insights/assetera-and-archax-announce-first-pan-european-strategic-partnership">
 Archax, and Assetera
 </a>
 aimed to enhance and facilitate asset tokenization.
 
 </li>
 <li>
 
 <a href="https://sp-edge.com/industry/24">
 Quantum computing
 </a>
 also showed promising use cases,
 particularly in portfolio optimization, simulations, and credit analysis. Key players such as 
 <a href="https://aws.amazon.com/blogs/quantum-computing/goldman-sachs-and-aws-examine-efficient-ways-to-load-data-into-quantum-computers/">
 Goldman Sachs
 </a>
 , 
 <a href="https://www.jpmorgan.com/technology/applied-research">
 JPMorgan
 </a>
 , and 
 <a href="https://www.hsbc.com/who-we-are/businesses-and-customers/hsbc-and-quantum">
 HSBC
 </a>
 were among the major institutions frontlining research into quantum computing in financial services. However, most real-world implementations are still in experimental phases, with 60% of regulators expecting a significant impact within as late as 
 <a href="https://www.theasianbanker.com/updates-and-articles/quantum-technology-can-revolutionise-finance,-but-create-new-problems">
 seven years
 </a>
 . Notably, 
 <a href="https://sp-edge.com/companies/29093">
 D-Wave Systems
 </a>
 , a maker of 
 <a href="https://www.dwavesys.com/solutions-and-products/financial-services/">
 quantum annealing systems
 </a>
 , is exploring applications in financial services, a hybrid approach that combines classical CPUs/GPUs with their quantum annealing hardware.
 
 </li>
 </ul>
 
 
</div>

<div>
 <ul>
 <li>
 
 Overall funding volumes declined sharply amid investor caution
 
 </li>
 <li>
 
 Complementary offerings rose alongside AI-related product launches
 
 </li>
 <li>
 
 Regulators focused on promoting transparency and consumer protection
 
 </li>
 </ul>
 
 
</div>

<div>
 
 This Edge Insight focuses on notable activities related to the sectors covered by SPEEDA Edge under the FinTech vertical from July 2024 to September 2024 (Q3 2024): FinTech: Banking &amp; Infrastructure, FinTech: Blockchain, FinTech: Payments, Wealth Tech &amp; Sustainable Finance, and InsurTech.
 
 <hr/>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 <h3>
 Regulations
 </h3>
 <ul>
 <li>
 
 Regulators focused on promoting transparency and consumer protection with specific disclosure requirements and stringent record-keeping for non-bank players: 
 The US Consumer Financial Protection Bureau (CFPB)'s 
 <a href="https://sp-edge.com/updates/31763">
 proposed rule
 </a>
 to classify paycheck advance programs as consumer loans aims to ensure that workers understand the fees involved, addressing potential concerns around hidden costs. Similarly, the US Federal Deposit Insurance Corporation (FDIC)'s 
 <a href="https://sp-edge.com/updates/33754">
 new rule
 </a>
 on third-party deposits strengthens record-keeping and reconciliation practices, which is critical to safeguarding consumer funds and maintaining trust in non-bank financial intermediaries. These regulatory moves highlight a 
 growing emphasis on stricter oversight for non-bank players
 , ensuring that they meet higher standards of disclosure and security. This would ultimately promote a safer, more transparent financial ecosystem.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Funding
 </h3>
 <ul>
 <li>
 
 Overall funding volumes declined sharply amid investor caution: 
 We tracked a decline in funding volumes in the FinTech sector in Q3 2024. Funding totaled 
 USD 3.3 billion
 , representing a 
 69% decrease YoY
 and a 
 50% decline QoQ
 . This marks the 
 lowest funding recorded
 over the 
 past 12 months
 , as all sub-sectors within the space faced similar declines.&nbsp;The decrease can also be attributed to 
 fewer completed mega deals
 , with only nine finalized, compared with 17 in Q3 2023. This softening of the investor climate can be a result of 
 increased caution among investors
 , who anticipated rate cuts for most of the quarter alongside political risks from the upcoming US elections.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Product updates
 </h3>
 <ul>
 <li>
 
 Complementary offerings rose alongside AI-related product launches, driven by automation and insights: 
 AI-related product launches sustained their momentum in Q3 and were prominent in the 
 Business Expense Management
 , 
 Capital Markets Tech
 , 
 Financial Wellness Tools, 
 and 
 InsurTech: Infrastructure 
 industries, primarily targeting customer needs for automation and insights. Notable solutions included financial coaching chatbots from 
 <a href="https://sp-edge.com/companies/365556">
 BrightPlan
 </a>
 and 
 <a href="https://sp-edge.com/companies/613875">
 Pocketnest
 </a>
 to provide individuals tailored financial advice, fully automated accounts payable platforms from 
 <a href="https://sp-edge.com/companies/746175">
 Airbase
 </a>
 and 
 <a href="https://sp-edge.com/companies/410068">
 Stampli
 </a>
 to eliminate discrepancies and enhance accuracy of matching POs, and enhanced insurance claims management tools from 
 <a href="https://sp-edge.com/companies/812928">
 Five Sigma
 </a>
 and 
 <a href="https://sp-edge.com/companies/570493">
 CLARA Analytics
 </a>
 to reduce claims processing times and cost for the carrier and claimant.&nbsp;
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Partnerships
 </h3>
 <ul>
 <li>
 
 Activities centered around enhancing existing product portfolio:
 Most partnerships within FinTech aimed at forging alliances to develop and/or add new features to 
 complement existing offerings
 and 
 expand market reach
 . However, compared with previous periods, we saw a 
 decline in AI-related partnerships 
 this quarter. The FinTech: Banking &amp; Infrastructure sector accounted for the most partnerships, with notable activities being 
 <a href="https://sp-edge.com/companies/71676">
 Google Cloud
 </a>
 and 
 <a href="https://sp-edge.com/companies/155763">
 Sionic
 </a>
 partnering to launch a comprehensive 
 <a href="https://www.businesswire.com/news/home/20240815806806/en/Sionic-Announces-Fraud-Protection-Service-Using-Google-Cloud-AI-Technology">
 fraud detection and mitigation service
 </a>
 and 
 <a href="https://sp-edge.com/companies/8781">
 Ford
 </a>
 launching a new 
 <a href="https://sp-edge.com/updates/31431">
 usage-based auto insurance
 </a>
 for commercial customers in partnership with 
 <a href="https://sp-edge.com/companies/520401">
 Pie Insurance
 </a>
 .
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 M&amp;A
 </h3>
 <ul>
 <li>
 
 Existing offerings were enhanced through bolt-on acquisitions, a key driver of M&amp;As: 
 In Q3 2024, we counted 
 15 M&amp;A transactions
 in the FinTech sector, a slight decline from 22 deals in the previous quarter. The primary motives for these deals were 
 enhancing existing offerings and expanding into new geographies
 . The most valuable deal was 
 <a href="https://sp-edge.com/companies/12478">
 Paylocity&rsquo;s
 </a>
 acquisition of 
 <a href="https://sp-edge.com/updates/33300">
 Airbase
 </a>
 for ~USD 325 million to expand its payroll and human capital software solutions to include business expense management.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Outlook
 </h3>
 <ul>
 <li>
 
 AI- and GenAI-related product launches and collaborations remain a key priority for FinTechs: 
 The sector is primed for significant integration of these technologies, supported by recent developments, such as 
 <a href="https://sp-edge.com/companies/3670845">
 TranscendAP&rsquo;s
 </a>
 release of the latest version of its AI-powered 
 <a href="https://sp-edge.com/updates/31988">
 accounts payable automation platform
 </a>
 and BrightPlan's introduction of an AI-driven 
 <a href="https://sp-edge.com/updates/32623">
 financial wellness coach
 </a>
 . We think more FinTech firms will adopt these solutions into both internal workflows and customer-facing operations, aiming to enhance efficiency, improve service quality, and better meet customer needs. Immediate applications are likely to include the development of chatbots that leverage proprietary and customer data to enhance customer service. A 
 <a href="https://kpmg.com/kpmg-us/content/dam/kpmg/pdf/2024/future-proofing-banking-enterprise-transformation-imperative.pdf">
 KPMG survey in March 2024
 </a>
 also highlights that nearly 40% of bank leaders expected 6%&ndash;20% of their team&rsquo;s daily tasks to be executed by GenAI by the end of 2024, and 65% of bank executives indicated that GenAI would be a key part of their long-term innovation strategies.
 
 </li>
 <li>
 
 Funding volumes likely to rebound from Q4 2024 onward, despite temporary dip: 
 In Q3 2024, funding volumes declined following two consecutive QoQ increases. This downturn&mdash;expected to be temporary&mdash;was largely owing to a cautious wait-and-see approach among investors, who anticipated rate cuts amid rising geopolitical risks. However, with the Federal Open Market Committee (FOMC) reducing interest rates by 50 basis points in September 2024, the FinTech funding landscape is expected to improve. We also anticipate a shift toward equity financing rather than the debt funding that has dominated in recent quarters, especially across mega deals. According to a 
 <a href="https://www.svb.com/globalassets/trendsandinsights/future-of-fintech-report-2023_final.pdf">
 Silicon Valley Bank report
 </a>
 , VC appetite is likely to favor early-stage startups (due to the potential for higher returns) and those demonstrating strong profitability.&nbsp;
 
 </li>
 <li>
 
 Startups to focus on IPO readiness, with potential listings expected in 2025: 
 After a lackluster year for FinTech IPOs in 2023, characterized by declining valuations, many startups and investors are now looking toward public listings as market conditions begin to improve. The easing of monetary policy is likely to boost valuations, but uncertainty surrounding the upcoming US elections and concerns over a potential soft landing may delay a surge in IPOs until 2025. Companies such as 
 <a href="https://sp-edge.com/updates/27565">
 eToro
 </a>
 , 
 <a href="https://sp-edge.com/updates/27044">
 Klarna
 </a>
 , 
 <a href="https://sp-edge.com/updates/27295">
 Monzo
 </a>
 , 
 <a href="https://sp-edge.com/updates/27220">
 WeBull
 </a>
 , and 
 <a href="https://sp-edge.com/updates/27702">
 Zilch
 </a>
 have announced plans to go public within 12&ndash;24 months. Additionally, an uptick in M&amp;As within the sector is likely driven by investors seeking opportunities in distressed assets (as seen with 
 <a href="https://sp-edge.com/companies/35375">
 Klarna&rsquo;s
 </a>
 acquisition of 
 <a href="https://sp-edge.com/updates/32819">
 Laybuy
 </a>
 this quarter) and companies looking to consolidate market share.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
</div>

FinTech (Q3 2024): Funding dips to 12-month low, as investors take a wait-and-see approach; regulators tighten grip on neobanks

Making banking work, without the paperwork

Neobanks

<div>
 
 A deep dive into Revolut's financials, product, competitive environment, market opportunities and risks...
 
</div>

<div>
 <ul>
 <li>
 
 Sacra estimates that Revolut generated USD 2.3 billion in revenue in 2023, a ~95% increase from USD 1.2 billion in 2022. The company grew 190% between 2020 and 2021, driven by an explosion in crypto and FinTech during COVID-19.
 
 </li>
 <li>
 
 Based on its latest funding round, Revolut's valuation stood at USD 33 billion as of June 2024. The company generated USD 436 million in net profit in 2023, up significantly from USD 29 million in 2021.
 
 </li>
 <li>
 
 Revolut has over 40 million retail customers and 500,000 business customers across 160+ countries, making it the largest neobank in Europe. The company's average revenue per user (ARPU) grew from USD 45 in 2022 to USD 59 in 2023.
 
 </li>
 <li>
 
 Revolut monetizes through three primary channels: Interest income (9% of revenue in 2022), fees (including interchange fees at 33% and foreign exchange fees at 29% of revenue in 2022), and subscriptions (17% of revenue in 2022 from premium services).
 
 </li>
 <li>
 
 The company faces competition from other neobanks like Monzo and Starling in the UK, N26 in Germany, and traditional banks. Revolut aims to become a global financial super app, expanding its services beyond its initial forex and travel focus to include broader banking, investing, and other financial products.
 
 </li>
 </ul>
 
 
</div>

Revolut: The consumer and enterprise web-based neobank

<div>
 <ul>
 <li>
 
 Overall funding volumes increased from a surge in mega deals
 
 </li>
 <li>
 
 Continued adoption of AI-powered products witnessed across multiple industries
 
 </li>
 <li>
 
 Enhancing products and strengthening market presence were key motives for M&amp;A deal-making
 
 </li>
 </ul>
 
 
</div>

<div>
 
 This Edge Insight focuses on notable activities related to the sectors covered by SPEEDA Edge under the FinTech vertical from April 2024 to June 2024 (Q2 2024): FinTech: Banking &amp; Infrastructure, FinTech: Blockchain, FinTech: Payments, Wealth Tech &amp; Sustainable Finance, and InsurTech.
 
 <hr/>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 <h3>
 Regulations
 </h3>
 <ul>
 <li>
 
 Buy now, pay later (BNPL) providers to face similar regulatory scrutiny as credit card issuers: 
 During the quarter, regulatory updates have primarily targeted BNPL
 providers
 due to the increasing consumer adoption of such offerings. The 
 <a href="https://sp-edge.com/updates/29696">
 US Consumer Financial Protection Bureau
 </a>
 (CFPB) and the 
 <a href="https://sp-edge.com/updates/30179">
 Australian Government
 </a>
 introduced new laws 
 tightening oversight to levels similar for credit card issuers
 . These regulations are expected to 
 enhance consumer confidence
 in BNPL by ensuring 
 better protection 
 and further 
 accelerating their adoption.
 Meanwhile, in the 
 cryptocurrency 
 and
 digital assets space
 , the US House of Representatives passed legislation 
 governing digital assets and
 
 preventing CBDC issuance 
 by the Federal Reserve without authorization.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Funding
 </h3>
 <ul>
 <li>
 
 Overall funding volumes increased from a surge in mega deals: 
 The FinTech sector experienced an increase in funding volumes in Q2 2024, marking 
 three consecutive quarters
 of growth. The sector raised 
 USD 6.2 billion
 , representing a 
 90% YoY
 and 
 18%
 
 QoQ
 increase. This was fueled by a higher count of 
 mega deals 
 completed during the quarter (20 compared to 9 in Q2 2023)&mdash;particularly within 
 Neobanks
 , which accounted for 
 six
 such deals&mdash;collectively raising nearly 
 USD 4.6 billion 
 (~74%) of the total funds raised during the quarter. 
 <a href="https://sp-edge.com/companies/1343919">
 Abound
 </a>
 , a UK-based digital lender, raised the highest amount, 
 totaling 
 <a href="https://sp-edge.com/updates/31021">
 GBP 800 million
 </a>
 (~USD 1 billion)
 in Series B equity and debt funding, with the funds earmarked to expand its lending portfolio and launch its AI-powered credit decision-making platform.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Product updates
 </h3>
 <ul>
 <li>
 
 Integration of AI capabilities and diversification of business lines across industries: 
 During Q2 2024, we counted 11 product updates (vs. 10 in Q1 2024) related to AI. These AI product launches were prominent in 
 Business Expense Management
 , 
 Capital Markets Tech
 , and 
 InsurTech: Infrastructure
 , helping customers optimize and automate their operations and enhance their offerings. Incorporating AI across the value chain 
 is becoming a key priority for FinTech companies,
 with investments in this area only expected to increase. Other product launches focused on 
 complementing existing offerings
 ,
 entering new markets
 , and 
 diversifying operations
 , such as 
 <a href="https://sp-edge.com/companies/677824">
 Mercury
 </a>
 venturing into personal banking and pet insurer 
 <a href="https://sp-edge.com/companies/2244080">
 Kanguro
 </a>
 entering the renters&rsquo; insurance market. 
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Partnerships
 </h3>
 <ul>
 <li>
 
 Launching complementary products and enhancing existing product portfolios drove partnership activity:
 Partnership activity remained elevated during the quarter as FinTech companies aimed to 
 innovate
 and 
 enhance
 their product portfolios, facilitating entry into new markets. Meanwhile, 
 AI-related
 collaborations were witnessed across industries, particularly within 
 Neobanks, Capital Markets Tech, 
 and
 InsurTech: Infrastructure.
 Incumbents, in particular, saw a surge in partnership activity, up 72% QoQ, accounting for over 50% of all activities. 
 <a href="https://sp-edge.com/companies/13283">
 Mastercard
 </a>
 stood out during this period, leveraging its infrastructure, including open-banking solutions, through partnerships with FinTech companies to introduce new products and extend market reach.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 M&amp;A
 </h3>
 <ul>
 <li>
 
 Enhancing products and strengthening market presence were key motives for M&amp;A deal-making: 
 We counted 
 22 M&amp;A transactions
 within the FinTech sector in Q2 2024 (vs. 15 in Q1 2024). Most were centered around 
 enhancing existing product offerings
 and 
 strengthening their market presence 
 by acquiring companies that provide complementary services. The most valuable deal was 
 <a href="https://sp-edge.com/companies/151258">
 AlphaSense&rsquo;s
 </a>
 acquisition of 
 <a href="https://www.tegus.com/blog/alphasense-to-join-forces-with-tegus-increases-latest-valuation-to-4b">
 Tegus
 </a>
 for USD 930 million; the integration of offerings sought to provide customers with improved insights into capital markets and strengthen AlphaSense&rsquo;s position against industry giants like Bloomberg.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Outlook
 </h3>
 <ul>
 <li>
 
 Adoption of AI and GenAI technologies is expected to continue as companies seek to improve efficiencies and gain competitive advantage: 
 As 
 <a href="https://sp-edge.com/industry/163">
 GenAI applications
 </a>
 continue to disrupt the market, the FinTech sector is poised for significant integration of this technology, including AI. Recent product launches and partnerships have heavily focused on enhancing the FinTech infrastructure layer. We anticipate that more FinTech companies will integrate these products into internal workflows and customer-facing operations to improve efficiency, enhance services, and better serve customers. Immediate applications of these technologies are expected to include developing chatbots to gain insights from proprietary and customer data and improve customer service. Companies are ramping up investments in these areas, as indicated by a 
 <a href="https://kpmg.com/kpmg-us/content/dam/kpmg/pdf/2023/the-gen-ai-advantages-in-financial-services.pdf">
 survey
 </a>
 where over 40% of financial service executives anticipate a more than 50% increase in GenAI investments.&nbsp;
 
 </li>
 <li>
 
 Funding volumes to gradually recover in 2024: 
 Funding volumes have increased consistently in Q1 and Q2 2024, and this momentum is expected to continue throughout 2024. This growth is driven by expectations of a 25-basis-point rate cut in 2024, which is anticipated to act as a catalyst for funding across the FinTech industry. Additionally, startups are expected to seek more funding to expand operations as their cash reserves diminish following efforts to conserve funds. Focus on operating efficiency and profitability will also increase, as VC funding will likely favor companies that score high.
 
 </li>
 <li>
 
 Startups to focus on IPO readiness: 
 Following a sluggish 2023 for FinTech IPOs&mdash;characterized by reduced valuations&mdash;many startups and investors are now eyeing public listing as market conditions improve, especially with the expected relaxation of monetary policy, which can have a tailwind effect on valuations. Companies such as 
 <a href="https://sp-edge.com/updates/27565">
 eToro
 </a>
 , 
 <a href="https://sp-edge.com/updates/27044">
 Klarna
 </a>
 , 
 <a href="https://sp-edge.com/updates/27295">
 Monzo
 </a>
 , 
 <a href="https://sp-edge.com/updates/27220">
 WeBull
 </a>
 , and 
 <a href="https://sp-edge.com/updates/27702">
 Zilch
 </a>
 have announced plans to go public within 12&ndash;24 months. Moreover, an increase in M&amp;A activities within the sector is likely driven by investors seeking opportunities in distressed assets or companies looking to consolidate market share.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
</div>

FinTech (Q2 2024): Mega deals accelerate funding recovery; AI-related product launches take center stage

<div>
 <ul>
 <li>
 
 Overall funding volumes declined despite Coinbase's massive USD 1.1 billion debt finance
 
 </li>
 <li>
 
 Continued adoption of AI-powered products and expansion into new business lines witnessed across multiple industries
 
 </li>
 <li>
 
 Diversification and acquisition of licenses drove M&amp;A activity
 
 </li>
 </ul>
 
 
</div>

<div>
 
 This Edge Insight focuses on notable activities related to the sectors covered by SPEEDA Edge under the FinTech vertical from January 2024 to March 2024 (Q1 2024): FinTech: Banking &amp; Infrastructure, FinTech: Blockchain, FinTech: Payments, Wealth Tech &amp; Sustainable Finance, and InsurTech.
 
 <hr/>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 <h3>
 Regulations
 </h3>
 <ul>
 <li>
 
 SPAA Scheme gained traction; cryptocurrencies subject to sanction violations in the EU: 
 The SEPA Payment Account Access Scheme (SPAA) saw notable progress in Europe, with numerous
 FinTech Infrastructure startups
 , such as TrueLayer and Token, aligning with it. The scheme aims to foster an open and competitive European payment system. Moreover, the EU introduced new regulations targeting 
 <a href="https://www.europarl.europa.eu/news/en/press-room/20240308IPR19002/eu-sanctions-new-rules-to-crack-down-on-violations">
 sanction violations
 </a>
 , particularly concerning 
 cryptocurrencies
 , with potential 
 asset freezing
 for non-compliance.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Funding
 </h3>
 <ul>
 <li>
 
 Coinbase&rsquo;s debt financing round stood out, but overall funding fell again: 
 The FinTech sector saw total funding decline 
 59% YoY
 to 
 USD 4.3 billion
 in Q1 2024 (vs. USD 10.5 billion in Q1 2023). The sector witnessed 
 10 mega deals
 (USD 100 million+) similar to Q1 2023, collectively raising more than USD 2.9 billion (~67% of total) with the Neobanks, BNPL, and the Financial Wellness Tools industries accounting for two deals each. The 
 Cryptocurrency
 industry emerged as the highest-funded industry, primarily due to 
 <a href="https://sp-edge.com/companies/95666">
 Coinbase&rsquo;s
 </a>
 massive debt financing round of USD 1.1 billion, with the funds earmarked for paying off its existing debt and cost of capped call transactions as well as for general corporate purposes.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Product updates
 </h3>
 <ul>
 <li>
 
 Continued adoption of AI-powered products and expansion into new business lines witnessed across multiple industries: 
 During Q1 2024, we counted 10 product launches (nine in Q4 2023) related to AI. These AI launches were particularly notable within the 
 Business Expense Management 
 and
 Insurance industries
 , as companies look to incorporate these technologies to automate processes and enhance their offerings. Moreover, other product launches by startups were mainly geared toward 
 complementing
 
 existing offerings
 and 
 expanding into new territories
 .&nbsp;
 
 Another prominent trend observed throughout the quarter across several industries was startups announcing a 
 significant shift
 in their strategy and operations, 
 exiting legacy businesses
 to focus on other
 business lines
 . For example, 
 <a href="https://sp-edge.com/companies/583046">
 Oxygen
 </a>
 terminated its banking activities to focus on health insurance and 
 <a href="https://sp-edge.com/companies/119402">
 Zwipe
 </a>
 exited the biometric payment industry to focus on biometric access control.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Partnerships
 </h3>
 <ul>
 <li>
 
 Activities centered around enhancing existing product portfolio and value additions: 
 Most partnership activities within FinTech during the quarter were aimed at forging alliances to develop and/or add new features to 
 complement existing offerings
 as well as 
 expand market reach
 . In addition, there was a rising number of partnerships in the 
 InsurTech sector 
 between insurers and infrastructure providers targeted at developing and
 enhancing underwriting
 and 
 claims processing capabilities
 .
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 M&amp;A
 </h3>
 <ul>
 <li>
 
 Diversification and acquisition of licenses drove M&amp;A activity: 
 We counted 
 16 M&amp;A transactions
 within the FinTech sector in Q1 2024. Most centered around 
 diversifying businesses
 and 
 enhancing existing product offerings
 . In addition, within the 
 FinTech: Blockchain sector
 , companies resorted to M&amp;As as an 
 alternative strategy
 to quickly 
 obtain licenses
 to expand offerings and market presence. A promising development this quarter was 
 <a href="https://sp-edge.com/companies/301319">
 Virgin Money
 </a>
 receiving an all-cash takeover
 offer worth USD 3.7 billion from Nationwide Building Society. The transaction is pending approval from shareholders.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Outlook
 </h3>
 <ul>
 <li>
 
 Adoption of AI and GenAI technologies is imperative for organizations to gain a competitive advantage: 
 As 
 <a href="https://sp-edge.com/industry/163">
 GenAI applications
 </a>
 continue to disrupt the market, the FinTech sector is poised for significant integration of this technology, including AI. Companies are strategically incorporating these technologies to gain insights from data and to automate and enhance processes to gain a competitive advantage. The first quarter saw a prominent increase in the adoption of AI within InsurTech, as insurers aimed to improve their underwriting and pricing capabilities. We expect the integration of GenAI technologies (such as chatbots) to increase within the FinTech sector for customer service support as well as to assist employees with internal workflows.
 
 </li>
 <li>
 
 Funding volumes to gradually recover in 2024: 
 The US inflation rate was recorded at 3.2% for the 12 months ending February 2024 according to the Consumer Price Index, compared with an annualized target of 2%. Analysts are expecting rate cuts of around 70 basis points this year beginning from mid-year. The potential easing of monetary policy is expected to act as a catalyst for funding across FinTech industries, with VC funding likely to favor companies that demonstrate greater efficiency and profitability. Moreover, the tight funding environment over the past year is also expected to lead to startups raising cash later this year, as their cash runways begin to diminish after their efforts to conserve cash.&nbsp;
 
 </li>
 <li>
 
 IPOs to make a return, as investors seek exit strategy: 
 After a subdued 2023 market for FinTech IPOs, marked by valuation markdowns, many startups and investors are now looking forward to going public, as market conditions turn favorable. Several startups, including 
 <a href="https://sp-edge.com/updates/27565">
 eToro
 </a>
 , 
 <a href="https://sp-edge.com/updates/27044">
 Klarna
 </a>
 , 
 <a href="https://sp-edge.com/updates/27295">
 Monzo
 </a>
 , 
 <a href="https://sp-edge.com/updates/27220">
 WeBull
 </a>
 , and 
 <a href="https://sp-edge.com/updates/27702">
 Zilch
 </a>
 , have announced plans to list in the next 12&ndash;24 months.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 
 
</div>

FinTech (Q1 2024): Funding dip continues despite Coinbase’s large debt round; InsurTech adopting AI rapidly

<div>
 <ul>
 <li>
 
 Overall funding volumes declined despite BNPL startups attracting mega deals
 
 </li>
 <li>
 
 GenAI-related product launches gained momentum particularly within the Neobanks, Business Expense Management, and Wealth Tech &amp; Sustainable Finance industries
 
 </li>
 <li>
 
 Partnership activities centered around expanding market reach and developing new AI-powered products
 
 </li>
 </ul>
 
 
</div>

<div>
 
 This Edge Insight focuses on notable activities related to the sectors covered by SPEEDA Edge under the FinTech vertical from October 2023 to December 2023 (Q4 2023): FinTech: Banking &amp; Infrastructure, Wealth Tech &amp; Sustainable Finance, InsurTech, FinTech: Blockchains, and FinTech: Payments.
 
 <hr/>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 <h3>
 Regulations
 </h3>
 <ul>
 <li>
 
 The UK joins global efforts to regulate the cryptocurrency industry: 
 Following several cryptocurrency regulatory developments in the US as well as the EU's finalization of the Markets in Crypto Assets (MiCA) regulation earlier in 2023, the UK announced a set of recommendations in October 2023 to regulate the cryptocurrency industry by 2024. It intends to subject cryptocurrency companies to restrictions similar to those of banks and other financial institutions. 
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Funding
 </h3>
 <ul>
 <li>
 
 Overall funding volumes declined despite BNPL startups attracting mega deals: 
 The FinTech sector saw total funding decline 40% YoY to USD 4.3 billion in Q4 2023 (compared with USD 7.2 billion during Q4 2022). The sector witnessed 11 mega deals (USD 100 million+) compared with 21 in Q4 2022, collectively raising more than USD 2.8 billion (~66% of total). During the quarter, the Buy Now, Pay Later (BNPL) industry, accounting for four mega deals, emerged as the highest-funded industry, comprising 37% of total funding. 
 <a href="https://sp-edge.com/companies/821874">
 Tabby
 </a>
 , a leading BNPL provider, notably secured the most funding, leading up to its planned IPO in Saudi Arabia. The company successfully obtained a 
 <a href="https://sp-edge.com/updates/25103">
 USD 700 million credit line
 </a>
 from JP Morgan and further raised 
 <a href="https://sp-edge.com/updates/23310">
 USD 250 million in Series D
 </a>
 funding, reaching a post-money valuation of USD 1.5 billion. These funds were earmarked to strengthen its balance sheet in order to meet growing demand for its BNPL offering.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Product updates
 </h3>
 <ul>
 <li>
 
 Increased adoption of AI-powered products across multiple industries: 
 During Q4 2023, we counted ~
 60 product launches
 , with the rising adoption of AI-powered products, particularly GenAI. This trend was observed across industries such as 
 Neobanks, Business Expense Management
 ,
 
 and
 Wealth Tech &amp; Sustainable Finance,
 as companies look to incorporate GenAI assistants to complement their core offerings. For example, 
 <a href="https://sp-edge.com/companies/438759">
 Bunq
 </a>
 , a Dutch neobank, launched 
 <a href="https://sp-edge.com/updates/25000">
 Finn
 </a>
 , a GenAI chatbot to replace the search function within its app, enabling users to enquire about their finances in natural language, covering aspects from spending habits to account details. Furthermore, other new product launches by startups were mainly geared toward 
 complementing
 and 
 diversifying
 existing offerings. 
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Partnerships
 </h3>
 <ul>
 <li>
 
 Activities centered around expanding market reach and developing new AI-powered products: 
 Most partnership activities within FinTech during the quarter were related to 
 growing business and market reach 
 by leveraging counterparties&rsquo; expertise and market presence in new geographies. Similar to product updates, partnerships were focused on developing 
 new
 
 AI-powered products
 , particularly within the 
 Business Expense Management
 and 
 Neo Insurance
 industries, with disruptors such as 
 <a href="https://sp-edge.com/companies/37710">
 Basware
 </a>
 and 
 <a href="https://sp-edge.com/companies/780841">
 Ramp
 </a>
 partnering with 
 <a href="https://sp-edge.com/companies/201465">
 Microsoft
 </a>
 to develop GenAI products and services.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 M&amp;A
 </h3>
 <ul>
 <li>
 
 We counted 
 14 M&amp;A transactions
 within the FinTech sector in Q4 2023. Most were centered around 
 enhancing existing product offerings
 by acquiring companies that provide complementary services. The most valuable deal was 
 <a href="https://sp-edge.com/companies/347285">
 JAB Holding&rsquo;s
 </a>
 acquisition of 
 <a href="https://sp-edge.com/updates/24519">
 Embrace Pet Insurance
 </a>
 for USD 1.5 billion, as the company sought to strengthen its presence in the global pet insurance industry. In addition, companies were using M&amp;As as a strategic approach to 
 swiftly penetrate new markets
 and 
 diversify their geographical presence
 .
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 <ul>
 <li>
 <h3>
 Outlook
 </h3>
 <ul>
 <li>
 
 Adoption and integration of GenAI technologies to intensify: 
 As 
 <a href="https://sp-edge.com/industry/163">
 GenAI applications
 </a>
 continue to disrupt the market, the FinTech sector is poised for significant integration of this technology. Companies are strategically incorporating GenAI assistants to offer customer support, along with enhanced insights and analytical capabilities. Moreover, this disruption is expected to yield substantial improvements in internal workflows, with companies leveraging tools like 
 <a href="https://sp-edge.com/companies/201465">
 Microsoft
 </a>
 Copilot to boost employee productivity as well as ensure regulatory compliance and enhance fraud detection and prevention within the FinTech landscape.
 
 </li>
 <li>
 
 Funding volumes expected to recover
 
 in 2024, as inflationary and regulatory headwinds ease:
 In November 2023, the US inflation rate hit its lowest point in five months, registering at 3.1%, according to the Consumer Price Index, compared with an annualized target of 2%. Analysts now project possible rate cuts as early as March 2024. The potential easing of monetary policy is anticipated to serve as a catalyst for funding across FinTech industries, after a 23% YoY decline to USD 28.5 billion in 2023. Furthermore, VC appetite is likely to favor early-stage startups due to the potential for higher future returns as well as those that demonstrate strong profitability.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
 
 
</div>

FinTech (Q4 2023): GenAI gains momentum; BNPL booms despite overall funding dip

<div>
 <ul>
 <li>
 
 Regulators propose laws to improve crypto-related tax compliance and safeguard investors
 
 </li>
 <li>
 
 Funding recovers on the back of mega deals, which accounted for 86% of total funds raised
 
 </li>
 <li>
 
 Notable product updates from incumbents across FinTech verticals
 
 </li>
 </ul>
 
 
</div>

<div>
 
 This Edge Insight focuses on notable activities related to the sectors covered by SPEEDA Edge under the FinTech Services vertical from January 2023 to June 2023 (1H 2023): FinTech: Banking and Infrastructure, Wealth Tech and Sustainable Finance, InsurTech, FinTech: Blockchains, and FinTech: Payments.
 
 <hr/>
 <h1>
 Key takeaways
 </h1>
 <ul>
 <li>
 <h3>
 Funding:
 </h3>
 <ul>
 <li>
 
 Significant slowing in funding volumes; mega deals accounted for three-fourths of all funding: 
 FinTech Services saw total funding declining 43% YoY to USD 13.5 billion. However, the sector witnessed 20 mega deals (USD 100 million+), which collectively raised more than USD 10.0 billion (~75% of total). Leading payment services startup 
 <a href="https://sp-edge.com/companies/57000">
 Stripe
 </a>
 secured the largest amount of funding by raising USD 6.5 billion in 
 <a href="https://sp-edge.com/updates/17162">
 Series I
 </a>
 financing, achieving a valuation of USD 50 billion.
 
 </li>
 </ul>
 </li>
 </ul>
 <hr/>
 <ul>
 <li>
 <h3>
 Regulations: 
 </h3>
 <ul>
 <li>
 
 Stricter laws being finalized for cryptocurrency exchanges and digital tokens issuers: 
 The 
 <a href="https://www.reuters.com/technology/eu-states-approve-worlds-first-comprehensive-crypto-rules-2023-05-16/">
 Markets in Crypto Assets
 </a>
 regulation finalized in May 2023 (to take effect from 2024) was the first set of laws aimed at regulating crypto exchanges and digital token issuers. This regulation offers clear definitions for crypto assets and enforces laws pertaining to governance, reporting, and capital requirements of such exchangers and issuers. In the same month, the International Organization of Securities Commissions (IOSCO) also published a 
 <a href="https://www.reuters.com/business/watchdog-proposes-first-set-global-rules-crypto-sector-2023-05-23/">
 set of standards and policy recommendations
 </a>
 proposing a global approach to regulating the crypto industry.
 
 </li>
 </ul>
 </li>
 </ul>
 <hr/>
 <ul>
 <li>
 <h3>
 Product updates:
 &nbsp;
 </h3>
 <ul>
 <li>
 
 Complementary offerings abundant amid some notable launches from incumbents: 
 During 1H 2023, we counted 
 70+
 product launches, which focused on complementing existing offerings, diversifying business models, and creating additional revenue streams in response to challenging market conditions. For instance, certain neobanks launched investing platforms and premium subscription services, such as 
 <a href="https://sp-edge.com/companies/220119">
 Revolut
 </a>
 , which launched a new subscription plan called 
 <a href="https://sp-edge.com/updates/15855">
 Ultra
 </a>
 and a 
 <a href="https://sp-edge.com/updates/19814">
 robo-advisory
 </a>
 platform, while neo-insurers pivoted toward distribution services (Wefox&rsquo;s 
 <a href="https://sp-edge.com/updates/18304">
 Global Affinity Business
 </a>
 ). Moreover, the period saw incumbents such as 
 <a href="https://sp-edge.com/companies/1658">
 Apple
 </a>
 foraying into the 
 <a href="https://sp-edge.com/updates/17372">
 Buy Now, Pay Later
 </a>
 industry and 
 <a href="https://sp-edge.com/companies/46376">
 JP Morgan
 </a>
 piloting a 
 <a href="https://sp-edge.com/updates/17299">
 biometrics payment
 </a>
 solution with plans for a larger roll-out in 2024.
 
 </li>
 </ul>
 </li>
 </ul>
 <hr/>
 <ul>
 <li>
 <h3>
 Partnerships: 
 </h3>
 <ul>
 <li>
 
 Enhancing existing product portfolio and value additions driving partnership activity: 
 Similar to product updates, partnership activity focused on launching new products or features that enhance the existing product portfolio of customers. In addition, incumbent activity remained strong, with notable partnerships between Microsoft, Goldman Sachs, Deloitte, and Cboe Global Markets to 
 <a href="https://finance.yahoo.com/news/goldman-microsoft-cboe-others-collaborate-152808338.html">
 develop a new blockchain network
 </a>
 for financial product smart contracts, and Wells Fargo, JP Morgan, and Bank of America developing a 
 <a href="https://www.cnbc.com/2023/01/23/bank-of-america-jpmorgan-and-other-banks-reportedly-team-up-on-digital-wallet-to-rival-apple-pay.html">
 new digital wallet
 </a>
 to rival Apple Pay.
 
 </li>
 </ul>
 </li>
 </ul>
 <hr/>
 <ul>
 <li>
 <h3>
 M&amp;A:
 </h3>
 <ul>
 <li>
 
 FinTech players actively seeking entry into youth money app market: 
 We counted 
 49 M&amp;A transactions
 within the FinTech Services vertical in 1H 2023. Most of these were primarily aimed at adding new products and services to complement their existing product portfolios. Furthermore, a notable trend emerged, with FinTech companies entering the youth money app and card market to capitalize on its significant growth potential.
 
 </li>
 </ul>
 </li>
 </ul>
 <hr/>
 <ul>
 <li>
 <h3>
 Outlook:
 </h3>
 <ul>
 <li>
 
 More consolidation expected as funding environment remains challenging: 
 As interest rates are expected to continue rising, access to funding may become more exclusive, favoring well-established and promising companies. Consequently, smaller, unprofitable companies may encounter challenges in raising funds, leading them to explore M&amp;A opportunities to survive.
 
 </li>
 <li>
 
 Crypto regulations to drive more adoption amongst retailers: 
 The implementation of more stringent regulations on the cryptocurrency industry will instill confidence among the public, encouraging greater adoption. Furthermore, the anticipation of additional regulations aimed at combating money laundering is likely to act as a deterrent against rug pulls and scams.
 
 </li>
 </ul>
 </li>
 </ul>
 
 
</div>

Financial Services (Q3 2023): Funding recovers on the heels of Finastra’s record-breaking private credit deal

<div>
 <ul>
 <li>
 
 Mega investment deals constitute 75% of all funding amidst a decline in funding volumes
 
 </li>
 <li>
 
 Regulators enforce stricter laws on crypto exchanges and issuers to improve consumer protection and adoption
 
 </li>
 <li>
 
 Product launches centered around complementary services and diversifying business models
 
 </li>
 </ul>
 
 
</div>

In 1H 2023, the FinTech Services sector saw a significant decline in funding volumes, but there were 20 mega deals that raised over USD 10 billion. Stripe secured the largest amount of funding at USD 6.5 billion. Regulations for cryptocurrency exchanges and digital token issuers were being finalized, with new laws aimed at regulating the industry. There were numerous product launches focused on complementing existing offerings and creating additional revenue streams. Partnerships were formed to enhance product portfolios, and there were several M&A transactions, with a trend of FinTech companies entering the youth money app and card market. The funding environment is expected to remain challenging, leading to more consolidation, and stricter regulations may drive adoption among retailers.

Financial Services (1H 2023): Complementary services and diversification a common trend across the sector

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

<div>
 <ul>
 <li>
 
 Pet ownership saw a boom during the Covid-19 pandemic, with younger generations &ldquo;humanizing&rdquo; pets
 
 </li>
 <li>
 
 Pet insurance is being disrupted by advancing technologies that support customization and improved user experience
 
 </li>
 <li>
 
 The US pet insurance market&rsquo;s low penetration indicates substantial market potential
 
 </li>
 </ul>
 
 
</div>

Pet insurance: Taming vet care expenses

Retail investors demanding sophisticated passive investment strategies are looking for an edge.

Retail Trading Infrastructure

<div>
 <ul>
 <li>
 
 WealthOS is a wealth management API provider...
 
 </li>
 <li>
 
 actively raising its Series A funding round...
 
 </li>
 <li>
 
 ahead of launching with its first North American client.
 
 </li>
 </ul>
 
 
</div>

EDGE Insights

State of tech in Financial Services: How AI, blockchain, and biometrics are forging the future

FinTech (Q3 2024): Funding dips to 12-month low, as investors take a wait-and-see approach; regulators tighten grip on neobanks

Revolut: The consumer and enterprise web-based neobank

FinTech (Q2 2024): Mega deals accelerate funding recovery; AI-related product launches take center stage

FinTech (Q1 2024): Funding dip continues despite Coinbase’s large debt round; InsurTech adopting AI rapidly

FinTech (Q4 2023): GenAI gains momentum; BNPL booms despite overall funding dip

Financial Services (Q3 2023): Funding recovers on the heels of Finastra’s record-breaking private credit deal

Financial Services (1H 2023): Complementary services and diversification a common trend across the sector

Pet insurance: Taming vet care expenses

Silver in the cloud: An interview with WealthOS CEO Anton Padmasiri

State of tech in Financial Services: How AI, blockchain, and biometrics are forging the future

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