Why do Fintech businesses fail? And How to Save Yours?

Over the last couple of years, the Fintech industry is growing exponentially along with its user base. The global fintech marketplace is a gargantuan digital scape. The market is estimated at $309.98 billion, with an annual growth rate of 24.8% through 2022. Considering the projections and increasing statistics, the Fintech world is most likely to be valued at around $191 billion by 2025. As compared to 2019, 2020 saw a 71% increase in user registrations. Large fintech companies saw a 20% increase in monthly average users.

Even with such exponentially increasing numbers, it’s easy for Fintech startups to disappear. According to statistics, about 90% of startups fail due to an improper market fit and incompetent partners/engagement with their customer base. This blog covers the possible cause of failure for your organization and ways you can avoid stepping on the wrong crumbles.

Fintech segments, including credit unions (69%) and banks (49%), firmly believe that partnerships in the Fintech world are worth pursuing/investing in. Along with that, here are some other reasons why you should think of Fintech as your next big investment.

Read more about why businesses fail and how you can save yours here.