Fintech means “Financial Technology” and this industry tries to merge two concepts: Finance and Technology. The main purpose of this industry is to make financial transactions and the financial sector much faster and more practical.
Exciting new developments continue to happen in the fintech industry with each passing day. We can see how much this industry has developed and grown as new ideas are given a chance and investments in this direction increase.
According to the research, this growth is expected to continue increasing in the coming years. Over the last decade, the FinTech industry has experienced significant growth.
The global market was valued at around $7.3 trillion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 26.87 percent up to 2026, according to Research and Markets, on the back of increased investments in technology-based solutions, supportive government regulations and the rising adoption of internet of things devices, among other factors.
As a sub term of Fintech, “B2B” translates as business to business but the term is a broad one. It is a technology designed for other financial service providers. Specifically speaking, B2B fintech most often targets a company’s CFO.
So, it is mostly related to the “CFOTech” concept. Companies often deal with problems when financial plans and strategies are required. At this point, CFOTech tries to offer financial solutions to be more transparent, sustainable, and appropriate.
Like the whole Fintech industry, the CFOTech industry is also growing year by year. According to the latest research, the CFOTech market is going to be 25.2 billion dollars in 2026.
Chief Financial Officers (CFOs)are the most senior finance position of the organization, they oversee the finance department and often are considered a trusted advisor to the Chief Executive Officer (CEO).
Today, CFOs use advanced technology while working and it opens a new door in the fintech industry. Like our company, Vteam Consultancy, many of the companies use these innovative solutions and technology together. Our new venture, Plansas, provides sophisticated solutions with CFO technologies. Plansas is an automatized SaaS platform that specializes in tailored financial solutions for startups, VCs, investors, and growth-seeking companies.
While new start-up developments are taking place in the world every day, new artificial intelligence tools are being developed to closely follow the developments.
Even using and learning these AI tools is becoming a competition for companies and increasing technological transformation. In this age of digitalization, the more closely companies follow developments, the more agile they become.
Trying to be more agile leads to an increase in the use of FinTech. By leveraging technology to automate tasks, they can deliver the same solutions for a lower price compared to traditional services.
Since the fintech industry and its sub-industries receive more investment and gain more value day by day, it also continues to create value in the industries. As the spotlight continues to be on this industry, it looks like life will get easier in the future.
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