For the past few years, South Africa has been seeing the rise of Fintech firsthand. With the introduction of P2P platforms like RainFin and the Barclays innovation platform, Rise, there are more opportunities than ever to be a part of the FinTech revolution. And the numbers reflect the success story of this emerging market – investment in FinTech has grown by 27% globally per year since 2008.
But where did it all begin? How did the seemingly incongruent worlds of finance and the technological advances of the internet come together?
Arguably since the first ATM opened in 1967, society has been striving to have more control over their money. Since the global financial crash of 2008 plummeted confidence and trust in banks to an all-time low there has been more interest than ever in moving money back into the hands of the individual. Here’s how the evolution of FinTech happened.
Article courtesy of Rainfin.