Financial technology, or FinTech, is the use of new technology to improve activities in financial businesses. It covers a wide variety of activities including using a mobile banking app, paying with a debit card online or making a contactless payment in a supermarket. FinTech significantly impacts our daily lives and is growing in importance.
Many FinTech companies are start-ups trying to replace or improve the way people use financial services. FinTech companies in the UK generate around £6.6 billion of income per year and the number of FinTech companies is currently growing by around 22% annually.
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