Layoffs, acquisitions, few IPOs and venture capital – the fintech sector in 2023 was not better off than in the memorably bad 2022, but there is still reason for hope!
In 2023, the fintech sector was back on the growth track, and got rid of many of its former burdens. However, despite its huge momentum, we can’t say that it was the sector’s best year ever, as it is stated in our latest Fintech Sparks publication, which is available on this link.
As usual, we listed the biggest losers and winners of the sector, while also covered the most scandalous stories. 2023 was all about artificial intelligence, therefore we dedicated a separate section to this hot topic. Our top lists give great insights about the big players within the sector, and we also made some predictions for the upcoming years.
Bank-fintech partnerships are also on the rise: customers are demanding a superior customer experience from banks, delivered by bigtechs and fintechs, and in many cases the solution is a fintech partnership.
All in all, it’s been a very intense and vibrant year for fintech, which is setting a relentless pace for itself and for traditional financial institutions as well. This trend is likely to continue this year, with the flag held by those players capable of generating profit, a situation that is likely to remain until interest rates fall.
In 2023, the era of rapid scaling and high valuations is over for a while. The focus is now on solid growth, tight cost control and profit generation. This is the new normal, let’s get used to it.
(Cover: COMET)
