Financial technology (FinTech) is rapidly changing the face of the financial services industry. From investment management and payments, to lending and digital currency, FinTech is changing what it means to receive and provide a financial service. Germany is a thriving FinTech location in Europe, enjoying steady funding flows aided by the emergence of some of the continents leading FinTech start-ups. Berlin, in particular, holds its role as Germany’s most prominent FinTech hub (hosting 27% of the country’s FinTech companies), but Hamburg and Frankfurt (25%) are the next ones to follow. Across the country, there are 300 FinTech companies and growing (EY).
Emphasising Berlin's importance as a European FinTech hub is the location of The European Fintech Alliance (EFA). The organisation led by chairman Marcus Laube, operates out of two European bases, one being the German capital. The organisation was founded to “give all businesses active in the FinTech sector a strong voice at the European political level and to unite the industry’s political interests and engage in the legislative processes in the European sphere on behalf of their members.”
With over 55% year on year growth in recent years, Germany’s FinTech landscape is assumed to continue to evolve into a sustainable and diverse ecosystem, underpinned by an expanding and maturing FinTech base, growing investment flows and vibrant cross-segment FinTech activity (EY). Employment in the sector will continue to grow as high usage of mobile devices and technology-based solutions will push the demand for financial and banking solutions, which can be accessed through personal devices. The global FinTech sector is expected to grow to US$305bn (€275bn) by 2023, at a CAGR of 22.17% - as Europe's FinTech hub, Germany is best placed to take advantage of this growth.
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