Recently, Let’s Talk Payments team had a conversation with Christine S. Loredo, VP, Programs & Partnerships at Yodlee Interactive, a division of Yodlee that builds APIs to help customers bring innovative FinApps to market more quickly using the richest consumer transactional data in the world. In what turned out to be a very enlightening discussion, Christine answered a few questions about Global investments in FinTech, platforms and success factors for FinTech and the Yodlee Interactive incubator program.
Excerpts from the interview:
LTP Team: How has the payments and FinTech industry evolved over the last few years?
C: I would say that there were 3 categories of changes:
- Explosion of APIs
- Proliferation of mobile phone and Smart Phones in particular
- Investments: Global investments in FinTech amounted to $3 billion in 2013, which is more than three times what it was in 2008. Our industry is tightly regulated; however, the innovators and builders are still getting funded in a big way. Many of these funded companies are on Yodlee Interactive’s platform. Xero, Credit Karma, OnDeck and Kabbage, all companies that we power, have raised a combined total of $362 million in capital in just the last year - an amount equivalent to 1/8 of all global FinTech investments in 2013. Growth will also depend on coming up with new ways to manage money and taking advantage of the two things that I mentioned before.< ...