At MEDICI, we track 12,000+ FinTech startups across dozens of segments and subsegments and are able to draw the most detailed picture of the FinTech industry. Let’s look at that picture on a more granular level.
Payments startups have long been the most represented in the FinTech landscape, traditionally followed by lending. But as our platform becomes more precise and data-rich, WealthTech has emerged as the most represented segment among the 18 segments that we track.
In total, there are 2,180+ WealthTech startups (compared to 1,900+ in payments and 1,750+ in lending), broken down into five subsegments:
Investment platforms: 257
Financial research: 278
Other investment platforms: 544
No wonder. With a projection of around $210 trillion in private wealth globally by 2019 – and $55 trillion in North America – wealth management may very well become one of the hottest segments in FinTech. Industry professionals suggest that banks are looking to serve those with $20 million or less with standardized, consistent advice through digital platforms; while for clients with $20 million or more, banks will strategically use digital...