April 10, 2020
With many new startups emerging every year, the FinTech industry has been growing faster than ever. However, running and growing successfully and sustainably requires companies to launch products that are robust as well as profitable in the long-term. While a host of FinTech products are launched every year, very few succeed and make it to the hall of fame. Even the best of ideas fail as a result of being either way ahead of their time or choosing the wrong business model and practices. Many FinTech failures consist of patterns wherein they function for a short time and end up having to prematurely close in spite of having the best ideas and business models entirely due to regulatory issues or cash burns.
Here are a few FinTech companies that couldn’t stand up to the test of time and eventually failed:
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