With the advent of HTML 1 in 1993, which standardized the language used to create web pages, the potential of the internet became unlocked. With applications written in HTML combined with a viable connection (and authorization), suddenly anyone could access a treasure trove of information from anywhere on the planet – and sometimes beyond. (Think Hubble and the Mars Rover). With HTML, the internet effectively sped up the process of globalization to light speed. What would be next?
There’s been a lot of talk about how hot the fintech space is – fintech venture investment has grown 3x since 2014, driven by a new wave of virtualization of financial services by technology companies. In 2013, traditional finance companies invested $2.4B in fintech ventures; that amount is expected to double to $4.7B by 2018. In the US, the financial sector has grown from 6.2% of GDP in 2008 to 7.1% in 2015. Gartner says that this sector is the largest consumer of technology, representing 18% of the global spend in IT. The fintech sector is hot. But what’s driving it?