It will be the second-biggest listing of a fintech firm after cryptocurrency exchange Coinbase’s US$51 billion IPO earlier this year. Second, fintechs or neobanks are cutting costs aggressively and do not have the legacy costs of bank branches. Using cloud computing platforms and renting software, fintechs can deliver services at a fraction of the cost of banking incumbents. Of the top four unicorns in the world, two are fintechs, according to CB Insights, a start-up advisory firm in New York. The fintech market mania has been fuelled by a wave of blank-cheque special purpose acquisition companies (SPACs) targeting fintech firms.

Source: The Edge Markets August 03, 2021 09:56 UTC