It was February 2012 and banks, dealing with the fallout from the credit crisis, had culled more than 230,000 jobs the year before. Stu Taylor, the London-based global head of matched principal trading at UBS Group AG, figured he better get out. So he left his seven-figure salary and risked his life savings on a technology startup.
Financial technology startups are getting funding from the very industry they hope to disrupt.
Known in short as fintech, these startups are changing the way people pay, lend, and invest, threatening the long-established and entrenched financial systems. In the past couple years, fintech has increased in notoriety among financiers and investors, most notably in London and New York.
Virgin Money CEO, Jayne-Anne Gadhia, explains why the banking sector should follow the example of the mobile phone industry and allow some genuine innovation to take place...
Today, because of the JOBS Act and other regulatory change occurring around the world, we’re seeing a renewed focus on innovation in the private capital markets. The technology now being created for accredited investor online platforms and related services is creating greater transaction flow, transparency and, over time, liquidity.