Fintech is a word that comes from the crasis of the words financial and technology and indicates that market that uses technology to make financial systems more efficient. Funtech companies cover number of sub-segments:
- crowdfunding (raising small capital from the public of savers);
- peer-to-peer lending (loans granted by individuals to individuals or companies);
- asset management managed with algorithms (the so-called ‘robo-advisor’);
- payment management;
- credit-scoring (credit risk assessment systems);
- data collection;
- digital currencies or crypto-currencies (such as BitCoin).
Vidyasoft and Fintech
Vidyasoft has been proclaimed, together with three other startups, the winner of the Fintech Accelerator Program 2016, a unique acceleration program by SELLALAB dedicated to those who want to innovate the world of banking and finance. The program included 6 months of acceleration and a funding for the WoX project, a Cloud platform for the Internet of (every)Thing.