Financial Technology

How the Financial Technology Revolutions Impacts Belfast

The transformation of the financial services industry worldwide is driven majorly by the growth in digital technologies. This has caused a major revolution in the financial technology sector in places like Belfast. The culmination of Belfast’s innovation-supportive ecosystem, resilient infrastructure, and operating cost competitiveness, amongst many others, has played a major role in fostering the growth of its financial services sector.

This is evident in its rapidly evolving payment industry amidst technology influx and regulatory and demographic dynamics. As home to successful and thriving multinational firms, an active startup community, and excellent innovators, Belfast is forging ahead and breaking new ground in providing fintech career opportunities and financial service solutions. Here are some of the fastest-growing fintech companies and their successes locally and worldwide.

Some of the Fastest Growing Fintech Companies

Currently, as one of the leading giants in the Fintech industry, Paypal has come a long way, from 2002 when it went public and sold to eBay. For the purpose of easily accessing their target audiences, and making easy and fast transactions, businesses in various industries have now launched an online extension of their companies. Businesses like online casinos can now allow their customers to access their services with fast and easy transactions from the comfort of their own homes leveraging on Paypal’s infrastructure. The iGaming industry as a whole has continuously been at the forefront of digital adoption, especially when implementing new payment methods to allow a wider range of customers to access their games, including class slots and traditional roulette.

PayPal has recorded over 1.7 billion transactions with more than 425 million users. Leveraging on the difficulties of consumer and business payment on retail sites like eBay, Paypal created a system where users could access a faster and low-cost payment method which enabled them to break into the online payment market, gaining colossal success in a short time. Understanding the importance of local business success and support, Paypal has launched various easily adaptable online payment systems such as the interest-free instalment payment system, 2020 in Belfast, right on time for Christmas.

Square was founded in 2009 and is considered a “disruptive force” in the sector because of its technological payment model. Their major product is a tiny square-shaped card reader that can be plugged into any device, such as computers, tablets or smartphones. Located in silicon valley and is currently led by one of its founders Jack Dorsey. Local businesses in Belfast have benefited greatly from Square’s innovative payment solutions such as the CashApp that enables peer-to-peer service between users. It has since grown beyond its original credit-card business, especially with the emergence of digital payment methods post-pandemic. Square is now available in over 5 countries and valued at over $30 million.

Stripe is an American-Irish company founded by two brothers, John and Patrick Collison. It is a software-as-a-service (SaaS) company launched in 2009. It is a highly integrated platform that enables businesses to receive payments easily. It started in the United States as a payment platform for developers but expanded as the founders recognised its need in a larger market. By helping local retail businesses digitise their payment services, stripe has earned a lot of success in places like Belfast. It began to receive traction less than a month after its prototype was built and received funding three months after the company was founded. The company came out publicly in 2011, and in its third year, it was valued at $100 million. It has since expanded to 39 countries and is valued at $ 1.9 billion.

Before You Go…
The past couple of years has undoubtedly been the tipping point for the emergence of disruptive financial technology in a fast-developing digital world. It has paved the way for innovation, especially in technology. The financial services industry is one of the major industries at the forefront of this technological advancement and has put places like Belfast on the map to be the leading global destination for Fintech investments.

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