The global fintech market raised a record $39.57 billion from venture capital investors in 2018 through 1,707 deals — up 120% from the previous year — Reuters reported in January 2019 on research conducted by data provider CB Insights.
And the fintech space is showing no signs of slowing down, with the market forecasted to be worth in excess of $300 billion by 2023, according to a Global Fintech Market report. That means the key question in the world of fintech is shifting from how to raise capital to how to intelligently spend it.
Adam Hughes, president of Avant , an online lending company focused on personal loans for the near-prime market — in other words, "riskier borrowers" — told Business Insider that consumers are expecting banks to move with the times.
"The 'Amazon Effect' means that consumers are now demanding better levels of service and digital banking and lending capabilities," he explained.
Business Insider spoke to four successful fintech founders about the steps they took after raising funding — several of which involved a bigger investment in tech — how they made those big decisions, and how those steps have gone on to impact their businesses.