2023 was a rebound year for the FinTech industry with confidence in cryptocurrency recovering and venture and M&A deal volumes trending upward since Q1 2023. Despite this, companies are still focused on partnerships and are looking to create payment solutions for various industries such as healthcare, travel, and beauty salons.
Some notable partnership deals include Zelis and Rectangle Health teaming up to streamline medical payments, Agoda and Mastercard strengthening their partnership for B2B travel industry payments, and Bokadirekt and Trustly partnering on instant payouts for beauty salons.
Banks, established players, and new entrants are also working on developing new payment rails, such as digital wallet payments, payments through text messages, and incorporating blockchains and Stablecoins. Account-to-Account payments via Open Banking are also gaining traction.
In conclusion, 2023 was a successful year for the FinTech industry, marked by the recovery of confidence in cryptocurrency and an increase in venture and M&A deal volumes. Partnerships were a key focus for companies, particularly in the development of payment solutions for various industries. The industry is also witnessing the emergence of new payment rails and technologies.
