Innovators within the Fintech, P2P, cloud, mobile, authentication and security sectors were brought together at Transact Tech to learn about investment opportunities and industry trends.
The event was hosted in San Francisco by the global trade association representing the payments technology world, The Electronic Transactions Association (ETA). Sponsored by PayPal and Discover, the keynote speaker was chief payments counsel for Uber, Brain Crist. With a name like that, you must have the world at your feet!
A new research report at the event examined the future of FinTech at TRANSACT Tech. Amongst the findings was the fact that the payments industry is a lucrative growth sector for start-ups and established industries alike. This, says the report, is because it embraces innovation, and companies are eager to form partnerships to fill gaps or gain a competitive edge in the marketplace.
The report also revealed that nearly 800 payments mergers and acquisitions occurred between September 2014 and September 2015, netting an average price of about $90 million per deal. Around half of those deals were in the U.S. market said the report and top company categories included crypto currency, mobile payments and card processors.
ETA’s CEO Jason Oxman said: “Venture-backed startups are disrupting the payments industry and reshaping the face of commerce. With Bay Area Venture Capitalists investing billions of dollars in fast-growth companies, payments is already the most exciting tech industry in America.”
“Investment in payments is not only bringing new technologies to market, it is also advancing the existing payments landscape. The most cutting-edge payments companies are finding new and creative ways to specialize in specific technologies.”