PALM BEACH, Fla., March 19, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - FinTech companies provide various financial technology services, tools, or solutions to other businesses (B2B) as a service. These services are typically delivered over the cloud, allowing other companies to integrate and use financial technology capabilities without developing these technologies in-house. Moreover, financial technology providers offer a wide range of financial services and technology solutions, including payment processing, Peer To Peer (P2P) lending platforms, fraud detection, blockchain technology, and more solutions. These services are significantly used by banks, financial institutions, insurance companies, and others. Thus, growing focus on adoption of advanced technology in financial institutions to fulfill customer expectations is expected to drive the fintech industry growth. A report from Fortune Business Insights projected that the fintech market size is projected to grow to USD 882.30 billion by 2030, exhibiting a CAGR of 17% during the forecast period (2023-2030). The report said: “The pandemic accelerated the digital transformation of financial services. As businesses and consumers increasingly turned to online and mobile banking, there was a growing demand for financial technology platforms. In addition, financial technology companies offering payment and transaction processing services experienced a surge in demand as e-commerce, contactless payments, and digital wallets became more prevalent during the pandemic.” Active companies in the markets this week include AppTech's FinZeo(TM) (NASDAQ: APCX), Nu Holdings Ltd. (NYSE: NU), PayPal Holdings, Inc. (NASDAQ: PYPL), Global Payments Inc. (NYSE: GPN), SoFi Technologies, Inc. (NASDAQ: SOFI).

Fortune Business Insights continued: “Moreover, the economic impact of the pandemic led to an increased demand for lending and credit services. These companies offering digital lending platforms and credit scoring solutions saw growth in this period. These factors fueled the fintech market growth during the pandemic. North America is leading the fintech market share globally with market value of USD 89.61 billion in 2022. The growing need for customization, regulatory compliance, cross-selling opportunities, and FinTech industry trends are some of the key factors driving market growth in the region. North America, particularly Silicon Valley, is a global center for fintech innovation. Financial technology leverages this environment to drive continuous innovation in financial services.”

AppTech's FinZeo(TM) (NASDAQ: APCX) Fintech Platform to Roll Out to Credit Union Network with Over 2,000 Locations - Company’s largest banking integration to date plans to roll-out to credit unions nationwide: one-third of Americans have credit union memberships - AppTech Payments Corp. (“AppTech”), a pioneering Fintech company powering frictionless commerce, recently announced it has signed an agreement to provide its FinZeo™ platform services to a credit union network with over 2,000 locations. Platform integration is expected to begin in March with completion anticipated in Q2 2024.

Following its launch, the FinZeo credit union offering is expected to be available to credit unions nationwide, positioning it as the Fintech platform of the future for credit unions and legacy banks. In 2022, there were over 4,700 credit unions in the U.S. with total assets reaching as much as $2.17 trillion.

The FinZeo platform offers custom eco-solutions to enable immersive, high conversion, seamless user experiences for customers with minimal effort.

As Fintech continues to drive innovation in banking, legacy banks are challenged to keep up with and effectively compete against newer and larger financial services providers. FinZeo offers a turnkey competitive boost to legacy banks, powering them with technology services to offer better experiences to their members for a broad range of functions from mobile payments to ACH, and credit card processing.

“The roll-out of our FinZeo platform for the credit union ecosystem, which continues to grow in assets, presents significant opportunity to provide a fast, cost-efficient transition from legacy systems to tomorrow’s best-of-breed Fintech platforms. FinZeo is a great solution for credit unions and we expect to get solid traction in the space upon this rollout,” stated Luke D’Angelo, AppTech’s Chairman & CEO.   CONTINUED… Read this full press release and more news for AppTech Payments Corp. at:   https://apptechcorp.com/press-release/

Other recent developments in the tech industry of note include:

Nu Holdings Ltd. (NYSE: NU), one of the world’s largest digital financial services platforms, recently released its Fourth Quarter and Full Year 2023 financial results. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS). The full earnings release has been made available on the Company’s Investor Relations website at www.investors.nu.

"We are building the largest consumer platform in Latin America, with strong earnings-generating capabilities, having delivered over $8 billion in revenues and $1 billion in net profit in 2023. As we work towards surpassing the 100 million customers milestone in 2024, we are investing heavily in new growth avenues to keep transforming potential into profit. We are unlocking the untapped opportunity of our secured and unsecured lending portfolio, gaining share in the upmarket segment in Brazil, and strengthening our presence in Mexico and Colombia with new products and features. This proves our ability to accelerate our company-wide flywheel beyond our core market and keep pursuing further opportunities," said David Vélez, founder and CEO of Nubank.

PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced its fourth quarter and full year 2023 results for the period ended December 31, 2023. The earnings release and related materials discussing these results can be found on PayPal's investor relations website at https://investor.pypl.com/financials/quarterly-results/default.aspx.

PayPal Holdings, Inc. recently hosted a conference call to discuss these results. A live webcast of the conference call will be available at https://investor.pypl.com. In addition, an archive of the webcast will be accessible through the same link.

PayPal has remained at the forefront of the digital commerce revolution for more than 25 years. By leveraging technology to make sending money and shopping more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in approximately 200 markets to join and thrive in the global economy. 

Global Payments Inc. (NYSE: GPN) recently announced results for the fourth quarter and year ended December 31, 2023.   "We are pleased with our results for the fourth quarter and full year 2023 that were ahead of our initial expectations outlined last February," said Cameron Bready, President and Chief Executive Officer. "Importantly, we saw consistent business performance throughout the year despite ongoing uncertainties, highlighting the durability and resiliency of our business model."

Bready continued, "We also accomplished a great deal strategically last year, including successfully closing our acquisition of EVO Payments in March, providing further penetration into integrated payments, enhancing our B2B capabilities and expanding our exposure to stronger secular growth markets. Further, we completed the exit of our Netspend Consumer and Gaming Solutions businesses. These transactions represent important milestones as we seek to advance our strategy and operate a simpler business model centered on our core corporate and financial institution customer base."

SoFi Technologies, Inc. (NASDAQ: SOFI), Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc., recently announced an expansion of its relationship with The Bancorp Bank, NA, that enables real-time payments services. Using the RTP® network from The Clearing House, Galileo and The Bancorp are delivering instant money movement between bank accounts, enabling fintechs and brands to solve the longstanding cash flow challenges faced by small businesses (SMBs) and consumers looking to get fast access to their funds.

Real-time payments are available any time of day, year-round, ensuring the instant availability of funds even when traditional methods such as ACH and wires are unavailable. In Q3 2023, transaction volume and value over the RTP network hit a record high of 64 million transactions at $34 billion, according to The Clearing House.

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