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July 1, 2022
Finance Technologies

2020 review: A year which saw fintechs cut jobs, pay & business arms

Despite banks’ top executives insisting that COVID-19 is “not a crisis in banking or a financial crisis”, a number of fintechs have still been tested – some to the brink of collapse. Alternative lenders struggled through long accreditation processes and dried up reserves, before eventually taking on loans which carry the potential risk of high default rates. Neobanks could no longer rely on interchange fees as a main source of income, prompting a number of them to pivot and focus on alternative revenue streams. Payments firms whose customers are largely made up of shops and restaurants have experienced serious drops…
2020 review: A year which saw fintechs cut jobs, pay & business arms

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