Since the beginning of the year, the benchmark indexes have suffered immense volatility on concerns over multi-decade-high inflation and the Fed’s impending interest rate increases. The Russia-Ukraine war has added to the concerns. Also, supply chain disruptions and rising energy prices due to increased sanctions on Russia are keeping investors worried. So, many fintech stocks have been hard hit this year.
However, the fintech industry has played a pivotal role in helping improve payments processing, insurance, lending, and wealth management. The innovations in financial services delivered by fintech companies–among other attributes they have brought down transaction costs–have made them more popular than traditional banks. According to a Kenneth Research report, the global fintech market is expected to reach $305.70 billion by 2023, growing at a 22.2% CAGR.
