Fears around surging inflation and a potential recession have led to a massive stock market sell-off of late, causing fintech stocks to retreat significantly. However, the industry has immense growth prospects thanks to rapid technological advances and growing demand for digital transactions.
Furthermore, the Federal Reserve raised its benchmark interest rate by half a percentage point. And it has indicated that it could get even more aggressive with its rate increases to fight inflation, which should help Fintech companies expand their profit margins. According to The ExpressWire report, the fintech market is expected to grow at an 8.6% CAGR by 2024.
