Financial startups don’t have the cachet of a Tinder or Uber: instead of promising easy hookups or a revolution in urban transportation, they focus on mundane issues like credit scores. But they are having a moment in the sun all the same.
Thanks to technology and a new ecosystem that provides unprecedented access to the traditional lords of finance, so-called “fin-tech” is emerging in New York and elsewhere as its own class of startup scene — though it often looks little like the culture of Silicon Valley.
Big banks and outside entrepreneurs
The two-day Finovate event in New York this week saw dozens of fin-tech startups and entrepreneurs talking up their ideas for applying tech to a host of everyday financial operations: opening accounts, checking credit scores, serving risky borrowers and so on.
The scene was notable in large part because, a decade ago, startups focused on the financial sector barely existed.
“In the past, technical innovation always took place within incumbent firms and…
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