Fintechs Face Make or Break Moment in Current Crisis

The onset of the current crisis has many in the fintech community nervous for what the future holds; some companies are seeing a big uptick in usage and adoption of their services; others are concerned if they will even survive to make it to the other side; Alastair Lukies, CEO of Pollinate and chair of the UK’s Fintech Alliance, tells the FT, “One could argue that people will have more time for financial planning, but my sense is that people aren’t in the mood for big decisions at the moment,” he says. “And a lot of companies in UK fintech have been payments focused. They rely on transaction throughput, and those transactions just aren’t happening.”; a survey by Sifted says challenger banks, foreign exchange services and wealth managers could feel the impact more than others; early stage companies will also be hurt in a significant way as they rely a lot on outside funding sources. Financial Times

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