Amsterdam hosted the annual Money2020 conference, attracting executives from fintech companies worldwide. While last year’s event buzzed with talk of embedded finance, open banking, and banking-as-a-service, this year, the narrative has changed little amid a slump in technology valuations and limited consumer spending. Investors remain keen on firms offering services to enterprises rather than consumers, thus allowing businesses of all stripes to develop customised financial services. Companies tightening their belts is also a dominant theme as they scale back on spending. What’s hot is a focus on business-to-business (B2B) enterprises, with the trend of hyper-focus on revenue and finance automation products being adopted by fintechs in a bid to increase efficiency. Meanwhile, those shunned by investors are consumer-oriented services such as Revolut and Atom Bank, which have suffered deep markdowns in valuation.
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