The payments industry has exploded within the last year – raising $1.2 Billion. There were some big time deals including Paypal’s $800 Million acquisition of Braintree. International bank BBVA purchasing Simple for $117 Million. Venture Capitalists firms also took part in the action, pumping $80 Million into FinTech startups Stripe & $16.5 Million into Dwolla.
The innovation payment startups have provided is like a breath of fresh air to an industry that had become stagnant over the past few decades. Recent studies show that Millenials[who’ve become a dominant purchasing power, believe traditional banks & payments will be disrupted by innovative companies.