Big Banks Poised to Scoop Up Fintech Startups, Report Finds
- PwC survey finds half of global finance firms in buying mood
- Record French deal this week shows shift toward dealmaking
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Big banks may have scoffed when a gaggle of financial technology upstarts promised to reinvent their business. Now they want to buy them.
Almost 50 percent of financial services firms around the world plan to acquire fintech startups in the three to five years, according to a report Thursday by PricewaterhouseCoopers LLP. And eight out of 10 institutions foresee making strategic partnerships with peer-to-peer lenders, digital money transfer platforms, and myriad other firms that are reshaping the business of money.