SSV Capital Ltd Head of Corporate Development Nidhi Pandit visits the Proactive London studio to speak to Thomas Warner about the work the company is doing in the Fintech sector with its SmartPay product.
She explains that the Fintech industry has seen a surge from 11,000 startups in 2018 to 25,000 in 2023. UK customer adoption of fintech rose from 61% in 2018 to 72% in 2023, with Asia witnessing over 85% adoption, especially in India and China.
SSV Capital's SmartPay targets the payment sector, identifying a significant gap in payment satisfaction among consumers. Emphasising the need for convenience, safety, security, and trust, Pandit highlights the potential of Open Banking, which began in the UK in 2018.
While only 10% of UK's digital transactions utilise Open Banking, SmartPay leverages its secure infrastructure to offer a convenient solution for both merchants and consumers, addressing the identified payment gap and aiding in financial planning amidst the cost of living crisis.