- A report published by Allied Market Research noted that in 2019, the global challenger bank market generated $20.4 billion and should post over $471 billion in revenue by 2027
- This growth will be attributed to the reduced associated costs, accessibility and overall convenience that the challenger bank market offers
- Through its strategic acquisition approach, FEXD is advancing this sector while offering consumers the services and flexibility they need
- By doing so, FEXD hopes to reduce poverty, improve the lives of the unbanked, and offer security and saving options for migrant workers
Fintech Ecosystem Development (NASDAQ: FEXD) is, through strategic mergers and acquisitions, helping accelerate the growth of the challenger bank market. In turn, the company is making financial services affordable and accessible, particularly to individuals in emerging markets, who grossly lack this access compared to their counterparts in developed regions. This focus is helping FEXD carve out a significant market share and leave an indelible mark, even as the world gradually shifts to digital currency.
In a report published by Allied Market Research, it was noted that, in 2019, the global challenger bank market generated $20.4 billion. The report then estimated that, by 2027, this market would post over $471.0 billion in revenue, representing a CAGR of 48.1% over the forecast period (2020-2027) (https://nnw.fm/MAcxi). In addition, the cryptocurrency market size is expected to post a CAGR of 15.81% between 2022 and 2027.
Key factors that will facilitate this growth include the reduced cost associated with this solution and the level of accessibility and convenience that comes with it. In addition, changing consumer and business needs have facilitated this industry’s growth to the point of forcing legacy institutions to re-invent themselves and offer products that accommodate or address the new consumer demands.
FEXD understands this shifting course, and through its strategic approach to expansion and growth, it is offering consumers what they want while playing a role in advancing the challenger bank and crypto markets. By doing so, it is helping support developing countries, offering the people therein a chance to improve themselves financially and improve their livelihoods while at it.
“We’re committed to supporting the progress of developing countries and cultures,” notes the FEXD website.
“We have a keen understanding of market needs in many regions of the world where cellphones are in wide use, but mobile money services are not yet available,” it adds (https://nnw.fm/9ZijP).
FEXD is channeling its resources and attention into these emerging markets, hoping that by doing so, it will ensure that “humanity has a path forward from an unhygienic cash system.” The company also hopes that its efforts will reduce poverty, improve the lives of the unbanked, and offer security and saving options for migrant workers.
Back in September 2022, FEXD announced an ambitious definitive agreement for a business combination with Mobitech International LLC., where it would become a wholly owned subsidiary of FEXD. Mobitech, an artificial-intelligence-enabled digital lending platform, would help elevate FEXD’s product offering while bringing it closer to its goal of affording financial inclusion to persons in emerging markets.
These moves reflect FEXD’s commitment to achieving its short-term and long-term objectives. More so, they speak of the company’s understanding of the market, the existing market opportunity, and the current direction the challenger bank market is taking. Its management remains optimistic about the company’s future and progress, even as it eyes the financial technology market, which is expected to hit $500 billion by 2028.
For company information, visit the company’s website at www.FintechEcoSys.com
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://nnw.fm/FEXD
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