Why this is important to Wisconsin businesses: The European nation is looking for innovative startups that will disrupt the fintech ecosystem.
France is taking a leading role in developing financial technology, or fintech, platforms.
By 2021, France had more than 1,200 fintech companies, according to an article by Credolab that quotes data from Dealroom. The businesses provide services such as lending, payment services, crowdfunding, and cryptocurrency.
Interest in the digital options has grown significantly in the wake of the pandemic, as consumers are now more likely to depend on mobile payments and lending platforms, Credolab says.
Fueling that growth is an increase in investment. Through October 2021, fintech startups raised €2.1 billion ($2.2 billion USD)—two-and-a-half times as much as the amount raised in all of 2020.
Government efforts also have pushed France to the forefront with initiatives such as Station F in Paris, which calls itself the world’s biggest startup campus, and the French Tech Visa Program that offers foreign entrepreneurs and investors a four-year visa to move to Paris with their families, Credolab says.
As France seeks new technology to aid or disrupt financial services, Wisconsin companies in that field may find opportunities for partnerships.
