How to start a fintech company in 2022

This article tells you how to start a fintech company in 2022.

Financial Technology or Fintech is a popular term for it has been in use for a while. The digital transformation technology has improved the way the financial sector responds to consumers’ needs, for it’s the technology they use to process their financial transactions.

When you use your credit card to purchase goods or stocks online or pay for services, subscriptions, or make investments using Google Wallet, PayPal, or ApplePay, you’re using fintech.

Fintech has been growing at a brisk pace. The Global FinTech Market Size, Status and Forecast 2018-2025 report says that “the global fintech market will hit $124.3 million by 2025 at a Compound Annual Growth Rate (CAGR) of 23.84%.”

For that reason, there are substantial investment opportunities for fintech startups. The Global FinTech Market was valued at USD7301.78 billion in 2020 and is projected to grow at a CAGR of 26.87% during the forecast period.

Rising popularity for digital payments, increased investments in technology-based solutions, supportive government regulations, increased adoption of IoT devices are expected to positively influence the Global FinTech Market in the coming years.

Why starting your fintech business now


The modern electronic finances industry presents solutions that more and more people find extremely useful. Personal money management applications, insurance technology, and easy investment—fintech has gathered every niche imaginable under its umbrella, and this bubble keeps expanding. Users want to feel in control of their finances, and they want to do it through a sleek all-in-one interface that’s always in their pocket.

Launching a fintech company now means responding to the pressing needs of millions of potential users and getting the attention startups rarely receive in other markets.


Building a fintech app will also be easier in 2021. Developers gain more expertise in designing this kind of software, and more specialized toolkits to integrate third-party products are released regularly. Programmers can also seek advice from fintech consulting services to get an idea of the inner workings of financial systems.

Furthermore, banks and governmental institutions in most countries support the digitalization of the finance industry and have gradually started tailoring their services and activities to help fintech businesses prosper.

So, how to start a fintech company?

Clearly, FinTech has caught on around the world and we expect that new players and services will emerge in the future. But the only question is how to earn a position in the market and make it completely unique and not a copycat. Careful planning and preparation are the keys to a successful business. Here are 7 important steps you need to take when starting a fintech company:

STEP 1: Identify your Niche

Fintech is a broad term and has a lot of dimensions to it. The classification of Fintech really depends on various circumstances.

It may refer to a specific set of start-ups and companies, or it may apply to initiatives enabled by technological innovations that contribute to the development of the financial segment.

STEP 2: Know the Regulations

It’s very important to know the ins and outs of the fintech and banking industries since they are highly regulated. There are many laws governing the industry, such as the anti-money laundering (AML) policies, Payment Card Industry Data Security Standard (PCI DSS), Know Your Customer (KYC), and The General Data Protection Regulation (GDPR).

You should learn about these laws and how they will impact your business if you plan to launch a startup accessible globally. Remember, these laws vary from one country to the other or state to state in the case of the US. Fintech companies can apply for regular licenses, but in the UAE and Mexico, they must apply for fintech licenses.

STEP 3: Hire the Right Talent

A successful enterprise is made from its people. Therefore, hiring crème-de la-crème from amongst the crowd is of vital importance. If your city has a limited talent pool, then attracting good talent becomes quite tricky.

In such cases, the best decision for a startup would be to outsource fintech development team (consider TECHVIFY Software). This not only cuts significant costs for up-and-coming startups but also provides a solid team of specialists with specific domain knowledge and relevant experience.

Step 4: Get Funded

It is crucial for fintech companies to be able to secure sufficient funding from both financial institutions and private investors in order to be able to finance their business operations, financial management tools research, and distinctive business offering of their fintech company. This can be achieved from multiple rounds of presenting your successful fintech app to target market venture capital companies.

Step 5: Build Partnerships

To start a fintech business, you need to be connected to different banks, acquirers, FX, payment cards issuers, money transfer systems, payment processing, and clearing systems, SWIFT and SEPA, etc. You will have to think about opening safeguarding accounts for customers’ funds in several banks. This task seems very simple, but without a reliable partner, it will be a huge challenge.

In addition, a competitive fintech company provides value-added services, such as the issuance of co-branded cards and acquiring. And the main priority and the most important task – you will need to evaluate and select a software outsourcing provider for your fintech platform. Advapay offers all these services to connect you to a fintech engine.


Fintech may not be the easiest industry to target. Still, if you believe that you will be able to solve financial issues for your users through innovative means, go ahead. Above is the general guide on how to start a fintech company. And if you need an extra hand, Techvify is more than happy to help!

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