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What is fintech?

The story of how everything started
Everything began with the well-known and distinguished investment bank Lehman Brothers filing for bankruptcy protection on September 15, 2008. This led to the world’s largest financial crisis. And to a complete transformation of the banking industry – so-called fintech.

At the beginning of the financial crisis, it was difficult to predict what its consequences would be. It turned out that the consequences were greater than had ever been predicted. People lost their homes and jobs and began to question traditional banking.

What is Fintech?
The term Fintech is short for financial technology. It is primarily about recreating traditional financial products and services. But instead of physical offices, financial services are offered in digital form.

Changed consumer behavior
For many years, banks have had very little or no competition at all. Consumers have often needed to pay high commissions and hidden fees for financial services.

The lack of trust in the banking industry created bitterness and anger towards the financial system and against the people who governed the banks. This change among consumers, in turn, generated an opportunity for new players in the market.

The digital era
Another factor that contributed to fintech companies taking off was that traditional banks had low investments in technology and in developing their services. Traditionally, they focused on preventing future losses and crises, a natural step after a financial crisis.

What fintech companies did instead was to invest in smart digital solution. Their focus turned to developing new services tailored to the individual user and how they manage their own money. This put fintech players at the forefront of innovative solutions, and they are now significant competitors in the financial market.

It has now been more than ten years since the financial crisis and consumers have started to get used to the idea that they have more choices. They can now manage their personal finances without new actors, and not just the traditional bank institutions. Consumers can now choose fintech companies that have the fastest technology, most cost-effective services and the largest range of financial products on the market.


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PFC Technology är ett betalningsinstitut enligt lag (2010:751) om betaltjänster och står under Finansinspektionens tillsyn. Mastercard® är ett registrerat varumärke som tillhör Mastercard® International Incorporated. P.F.C-kortet är utfärdat av Wirecard Card Solutions Ltd (“WDCS”) i enlighet med licens från Mastercard® International Inc. WDCS är auktoriserade av Financial Conduct Authority att genomföra tjänster med elektroniska pengar enligt Electronic Money Regulations 2011 (Bolagsnummer: 900051)

PFC Tecnology is a Payment Institution according to Payment Services Act (2010:751) and is under the supervision of Sweden’s Financial Supervisory Authority. Mastercard® is a registered trademark of Mastercard® International Incorporated. The P.F.C. card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to licence by Mastercard® International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Firm Reference Number: 900051)