According to a study by Reed Smith and Mergermarket, 94% of banks and financial institutions are planning two or more fintech acquisitions in the next 12 months.
“There isn’t a significant financial services institution that isn’t already either a consumer or developer of fintech,” said Herb Kozlov, a partner at Reed Smith. “I think it’s on the radar of every major institution because they’re at a competitive disadvantage if they’re not as well positioned as their competitors to adopt new technologies.”
Banks and financial institutions are even more bullish on fundraising for fintech firms than their counterparts and Venture Capital and Private Equity firms, according to the study.
- Global Small Business Report Shows Strong Desire to Expand
- Large Banks Likely to Focus on Small and Midsize Bank Acquisitions
- Mastercard and Citi Ventures Invests in Contextual Data
- Netherlands Fintech Executives Frustrated by Salary Restrictions
- Regional Banks and Institutions Give Employers Lower Ethics Rankings