Transformation Through Unbundling: Visualizing the Global FinTech Ecosystem

The infusion of digital technology into financial services, also known as FinTech, is creating a massive disruption of the entire financial sector. Services traditionally offered by incumbents are now rapidly unbundled by a growing set of startups, leading to new models of collaboration and a significant shift in power. This study provides insight into the structure of the FinTech ecosystem using data-driven visualizations of 6,493 global companies across 24 market segments. We focus on two types of ecosystem entities, namely, (1) firms that create, offer, and acquire FinTech services and (2) investors that fund and enable them. Our analyses reveal a highly skewed global footprint of FinTech activities, differential growth patterns across ecosystem segments, highly interdependent network structure, and a variegated nature of investments and acquisitions led by key incumbents and venture capital firms. We conclude with theoretical and managerial implications and discuss opportunities for future service ecosystem research.