Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. When fintech emerged in the 21st Century, the term was initially applied to the technology employed at the back-end systems of established financial institutions.
Fintech as a category of new startups is booming. It's telling though that few new enterprises advertise themselves as ‘Fintech’. Instead, new startups have begun to categorize themselves based on their specialization.