FinTech, short for financial technology, refers to the use of technology to provide innovative financial services and products. FinTech companies use software and other technological advancements to provide financial services such as payments, lending, investment, and insurance services, often with the goal of providing faster, more efficient, and more affordable services to consumers and businesses.

The rise of FinTech has disrupted the traditional financial industry, which has historically been dominated by large banks and financial institutions. FinTech companies are often nimbler and more flexible than traditional financial institutions, and they are able to leverage technology to offer innovative financial products and services that meet the needs of a wide range of customers.

Some of the most popular FinTech services include mobile payments, peer-to-peer lending, robo-advisors, and digital wallets. These services are often provided through mobile apps or online platforms, and they are designed to be user-friendly and accessible to customers around the world.

FinTech has also enabled greater financial inclusion, as it has made it easier for underserved populations to access financial services and products. For example, FinTech companies can use alternative data and innovative risk assessment techniques to offer loans to customers who may not have a credit history or traditional sources of income.