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Today: Jun 14, 2024

Exploring New Frontiers: B2B Fintechs Revolutionizing SME Expansion

1 min read

TLDR: B2B fintechs are predicted to disrupt the SME sector with projected revenues reaching $285 billion by 2030.

The SME market is often overlooked but represents nearly 70% of jobs and GDP on a global scale. However, SMEs face challenges in accessing credit, which has been exacerbated by the recent pandemic.

Fintech has the potential to support SME growth, particularly in areas like payments and lending. The International Finance Corporation estimates that the unmet financial credit needs for SMEs worldwide exceed $5 trillion annually.

B2B fintechs focusing on SMEs have significant implications for the banking and payments industries. Traditional banks need to collaborate with fintech firms to remain competitive and meet the unique needs of SMEs. Payment service providers also need to enhance their agility and adaptability to keep pace with the growing role of fintechs in B2B payments.

The B2B fintech sector holds promise for vibrant growth and reshaping the way financial institutions engage with and support SMEs.