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The rise and role of FinTech for financial institutions: Why FinTech, and why now?
Journal of Securities Operations & Custody,
12
(1),
41-48
(2019)
Abstract
This paper explores the evolution of FinTech since its inception in the 1980s to its current state. The paper will focus on enterprise technologies that are either (i) designed specifically to combat issues that face financial markets or (ii) horizontal technologies with applications in the financial services ecosphere. Financial institutions face ever-changing market conditions. Coupled with the advent of new technologies, enterprise technologies have an unprecedented opportunity to disrupt the industry.
Keywords: FinTech enterprise technology; B2B; financial services; venture capital
The full article is available to subscribers to the journal.
Author's Biography
Mark Beeston is Managing Partner and Founder of Illuminate Financial Management, a venture capital firm specialising in enterprise technology that targets financial markets institutions. Mark has spent over 25 years in financial markets. He began his career as a fixed-income derivatives trader at Deutsche Bank, finishing his 13 years there as chief operating officer (COO) of Global Rates and then COO of the Global Credit business. Mark joined the Exco of the credit broker Creditex in 2005, launching their derivatives trade processing business T-Zero in July of that year. Creditex was acquired by ICE in 2008 with T-Zero becoming ICELink. He joined the interdealer broker ICAP in late 2009, where he was also an Executive Committee member responsible for the firm’s Post Trade and Information division. He has been an active investor in FinTech since 2009, investing in AcadiaSoft, acquiring TriOptima and investing in DUCO, ENSO and OpenGamma during his tenure at ICAP. In 2014, Mark launched Illuminate Financial Management, a specialist venture investor in enterprise- focussed financial technology. Illuminate launched its first fund in October 2015 and its second in February 2019.
