Innovation ‘not enough to get FinTech funding’

New research has revealed that 83 per cent of investors believe that positive reviews and social proof are critical or important for generating interest in FinTech firms.

Trustpilot commissioned London Research to survey 56 startups and 87 scale-up businesses across all major business sectors, including fintech companies, across the UK, US, Asia and Europe in May.

Around a fifth (21 per cent) of those surveyed have been asked by investors to provide customer-centricity proof points such as ratings and reviews, and a further 43 per cent have proactively provided this information.

Around two-thirds (65 per cent) of those surveyed strongly agree that they have built their business around an understanding of what customers really need.

Alan Duncan, vice president of consumer marketing at Trustpilot, said: “At one point, innovation was enough to secure investment in the latest FinTech startups, but not anymore.

“More than ever, startups are expected to show proof of consumer engagement to investors and this has made the role of online reviews essential for startups”.

Roberto Napolitano, marketing director at Seedrs, commented: “Ratings are a very powerful tool for investors to take the pulse of a potential investment to see if anything needs to be improved.”

Monzo’s online community manager Richard Cook added: “People who have backed us want to talk about our latest TrustScore and what we are doing to move it in the right direction”.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.