The new era of fintech revolution

Our online publication, Fintech Sparks, launched three years ago with the 2021 year-in-review edition. This is now our fourth annual publication, and we’ve reached a total of 19 issues and nearly 1,000 pages – all from what started as a spontaneous idea. This year was undoubtedly dominated by generative AI. Companies, both large and small, released their own models one after another, introducing increasingly novel application areas. Various service providers developed their own AI-based applications, which in some cases led to hundreds of employees being laid off. Bitcoin started the year really strong: on January 10, the U.S. Securities and Exchange Commission approved the launch of spot bitcoin ETFs. This was followed by a Bitcoin halving, the approval of spot ether ETFs, Trump’s endorsement of the crypto market, and then his election victory – alongside Elon Musk, who also fervently supports the crypto market. There were plenty of scandals and negative trends as well. Primarily, cyberattacks and frauds surged, but there was no shortage of money laundering cases and data breaches either. For years now, I’ve felt that this area resembles the world of doping in sports: anti-doping institutions are constantly playing catch-up with the cheaters. 2024 was also the year of Peak: we achieved nearly 3 billion HUF in revenue, marking a 100% growth compared to the previous year. We maintained a group-level EBITDA margin of nearly 30%, and with the acquisition of a majority stake in ff.next, our corporate group expanded to 100 employees. This enabled us to enter the AI market with our own RAG model. 2025 could be just as extraordinarily fast-paced as this year. I continue to expect the most excitement, news, battles, successes, and scandals from the three areas mentioned above. Over the past 15 years, the fintech industry has proven that it can deliver services that far exceed previous expectations. Now, with the rise of AI, financial digitalization could shift into lightspeed. The publication can be downloaded for free by clicking on the following link.