Between August and September 2020, Venture Lab surveyed 21 early-stage fintechs to understand what tools and systems they use to power their companies’ operations.
The respondents represent various sectors of fintech, including MSME and Consumer Credit, Insurance, Payments, Neobank, and Personal Financial Management companies operating in US, Latin America, Europe, Southeast and South Asia, and Africa.
- Later-stage companies tend to spend more on software; early-stage companies should plan for step-change increases in their IT budgets especially at the Series A+ stage.
- Most companies, regardless of stage, more commonly use: Internal communications, CRM, help desk, and document collaboration biz ops tools; Version control, cloud hosting, continuous integration, and data management tools.
- Later-stage companies are more likely to use certain tools related to: talent management (e.g., employee management, recruiting tracking); marketing (e.g., social media management, email management); web domain management, user testing and deployment orchestration.