The FinTech stage at Web Summit 2024 in Lisbon was nothing short of electric.
With standing-room-only crowds and a lineup featuring the industry’s brightest minds, the atmosphere was charged with anticipation and innovation. Topics ranged widely, from regulation to cloud infrastructure, reflecting the broad and dynamic nature of the FinTech sector today.
It was particularly refreshing to see more venture capitalists joining the conversation, highlighting the growing interdependence between FinTech firms and the investors that fuel their growth.
One of the standout moments for me was the ‘What’s Hot in Payments?’ panel featuring Lena Hackeloer, CEO and founder of Brite Payments. Lena’s forward-looking pragmatism shone through as she delved into emerging trends and technologies shaping the future of payment systems. Her insights into the evolving landscape of digital transactions and consumer preferences provided valuable food for thought for anyone invested in the future of payments.
Another highlight was the fireside chat titled ‘Get Embedded or Get Left Behind’, where Alex Mifsud, CEO and co-founder of Weavr, shared his candid insights. The discussion centred on the growing importance of embedded finance and its potential to revolutionise various industries. Alex’s viewpoints on integrating financial services into non-financial platforms were particularly enlightening, shedding light on how this approach can create seamless user experiences and open up new revenue streams.
Solid 2025 predictions
Given the time of year, future gazing was inevitable, but it felt like this year we all craved some solid rationale behind our predictions for 2025. Perhaps it’s because the FinTech industry has weathered so much change and uncertainty in recent years. This sentiment was echoed in the sessions, with a noticeable emphasis on pragmatic strategies over lofty forecasts. If you ask me, it’s a step in the right direction and shows the maturation of a sector that’s now highly focused on prioritising action over words.
On a personal note, I had the pleasure of hosting a fireside chat with Alexandre Prot, CEO and co-founder of Qonto. Together, we analysed the value of both competition and consolidation in FinTech. We concluded that a balance between the two is crucial for achieving the best outcomes for end users of B2B digital banking. Alexandre was refreshingly open about Qonto’s continued growth plans, emphasising a strategy that combines building, buying, and partnering. He stressed that acquisitions only yield true value when accompanied by effective integration – a point that resonated strongly with the audience.
I also moderated a ‘Super Fireside’ chat with Paul Taylor, CEO of Thought Machine, and Jaidev Janardana, CEO of Zopa. Together, we explored the untapped potential of cloud architecture in digital banking. Aptly titled ‘We Really Don’t Know Clouds At All’, the discussion highlighted that we’ve only scratched the surface – about 10% – of what cloud technology can offer. Both Paul and Jaidev shared compelling perspectives on how cloud infrastructure can drive innovation, enhance security, and deliver more personalised banking experiences.
Mike Butcher’s talk on the main stage, ‘Bad Faith: A Tale of Fraud, Malice, and Deceit’, served as a sobering reminder of the potential pitfalls in FinTech-VC relationships. His cautionary tale underscored how these partnerships can sometimes turn sinister, offering valuable lessons for both startups and investors. It was a stark but necessary exploration of the darker side of the industry, prompting many of us to reflect on the importance of due diligence and ethical practices.
Web Summit in pictures: How to stand out in a crowd the size of Old Trafford
Beyond the sessions and speakers, one of the most enjoyable aspects of the event was reconnecting with so many familiar faces from Manchester’s vibrant tech and startup scene – many of whom were on our flight home. It was great to catch up with this exciting contingent of businesses, including Patrick Smith of Zally and Matt Bird of Lemon, two local companies with global ambitions.
Their presence underscored the growing importance of regional tech hubs in the global FinTech landscape and reminded me of the incredible talent and innovation happening right in our own backyard.
All in all, Web Summit 2024 provided a comprehensive overview of the FinTech industry’s current state and future trajectory. From innovative payment solutions to the transformative potential of cloud technology, the discussions highlighted both the opportunities and challenges facing the sector.
The event once again demonstrated why it is held in such high esteem across the FinTech community, solidifying its status as one of the must-attend shows of the year.
Manchester ASCEND cohort taps into ‘power of the group’ at Web Summit