ABSTRACT
The financial services industry existed since the beginning of human civilization. At the very beginning of human civilization, societies were formed. Societies were based on the principles of mutual trust, transparency, and helping each other. The financial services industry from the beginning of civilization was based on the concept of honoring the commitment to pay in presentment of a mutually binding financial instrument. Financial services in the initial days were meant to provide all services associated with monetary transactions, and most often these transactions would be between individuals or between a corporation and individual entity. Banks were the first constituents of the financial industry and have been around since the time the concept of currency originated. FinTech emergence can also be partially attributed to the interest of venture capitalists (VCs) in investing into the financial services industry. Irrespective of the mode of investing and exits, VCs have ushered in a culture of technology start-ups.
