Fintech firms outrun big banks in profit and valuation in April-June quarter

Fintech firms outrun big banks in profit and valuation in April-June quarter

Fintech companies are overtaking global financial institutions in both earnings and market capitalization in the April-June quarter, as the coronavirus accelerates trends toward a cashless society.

“In the midst of the COVID pandemic, we have seen substantial macro changes that we believe will have a lasting and profoundly positive impact on our business,” said PayPal Holdings CEO Dan Schulman at the company’s earnings call on July 29.

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