The idea of transferring money from your bank to a friend through a simple payment app like Venmo was a far off thought for many. Today, it would be odd to have a friend that doesn’t know how to pay for or order something through one’s smartphone.
This shift in mobile consumer banking is at the core of fintech startups and the heart of the Capital One Labs experimental product and technology incubator and accelerator.
Within their corporate structure there is a hidden startup culture that has cross-functional teams of product managers, designers, data scientists, developers and other innovators who are figuring out ways to make banking more seamless and secure for customers.
You might think that fintech is boring. On the contrary, startups are developing cutting-edge technology that will change the way we manage our money. Fintech is filled with complex problems around mobile banking, moving and saving money in a secure way and allowing customers to purchase items all through their phone. It’s so exciting that venture capitalists, private equity firms, corporations and more, are dumping an enormous amount of money into this industry. According a report by Accenture:
“More than $50 billion has been invested in almost 2,500 companies since 2010 as these innovators redefine the way in which we store, save, borrow, invest, move, spend and protect money.” Also, “the value of global fintech investment in 2015 grew by 75 percent to $22.3 billion, driven by deal flow across Europe and Asia Pacific.”
In 2015, it was the deemed the year of fintech where companies such as PayPal, Square, FirstData, WorldPay and Powa reached a multi-billion-dollar capitalization – and there’s more startups following in their footsteps.
Capital One Labs looks to develop the future of fintech, expand their franchises and keep up with the next generation of customers who live, work and function through their mobile devices.
Capital One Labs currently has three locations: Washington, DC Lab right outside the District in Arlington, Virginia that was recently named a top place to work by employees. The NY Lab is located in Manhattan’s hotbed for tech, the Flatiron District, and SF Lab is located at the heart of San Francisco's Financial District.
The article was brought to you in partnership with Arlington Economic Development. Learn more about startups emerging out of Arlington at TechCo.