Innovation is no longer enough to secure investment for fintech start-ups

Trustpilot, the leading customer review platform free and open to everyone, today announced new research in regards to fintech start-ups and investors into the role of consumer reviews and what investors are looking for.

  • Of the 143 fintech start-ups and scale-ups surveyed, more than 92%  find ratings and reviews either “critical” or “important” for converting prospects into new customers.

  • Nearly 83% stated positive reviews and social proof are critical for generating interest from investors.

  • Around a fifth (21%) of those surveyed have been asked by investors to provide customer-centricity proof points such as ratings and reviews, and an additional 43% have proactively provided this information.

  • Around two-thirds (65%) of those surveyed strongly agree that they have built their business around an understanding of what customers really need.

Alan Duncan, VP Consumer Marketing Trustpilot, said: “At one point, innovation was enough to secure investment in the latest fintech start-ups. Not anymore. The majority of fintech start-ups are now prioritizing a transparent, customer-centric approach from day one, listening and engaging with consumers to fuel their product and service innovations, and in turn, making them more attractive to investors. More than ever, start-ups are expected to show proof of consumer engagement to investors and this has made the role of online reviews essential for start-ups”.

The full report can be found here.

Leave a reply

Please enter your comment!
Please enter your name here