Entrepreneurial, institutional and financialstrategies for FinTech profitability  

作　　者：Santiago Carbó-Valverde Pedro JCuadros-Solas Francisco Rodríguez-Fernández 

机构地区：[1]University of Granada,C/Campus Cartuja s/n,18011 Granada,Spain [2]CUNEF Universidad,C/Pirineos,55,28040 Madrid,Spain [3]Funcas,C/Caballero de Gracia,28,28013 Madrid,Spain

出　　处：《Financial Innovation》2022年第1期487-522,共36页金融创新（英文）

基　　金：support from the FUNCAS Foundation,PGC2018–099415–B–100 MICINN/FEDER/UE,and Junta de Andalucía P18-RT-3571 Project。

摘　　要：Notwithstanding the emergence of FinTech startups in the financial services industry,most of these companies face significant difficulties in breaking even and surviving.This study examines the main managerial, institutional, and financial drivers of FinTechprofitability and the time it takes for these firms to break even. The database includesrelevant qualitative factors, such as foundational characteristics, the technologicalprofile of the startup, and its funding structure. Using the full population of FinTechstartups operating in Spain from 2005 to 2017, we observe that most of these firms areunprofitable within three years of their inception. Combining panel data and survivalanalyses, we empirically find that large and solvent FinTech firms founded by singleentrepreneurs in an incubator or accelerator program are more likely to be profitableand prevail. FinTech firms reach their break-even points faster if they receive fundingthrough seed capital.

关 键 词：FinTech PROFITABILITY ENTREPRENEURSHIP Technology Financial strategies Startups 

分 类 号：F832[经济管理—金融学]