The global financial services market will be worth an estimated $22 trillion in 2021. But despite the size of the overall banking business, many people around the world are actually underbanked. Fintech company Square (NYSE:SQ) aims to fix that with its ecosystem of banking solutions. As a disruptor in the financial industry, here is why Square could one day join the $1 trillion market cap club.
The need for better banking solutions
The brick-and-mortar banks of the traditional lending system have a couple of problems. In many parts of the world, banking services are not accessible. According to Global Findex, approximately 30% of the world’s population is unbanked, with many people living in emerging markets with poor demographics or limited infrastructure (branches, ATMs, and the like).
Additionally, big banks tend to struggle with consumer satisfaction where they do operate. The…