Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective

Although interest in FinTech businesses has been growing, research about these companies is still scarce. To address this gap, this paper aims to understand the evolution of the FinTechs ecosystem, through a socio-technical system theory and service innovation lense. A case study research methodology was used, in which 6 Brazilian and 5 Portuguese FinTechs were analyzed. Primary data was collected using semi-structured interviews with managers and employees of the startups, while secondary data was obtained through the analysis of reports from consulting firms and public relations materials of the startups. Results show the evolution of FinTech ecosystems from the perspective of socio-technical system theory and service innovation. From the socio-technical system perspective it was possible to understand the roles of social, technological and organizational actors in the evolution of these ecosystems. From the service innovation perspective, it was possible to understand the dynamics of the evolution of the FinTech ecosystems and its results.