Scientific paper ID 1818 : 2019/3

FinTech is a hybrid form between finance and technology, the emergence of which is predetermined by the changing demands of consumers on the way they use banking services. On the one hand, a completely new sub-sector of financial services is being created with the creation of special user-to-consumer lending platforms, for example, clients and companies began to receive and lend to each other. These platforms turned to unconventional sources of information and credit models as well as powerful risk assessment systems and compete with traditional banks. The strengths of these P2P platforms are geared to the specific needs of each user. They operate at very low operating costs, allowing them to reduce the cost of credit. The fin tech industry intervenes not only in lending but also in the provision of deposits, money transfers and alternative methods of payment (for example, based on QR codes.) The convenience of these high-tech developments is that the whole process is easy and does not constant walking to bank offices for filing documents, which, among other things, is wasting a lot of time.

In Bulgaria, the segment is growing more active, and the past 2018 has brought him great success. The number of transactions made through finite platforms is steadily increasing, along with the volume of money invested in peer-to-peer funding platforms.