Q1. What finance function is being performed by fintech? Fintech is the technology used to deliver financial services. The work performed in financial services may categorized as follows: 1. Providing access across a barrier - Bridge 2. Guaranteeing quality - Certifier 3. Monitoring and enforcing contracts - Enforcer 4. Bearing risk - Risk Bearer 5. Providing information - Concierge 6. Taking the heat - Insulator Two examples of fintech companies are discussed in the two excerpts from AFR reports below. Which of the six categories of financial services work is each fintech company providing? Fintech unicorn settles into Melbourne ahead of $US10b IPO Australian Financial Review 26 April 2021 Extract from report "Multibillion-dollar card-issuing fintech Marqeta has picked Melbourne as its Asia-Pacific headquarters, hiring a country manager and a handful of local staff ahead of a slated $US10 billion float later this year. The Goldman Sachs and Visa-backed fintech unicorn, which is based in Oakland, enables companies to issue credit and debit cards to staff, working on their behalf with card networks and issuing banks to issue cards, authorise transactions, and communicate with settlement entities." 39 Ex-Westpac execs raise $33m for home loan fintech Australian Financial Review 13 May 2020 Extract from report "It was founded by chief executive Andrew Walker and Chris Lumby, who worked together in executive roles at Westpac. They said they believed an over-reliance on legacy systems, and a lack of appetite for innovation regarding improved customer experience at big four institutionsmeant there would be a big demand for a smarter option. One of Verteva's core propositions is that it will offer lower-rate financing to borrowers with abetter risk profile, and do away with volumes of paper forms with a speedy digital application process. "Too many low-risk mortgage holders are effectively subsidising the banks' higher-risk customers. That's a key structural problem with the current model, where low-risk customers are paying interest that doesn't reflect their risk profile," Mr Lumby said."