Nowadays, in the age of digital transformation, the use of financial technologies (fintechs) has become an integral part of the banking industry and partnership with Fintech start-ups is not either a choice it is a necessary. In this study, we want to analysis the development process of Fintech startups in Iran, which are in the early stages of their life cycle. So the main question is; what are the challenges and obstacles facing Fintech start-ups in Iran? This research is applied by its purpose and qualitative by its data gathering method. To achieve this goal, systematic grounded theory approach applied. Data collected using semi-structured interviews with 13 bank experts in Fintech, Entrepreneurs, and Co-founders of Fintech start-ups, by using purposeful sampling method. Data were analyzed using MAXQDA software. The results showed that the most important barriers to the development of Fintech startups in Iran are regulatory challenges, lack of a clear bank strategy for partnership, and macroeconomic conditions of the country, especially sanctions. Therefore, providing strategies such as formulating new standards and rules especially for open banking and complete the digital transformation roadmap of the banking industry with the help of key stakeholders can lead to the development of fintech startups.

The growth of activity and investment of startups in the field of financial technology has provided a good opportunity to increase the quality management system. The application and implementation of quality management system requires a codified and indigenous model, so the present study was conducted with the aim of identifying the effective components and providing a model of quality management system in Fintech startups. This study is a fundamental research in terms of purpose and has been done with a cross-sectional survey approach. Also, because both quantitative and qualitative methods have been used, a research is mixed. The statistical population includes theoretical experts (university professors) and experimental experts (managers of Fintech startups). Purposeful method was used for sampling and continued until theoretical saturation was achieved. Finally, the views of 17 experts were used. The content quality analysis method and MaxQDA software were used to identify the basic categories of quality management system. Structural-interpretive method and MicMac software were used to present the model. Findings show that leadership and management and customer orientation affect the decision-making method, systematic approach to management and employee participation. These factors also affect the continuous improvement of the process and process management. Finally, they lead to improved quality. Level four elements, namely leadership and management and customer-orientation, have the greatest impact on the continuous improvement of the process of public institutions.

Nowadays, fundraising is one of the most important issues for both Fintech investors and startups. The pattern of fundraising in terms of “ number and type of rounds and stages needed” are important. The diverse features and factors that could stem from Fintech business models which can influence success are of the key issues in shaping these patterns. This study applied the top 100 KPMG Fintech startups’ data to extract clusters and fundraising pattern using sequential pattern discovery for each cluster. This led to the extraction of seven distinct clusters using 3 different clustering algorithms from 3 to 7 different rounds of investment for each cluster. The proposed frequent patterns can assist both investors and Fintech startups to show the future fundraising pattern based on their new or current startup cluster type and the ongoing stages of development.

The aim of this research was to examine the mimetic mapping and genealogy of co-creation of value and how this concept has evolved and spread through various channels and contexts. This is a qualitative study. Mimetic mapping is a method used to discover and categorize memes within a multi-level model. Inspired by the concept of genes in evolutionary biology, it was developed as a method for analyzing and describing replicable patterns. Using mimetic mapping, a comprehensive description and representation of the co-creation of value in FinTech startups were obtained. Following this, a Foucaultian genealogy approach was employed to analyze the subject. Therefore, this study is analytical-applied and utilized documentary and content analysis methods, with purposeful sampling being the basis for selecting and analyzing the documents. By coding texts from books, articles, and documents in the field of co-creation of value, 119 memes were extracted and reduced to 46 meme-couples (larger units consisting of several related memes). These meme-couples were placed across seven levels: user experience,organizational structure and processes,social, cultural, and environmental factors,networking and inter-organizational collaboration,technological and digital infrastructure,changing customer needs and preferences,and competition and market interactions. Then, to understand how the co-creation of value in FinTech startups has developed historically, the genealogy method was employed. The genealogical approach served as both a theoretical framework and method that views the phenomenon of co-creation of value through a historical lens. In the present research, using the genealogical method, three distinct periods were identified: the first period—co-creation of value focused on products and services,the second period—co-creation of value focused on customer orientation,and the third period—co-creation of value focused on new technologies and virtual networks. In this study, the researchers were able to operationalize the theoretical concept of a meme and apply it in an empirical study. Mimetic mapping is a powerful tool for managers, consultants, and researchers in exploring the phenomenon of co-creation of value in FinTech startups.

Todays, with the growth of competition in the banking industry, on the one hand, and the development and change of customer needs on the other hand, banks have been continuously seeking to provide modern banking services and to exploit new technologies. One of the new technologies that we have seen in the past few years in the banking industry is the Fintech and financial startups that have brought about widespread change in the industry. Therefore, the relationship between banks and Fintechs is of increasing complexity and needs to be reviewed, improved and managed. This paper, with a qualitative approach and with the method of foundation data theory, seeks to uncover the relationship management model for Fintechs with the banking industry in providing banking services. In this regard an open interview with 13 experts were performed. Analysis of data in three stages of open coding, axial coding and selective coding resulted in identifying 389 initial codes and 36 concepts in the form of 16 categories. Finally, based on that model, the paradigm model for linking banks with Fintechs and financial startups was formed. This pattern includes the causal conditions that have been classified into two categories of micro and macro factors, contextual conditions encompass the circle of environmental factors and organizational characteristics as mediator conditions. also the consequences of this relationship are categorized in three categories of financial, process, learning and growth. to the extracted model, the identified strategies for this relationship are: creation, purchase, investment alliances, or lease of financial services from the company-financial technology companies, as well as the central category of this research, a process of three solutions that include exploration and evaluation of financial technology, selection and development

Research on FinTech startups has become increasingly significant due to the rapid evolution of competitive markets and intensity of developments in this sector. However, a lack of understanding of marketing performance—an essential guide for these startups—limits their ability to capitalize on existing opportunities. This underscores the need for research that accurately assesses the marketing performance of FinTech startups using the Q-method. This study was framed within an interpretive-positivist paradigm. Being characterized as developmental and exploratory, it employed a qualitative research approach and utilized a mixed-methods (qualitative-quantitative) design. The statistical population comprised 13 experts and practitioners in the FinTech startup arena selected through purposive and non-probability sampling. Data analysis was conducted using SPSS-26 software and factor analysis. Following a thorough review and organization of the data, 119 statements were identified through a systematic review, from which 41 propositions were selected as cue samples and prioritized by participants. The results of the Q-factor analysis revealed 4 distinct perspectives among experts regarding the marketing performance factors of FinTech startups: "Customer Performance in FinTech", "Customer Relationship Development and Efficiency", "Sales Success and Customer Loyalty", and "Strategic Growth and Satisfaction in FinTech". Given the necessity for improved performance among companies in the highly competitive FinTech landscape and integration of performance evaluation systems, the findings of this research provided valuable insights into the intellectual paradigms of industry experts, thereby facilitating growth and development in this sector.IntroductionFinancial technology or FinTech encompasses companies that leverage innovative technologies to deliver financial services, emphasizing security and quality. These firms strive to enhance service delivery with greater speed and transparency while reducing costs. The advent of FinTech has transformed the financial industry, providing groundbreaking solutions for both consumers and businesses. Evaluation of marketing performance has become increasingly significant, reflecting a business's success in a competitive market landscape. Organizations must monitor both financial and non-financial outcomes to ensure comprehensive performance assessment. However, there are concerns regarding the effective implementation of marketing performance measurement frameworks within businesses. Despite the progress in financial technologies, their uptake compared to traditional cash systems has been limited for various reasons, adversely affecting the marketing performance of FinTech startups. The dynamic external environment of the FinTech industry directly influences managerial decisions, making it essential to thoroughly evaluate marketing performance to identify shortcomings and enhance marketing strategies. The researchers of this study aimed to explore the marketing performance of FinTech startups due to issues, such as unclear divisions of responsibility, transparency challenges, dissatisfaction with current measurement systems, difficulties in performance assessment, and an overemphasis on financial metrics by senior managers. Understanding the perspectives of marketers within the FinTech sector is vital for analyzing their behavior and decision-making processes. This insight can help identify user’s needs and expectations, ultimately leading to the formulation of more effective marketing strategies for FinTech startups. Materials & MethodsThis research was grounded in an interpretive-positivist paradigm and classified as developmental in orientation. The study employed a qualitative research method, utilizing a mixed approach for data collection. The theoretical data necessary for identifying components of marketing performance were gathered through a comprehensive systematic review of relevant literature. To explore the mindsets and prioritization of indicators among industry and academic experts, Q methodology was employed. 13 activists from FinTech startups were purposefully selected for their substantial expertise, work experience, and relevant knowledge in the field. This selection aimed to ensure access to well-educated and experienced managers, reflecting the knowledge-based nature of many businesses in the FinTech sector. To validate the findings, the statements identified were confirmed against similar articles and sources. Reliability in the Q methodology was assessed using multiple tools, with one key method being the test-retest approach. This involved re-administering the test to 20% of the sample, resulting in a correlation coefficient of 86% and indicating a high level of reliability. The Q data collected from experts were analyzed using SPSS-26 software, where Q factor analysis was conducted to identify underlying mental patterns. Research FindingsIn this study, a comprehensive review of literature related to marketing performance was conducted to identify and classify the mindsets of activists in the FinTech startup sector. This review included reputable scientific articles and reports from international databases, such as Web of Science, Scopus, Science Direct, and Google Scholar. The objective was to develop a Q expression that captured and categorized the perspectives within this startup domain. Following a thorough examination and organization of the data, 119 statements were identified, ultimately leading to the selection of 41 statements as Q samples. Participants T6, T7, T8, and T9 were classified as representing the 1st mental model. Participants T2, T4, T5, and T10 were identified with the 2nd mental model, while participants T1, T3, and T11 represented the 3rd mental model. Finally, participants T12 and T13 were categorized as embodying the 4th mental model. The results of the Q factor analysis revealed 4 distinct views or mental models regarding the marketing performance factors of FinTech startups among knowledgeable experts: “Customer Performance Indicators in FinTech”, “Development and Efficiency in Customer Relations”, “Sales Success and Customer Loyalty”, and “Growth and Satisfaction Strategy in FinTech”. Discussion of Results & ConclusionThe findings indicated that without effective marketing performance, success in sales and product marketing was unattainable and the outcomes might not meet managerial expectations. For FinTech startups to thrive, marketing managers had to consistently monitor marketing performance. Different indicators had to be evaluated at each stage of the sales process aligned with the company’s objectives. For FinTech companies, it was crucial to assess key factors, such as customer satisfaction, loyalty, retention rates, revenue from marketing campaigns, and user exit rates. These data empowered companies to enhance service and product qualities, strengthen customer relationships, and ultimately boost overall performance and success. Continuous monitoring and evaluation of these factors were essential for sustained growth and advancement. Managers and entrepreneurs were encouraged to implement the identified and categorized factors, establishing the necessary frameworks and infrastructures to enhance these metrics for digital businesses. To improve customer satisfaction and loyalty, it was vital to prioritize understanding customer interests, needs, demands, suggestions, and feedback. Maintaining effective communication with customers, leveraging new technologies, such as social media, was paramount. Engaging customers in the development and enhancement of product quality through surveys could lead to significant savings in marketing and R&D costs while fostering trust and confidence among customers.

Today, in the age of digital developments, financial technologies (fintechs) have become an integral part of the banking industry. These technologies have challenged the future of the banking industry. So the purpose of this study is to identify the future scenarios of the banking industry and fintech startups in Iran, on 1404 horizon. The research is applied according to the type of purpose and exploratory from the methodological point of view. By using purposive sampling and theoretical saturation, 17 interviews were done with co-founders of fintech startups and managers and experts in banking and Fintech industry. In the first step, using interview analysis and background review, 38 drivers influencing the future of the banking and fintech industry were identified. Among the mentioned drivers, 4 key uncertainties were identified using a combination of the results of two methods: structural analysis and instantaneous Delphi. By plotting two possible scenarios for each of them in the future, 16 possible scenarios were obtained. In the meantime, some scenarios were omitted due to similarity and incompatibility to other scenarios. Based on the morphological analysis, out of 16 possible scenarios, 5 scenarios remained and the other scenarios were eliminated. Thus five scenarios include,"The paradise of fintechs in the banking system", "migration of fintechs”, , "crucified fintechs", "resistance fintechs" and "creeping fintechs" were identified, which according to the experts, the scenario paradise of fintechs In the banking system was introduced as a favorable scenario in the horizon of 1404.

Objective: The main goal of the current research is to identify the success factors of technology-oriented startups in solving the challenges of Iran's fintech industry. Method: This research has been done in the framework of a mixed approach and using the foundational data method.   The collection tool in the qualitative section was selected from the sample by conducting a semi-structured interview.   The studied community were experts, members of scientific life and founders of startups in the fintech industry. The purposeful sampling method and the selection of the sample according to the snowball process proceeded until the theoretical saturation was reached and 22 people were selected as the sample. Strauss and Corbin method was used for data analysis in the qualitative part.   For the validity and reliability of the questions, the matching method by the members and the intra-subject agreement method were used.   Findings: The findings of the research show that the causal conditions include (focusing on the real needs of customers, the use of advanced technologies, . . . ), the central phenomenon including (the success of technology-oriented startups in solving the challenges of Iran's fintech industry), the background conditions including (governance support and creating appropriate business environment, development of talents and specialized human resources, . . . ), intervening conditions including (governance and legal support, development of specialized human resources, . . . ), strategies including (improving the technological capabilities of startups in the field of fintech, creating specialized capital markets for  Attracting investment, . . . ), the consequences include (development and sustainable growth of fintech industry in Iran, improving the quality and efficiency of financial and payment services, . . . ). AHP technique has been used to analyze the data in the quantitative part of the paired scale. Conclusion: The results of this section indicate that the creation of specialized capital markets to attract investment with (0. 951) has the highest score and the implementation of programs to attract and retain technologist talents with (0. 147) have received the lowest score.

In the last decade, we have encountered a new type of start-up companies which have used high digital technologies to provide innovative services in the financial industry. The purpose of this reseach was to answer this question what are the point of views of venture capitalists when making decisions in the first stage of investing in startups in Iran? This research is applied in terms of purpose, qualitative in terms of data collection. In-depth interview and observation data were analyzed and interpreted through the grounded theory methodology. For collecting data, 17 venture capital managers in the field of financial technology services who had at least once a history of investing in start-ups, targeted as a statistical population. The results showed that there were two main types, including investors with a strategic perspective and with a financial perspective, and each group can be divided into three subtype with different viewpoints and criteria in the field of investment in financial technology, which need to be considered by start-ups.

As FinTech startups grow and develop, the nature of risks that need to be managed also changes. The insurance industry as one area of technology application plays a crucial role in supporting and enhancing the security of these companies. The purpose of this research is to identify the influencing factors and discover a paradigm model for insurance coverage of FinTech startups as an innovative product. The research method is qualitatively based on the Grounded Theory Method. The qualitative part includes semi-structured interviews with fourteen experts. The research conclusions show that the causal conditions provide requirements for the core category. Insurance strategies have an impact when context conditions are present. On the other hand, the COVID-19 crisis is known as the intervening condition. Ultimately, the use of strategies also yields consequences.