The financial services segments have been identified and defined according to the functions performed by the businesses that currently operate in that particular market segment. Each segment has been further divided into sub-segments to understand the particular products and services offered within each fintech segment. The definition of the segments used in the Fintech Data Portal are in accordance with the definitions provided in the Fintech Scoping in South Africa research conducted in 2019.

Payments - Entities that perform part, or all of the functions required to send and/or receive value from one party to another via any digital channel. This includes parties in the value chain that facilitate or enable clearing and settlement processes.

• mPOS (acquires): Entities that provide a portable Point-of-Sale on a smart phone or table that functions as a cash register or electronic point-of-sale terminal.
• Crypto payments: Entities that allow clients to make and /or receive payments in cryptocurrency.
• Cross border payments: Entities that allow clients to make or receive payments outside the borders of South Africa. Transactions involving individuals, companies, banks, or settlement institutions operating in at least two different countries.
• (Bill) payment aggregators: Entities that allow for the processing of payments to several parties on a single account (e.g., paying all your bills from one account).
• 3rd party payment providers: Entities that accepts money or the proceeds of payment instructions from two or more payers for on-payment to third persons to whom the money is due.

Lending - Entities that facilitate the borrowing of money or financing assets for individual consumers and/or small businesses with traditional and non-traditional financiers through internet, cloud, or app-based platforms.

• Online (alternative) lenders: Entities that provide credit online, where the application process is completely done on the lender's website without any visiting any branch. The loan is funded from the fintechs balance sheet.
• Asset financing: Fintechs that allow companies to use their balance sheet assets, including short term investments, inventory, and accounts receivable, to borrow money.
• Alternative scoring: Fintechs that capture informal financial behaviours and provides a credit identity for the 'unscored' or underscored low-income consumer.
• Lending marketplaces: Fintechs that connect borrowers and investors together, lending to borrowers without lending out their own capital.

Savings & Deposits - Entities that are deposit-taking and provide digital banking services as well as savings products and layby arrangements using mobile technology.

• Digital community savings: Entities that provide a platform were a group individuals could save towards a certain goal together, contributing an agreed amount each month.
• Savings products: Entities that provide traditional savings products online.
• Layby: Fintechs that provide providing layby services online, allowing consumers to pay a fee and a deposit on a good in order for the retailer to hold the good until the balance is paid off.
• Digital banking (issuers): Entities that offer online banking, where banking services are delivered over the internet.

Insurtech - Entities that provide part or all of the insurance value chain functions (e.g., communication, risk analysis, distribution) through the use of specific technologies (e.g., artificial intelligence, robotics) instead of traditional methods.

• Connected insurance: Fintechs that use internet of things technology to connect devices to insurance services.
• Peer to peer insurance: Peer to peer insurance (P2P) is a risk sharing network where a group of individuals pool their premiums together to insure against a risk.
• Automated risk analysis: Entities that provide technology that automates risk analysis based on the client's information with limited human intervention.
• Digital distribution: Entities that provide technology to insurance companies that assist with delivering insurance products online distribution.
• Claims management: Entities that provide technology to insurance companies that assist in claim management.

Investments - Entities that provide digital platforms for investment and/or trading activity (including cryptocurrency) or enable individuals to trade on traditional exchanges/platforms from their own device(s).

• Retail trading: Entities that provide a platform that allows consumers to buy or sell stocks, currencies etc.
• Crypto currency trading: Entities that provide a platform that allows consumers to buy or sell cryptocurrency or digital currency.
• Alternative exchanges: These are alternative trading system that are regulated as an alternative exchange.

Financial planning & Advisory - Entities that use artificial intelligence and/or robotics to provide financial advice to individuals or small businesses by recommending suitable savings, investment or credit products and managing financial wellness.

• Robo advisory: Entities that provide financial product recommendations using robotics and algorithms instead of the traditional human needs analysis based advice
• Personal finance management: Entities that create applications to assist customers to track their spend, budget, and save towards particular goals.
• Small business finance management: Entities that automate administrative tasks for small business owners such as bookkeeping, payroll and other admin without the need for proprietary software, but rather Application Programming Interface (APIs).

Capital Raising - Equity or debt funding platforms that allow businesses or individuals to raise funds for investment purposes or charitable causes. This segment also includes digital due diligence service providers.

• Crowd investing: Raising capital (debt or equity) from individuals for charity or business ventures through online platforms.
• Due diligence: Digital platforms that use alternative transactional and behavioural data sources to determine risk ratings for granting finance.

B2B Tech providers - Entities that create or support white label platforms and/or products provided by other financial services providers, for use by other fintechs but do not provide financial services to the public through their own brand name.

• Aggregators: Entities that collect related items or content and display them in one central platform.
• Open infrastructure: Shared online platforms (APIs) that allows players in the same industry to access clientele and ancillary services. These platforms give customers access to a range of related (or unrelated) goods or services through one platform.
• RegTech & risk management: Technology that supports the digitisation of regulatory compliance by financial services providers in order to ensure compliance and minimise risk.
• Data applications: Applications that use artificial intelligence and machine learning to predict customer preferences and/or behaviour (applied to financial decision making).
• Security & ID: Technologies that allow for safe and secure verification of a customer transacting digitally without the need for physical signature or presenting themselves to the financial services provider.
• Process automation: Technologies that remove the need for manual processing of back or middle office tasks (usually digitizing paper-based tasks)
• White label platforms: Technology solutions created by Tech companies to financial services providers to improve efficiency of current operations.