Amazon on the lookout for fintech acquisitions

Global investment in fintech firms hit USD 20 billion in 2015, a 66% increase on 2014, according to a report by the market research company KPMG. The interest in the sector has seen a number of startups snag high valuations. But, amid concerns of an overheated market, recent valuations have been more conservative, cnbc.com reports.

Now the business has racked up 23 million active users, Amazon is ready to extend its platform through acquisitions, and has said that, given its 304 million customer user base, it will be able to convince merchants to use its service.