VCs invested almost $40 billion in fintech last year. 4 major leaders describe the steps they've taken to grow their businesses after being flushed with cash.

• The fintech industry continues to grow, with the sector raising a record $39.57 billion globally in 2018, according to research conducted by data provider CB Insights and reported by Reuters.
• With the fintech market projected to be worth over $300 billion by 2023, the key question in the world of fintech is shifting from how to raise capital to how to intelligently spend it.
• Business Insider spoke with four leading fintech companies who have completed significant capital raises to understand how the founders allocate their money.
• Each leader has a distinct philosophy, but it's clear that successful fintechs find a balance by investing in technology, products, and people.
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The global fintech market raised a record $39.57 billion from venture capital investors in 2018 through 1,707 deals - up 120% from the previous year - Reuters reported in January 2019 on research conducted by data provider CB Insights.

And the fintech space is showing no signs of slowing down, with the market forecasted to be worth in excess of $300 billion by 2023, according to a Global Fintech Market report. That means the key question in the world of fintech is shifting from how to raise capital to how to intelligently spend it.

Adam Hughes, president of Avant, an online lending company focused on personal loans for the near-prime market - in other words, "riskier borrowers" - told Business Insider that consumers are expecting banks to move with the times.

"The 'Amazon Effect' means that consumers are now demanding better levels of service and digital banking and lending capabilities," he explained.

Business Insider spoke to four successful fintech founders about the steps they took after raising funding - several of which involved a bigger investment in tech - how they made those big decisions, and how those steps have gone on to impact their businesses.