10 ways fintech, payments industry donors are betting on Democrats
The 2020 election could draw the most voters in history, along with a record haul for campaign contributions, with fundraising thus far favoring Democratic candidates both generally and in the finance and technology industries, which cover most financial institutions and payment firms.
Given the pandemic, the economic downturn and the drama surrounding Donald Trump’s presidency, the upcoming election has taken a massive share of attention by at least a couple of metrics. Eighty-three percent of voters say it “really matters” who wins, according to Pew, with 85% of Democrats and 86% of Republicans giving that answer. Just over 10% think conditions in the U.S. will be “pretty much the same” regardless of the outcome.
By comparison, the 2000 election between George W. Bush and Al Gore, which was also dramatic in that it was disputed, didn’t carry the same sense of urgency among voters. The same Pew survey for 2000 found 50% of voters thought it really mattered who won, and 44% thought things would stay the same regardless of who won. And despite the pandemic, Brookings estimates 145 million people will vote in 2020, up from 133 million in 2016 and potentially the largest turnout by percentage of registered voters (65%) since 1908.
We took a look at where campaign money is flowing in the 2020 election for financial services, internet technology and payment companies. These industries skew Republican in terms of employees, according to a survey by Arizent, PaymentsSource’s publisher, though campaign contributions have gone more toward Democratic candidates this cycle. Among retail banks, Joe Biden has outraised Donald Trump, and Congressional donations are evenly split, according to American Banker, another Arizent publication. Among credit unions, Democrats have outraised Republicans by a 59-41 margin.