Amazon's payments business is beginning to look for acquisitions as the value of financial technology - or fintech - start-ups "comes back to earth", a top executive at the e-commerce giant told CNBC on Tuesday.
Global investment in fintech firms hit $20 billion in 2015, a 66 percent increase on 2014, according to KPMG. The interest in the sector has seen a number of start-ups snag high valuations. But amid concerns of an overheated market, recent valuations have been more conservative, something Gauthier is hoping to take advantage of.
Amazon Payments was relaunched in 2013 and the company has a product called 'Pay with Amazon' which allows the company's customers to pay for anything using their account on other websites.
Now the business has racked up 23 million active users, Amazon is ready to start extending its platform through acquisitions.
"We created this business unit a year ago, now I'm starting to look at opportunities outside," Patrick Gauthier, vice president of Amazon Payments, told CNBC in an interview at the Money 2020 conference in Copenhagen.
"After a number of years where fintech has been a little bit ahead of itself in terms of valuations things have come back to earth."