Many IT start-ups and traditional finance firms have been faced with emergence of new technology innovation. We called this “Fintech”, which is combined with Finance and Technology. The purpose of this study is to understand Fintech and changes in financial markets by investigating the typology of Fintech innovation. For this purpose, we analyze 93 Fintech start-ups selected by Forbes. We found four meaningful key areas of fintech innovation focus on the value of the services provided by Fintech start-up. First, from the perspective of value provided, it is possible to distinguish between new value and improved value. And we were able to capture the disintegration and convergence phenomenon centering on the activities of Fintech start-ups within the fintech ecosystem. In addition, content analysis using descriptions of 93 firms to empirically examine the concept validity of the framework suggested in this paper based on judgement by 18 experts in finance, insurance and IT industries. The result of content analysis indicated that the suggested framework yields statistically robust classification of fintech firms examined across the experts, ensuring the conceptual validity of the framework. We also found that the emergence of FinTech firms not only enhances the customer value and competitiveness of finance industry but it also contributes to the growth of the industry by creating previous unavailable values by linking finance industry with non-financial industry by a means of information technology. existing financial, non-financial companies and the market across the financial industry. We expect the suggested typology framework of fintech innovation will improve understanding of fintech and present a direction of business strategy of fintech start-ups and traditional financial companies.