The purpose of this research was to identify the factors affecting financial technology in small and medium businesses using the Grounded theory and structural equation model. The method used in this study was a hybrid method including a qualitative method based on the Grounded theory approach and a quantitative method based on the structural equation approach. In the present study, the data obtained from the text of the interviews were analyzed by MAXQDA software in order to increase the accuracy and speed of the research. Based on the qualitative tactics of content analysis and the foundation's data strategy, 98 initial codes were obtained. Three concepts of economic and employment factors, innovation in the economy and change in customers' behavior were obtained as causal conditions affecting the central phenomenon (formation of the financial technology market). The coefficients obtained from the structural equations show that the variables of economic and employment factors, innovation in the economy and the change in customer behavior have a positive and significant effect on the formation of the financial technology market.