Financial Technology or Fintech is the term in everybody’s mind, particularly the investors and entrepreneurs. The rapid growth in the fintech space has caused the banking and financial sector to create new options and become tech-enabled. As a result, mobile banking, which was an amazing feature a few years ago, has become a standard requirement.
The top fintech startups have implemented their new business model to make profits. They have also raised large amounts of funds to create these promising models and reach extensive and profitable markets.
However, banking is not the only sector that made tech-driven changes; instead, the entire market has. These include stock services, lenders, currency exchanges, and more.
The following are the top 15 innovative startups revolutionizing the fintech space.
The digital lender relies on machine learning algorithms and big data to offer its financial services. Thus borrowers can consolidate their debts, pay for their vacations or expenses via the platform.
Through its financial platform, the technology companies-oriented platform provides cash management accounts and business credit cards to companies. Thus startups are able to launch, scale, and develop while keeping their founders’ personal assets and credit scores separately.
The digital bank provides its financial services through its website and mobile app. The platform has a wide range of credit-building, savings, and spending accounts.
Chime doesn’t charge service fees, no monthly fees, no minimum balance, and no overdraft, but the company generates its revenue from interchange transaction fees to merchants.
The digital currency exchange allows its users, traders, and consumers to buy and sell digital currencies such as Ethereum, Bitcoin, Tezos, and Litecoin, among others.
Through its API, developers and merchants are empowered to build their own applications and get paid in the form of digital currencies.
The platform relies on Blockchain technology to offer financial solutions to homeowners. These include mortgage refinancing, home equity lines, and investment opportunities, and personal loans.
Through its intuitive online application, Figure delivers a simpler, faster experience, customized products at low-interest rates.
The online platform support peer-to-peer lending between individuals and companies. This marketplace assists lenders and borrows by setting interest rates, drafting legal contracts, and reminding borrowers about their repayment and credit expiration.
Thus through Jiedaibao, borrowers can apply for credit, repay, request for an extension, engage in mediation or ligation as well as write off their debts.
The online platform is dedicated to property investing and lending. Thus investors can access different asset classes, property financing loans, pre-funding investments, and underwriting.
LendInvest has simplified property finance by offering bridging loans, buy-to-let mortgages, and development finances to landlords, intermediaries, and developers.
The online insurance provider uses technology to serve small businesses and entrepreneurs. Actually, Next Insurance is 100% dedicated to small businesses. The platform has eliminated agents and extras, thus the favorable prices and rapid claims management.
Professionals in fields such as construction, contractors, cleaning, education, beauty, fitness, and entertainment, among others, can access insurance policies through their smartphones.
Insuretech is another exploding sector in the fintech space. PolicyBazaar provides a platform where users can search and compare car insurance, health insurance, travel insurance, and two-wheeler insurance policy rates. You can use factors such as price, key benefits, and quality to find an appropriate quote for your current circumstance.
Through its app, a customer can take care or track their insurance needs anytime and anywhere.
The stock brokering company allows users to buy and sell stocks, cryptocurrencies, options, and EFTs without paying commissions.
Further, Robinhood generates its revenues from interests on margin lending and customers’ balances.
The Seattle-based intuitive platform has greatly simplified the funds’ remittance process across borders. It has created different ways of sending and receiving money from loved ones across the world and in different currencies.
Some of its features include cash pickup, bank deposit, mobile money service, home delivery, and more. Remitly dominates the fintech space because of its low fees, modern banking experience, and quality exchange rates, all designed for immigrants.
This is an AI-powered platform that was built to protect ecommerce sites against fraudulent requests. The New York-based platform not only fixes leaks using its solution but also builds strong customer relations.
That means Riskified identifies and separates legitimate shoppers and converts them to customers while filtering fraudulent requests using tools such as alternative payment processing, dynamic checkouts, and chargeback guarantees.
This is an online payment processing system that allows startups to fortune 500 companies to accept payments, manage their business online, and send payouts through Stripe’s APIs and software.
Stripes also help companies send invoices, beat fraud, issues virtual cards, physical cards, manage business spend, get financing, and more.
The digital platform offers international money transfer services to individuals and businesses. TransferWise has undercut standard bank fees and simplified the money transfer processes compared to traditional means.
With a wise multi-currency account, a customer can transfer funds via its mobile app and make new or repeat transfers at the touch of a button.
This full-service digital bank allows its users to open a bank account on their mobile phones and manage their money. WeLab provides lending, virtual credit cards, and consumer financing solutions.
The fintech company operates under different brands in China, Hong Kong, and Indonesia.
The Main Trends in Fintech Banking
The world is headed to total digital banking as many banks are offering virtual global payments and transfers. It’s expected that the physical bank visits will reduce as customers move to trading currencies such as Bitcoin and Ethereum online.
The technology has become widely adopted in the financial services industry because it guarantees transparency and trust.
AI and Robots
These technologies are already in active use in creating financial products and services. Some of its usages are in logical reasoning, predictive analytics, voice recognition, and more.
Fintech Industry has grown tremendously; as a result, governments will have to draft new legislation and regulations to govern this industry.
Still, innovative startups are creating a storm in the fintech space as they work hard to meet their technology-savvy customers’ demands.
The 15 fintech companies have taken the financial services to another level, making the industry highly competitive.
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