According to Fortunly, 88% of large financial institutions believe that a part of their service portfolio will pass down on standalone financial startups in the near future which coincides with the report that 46% of individuals already rely on digital-exclusive financial channels. This showcases growth in regards to fintech startups, their development, and breakthroughs in terms of features and benefits they are prepared to offer to their clients and B2B partners. With that in mind, let’s take a look at some of the most influential, disruptive and worthwhilefintech startups to keep an eye on, whether as a future investor or a financial specialistlooking for industry information or a potential new contract.
To start things off, let’s take a look at a money-transfer service fintech Transferwise. This fintech startup is designed with the idea of a 0% transfer fee regardless of where you send your money, to whom or in which currencies. Their service portfolio extends to debit cardsand rudimentary B2B features allowing business professionals to cooperate and share fundsonline. Transferwise features a simple yet effective idea which is especially lucrative for those that transfer money overseas often and are tired of additional and/or hidden charges by their banks. For that reason alone, this fintech startup is worth keeping an eye on to see how itdevelops its ideas further down the road.
With a tagline “Banking in a nutshell”, Coconut is a fintech startup which revolves aroundaccounting and financial management. The startup features an app built with small businesses, freelancers and self-employed individuals in mind. Managing business finances is streamlined with Coconut which keeps tabs on a plethora of different expenditures such as travel expenses, business meetings, and others. It is a UK-based startup and as such, it covers the now-mandatory EU and GDPR regulationswhen it comes to functionality, financial information, future tax data and others which mayaffect your business or practice in any way. Coconut is also capable of tracking invoices and informing you of when, who and how much has been allocated to your business account, making the app a go-to centralized hub for your financial management.
Cryptocurrency exchange is not a revolutionary idea by any means. However, fintechstartups such as Coinbase find interesting ways to provide an intuitive and user-friendlytrading tool for the now globally-popular digital currency. Coinbase is a San Francisco-baseddigital wallet fintech startup with an emphasis on tracking and exchanging cryptocurrencies. Its service portfolio includes features such as currency portfolio management, vault protection for your currencies as well as Android and iOS apps for on-the-go tracking. Coinbase might not break new ground with the niche it aims to fill. However, what it does, itdoes well, and it should be on your business’ radar if you are in any capacity interested oralready practice cryptocurrency exchange.
Business loans, savings plans, and mortgages are some of the most prominent elements ofrunning a successful business, which is what the AtomBank fintech startup is all about. The startup is built on the idea of centralized banking and loans without a third-party intermediary, making the rates and savings much higher than with traditional banks. When it comes to mortgages, AtomBank offers a lucrative set of features such as personalized assistance as well as process tracking and management through their dedicated app. Speaking off, the AtomBank app is a powerhouse of security and functionality features designed for the clients’ convenience in managing their savings and/or business loans issued by the fintech startup itself. Whether as a B2B stakeholder or someone whomight be interested in their services, AtomBank is a worthwhile startup to keep an eye on inthe future.
Stock trade is another integral part of the financial industry which serves as its own uniqueniche. Robinhood is a fintech startup which took this ideology to the next level and created aprofessional stock trading platform. Its set of features includes the mandatory ability totrade stock, ETFs, tracking of stock fluctuations as well as rudimentary options for cryptotrade. What separates Robinhood and their app from the competition is the intuitive and highly approachable UX implemented into the process. Both casual stock traders and professional brokers can use Robinhood for their daily trade activities without a manual or extensive training on how to do it. Lastly, Robinhood is a proud member of the SIPC which protects clients by up to $500,000 and is used by millions of individuals in the US alone.
We are all familiar with free online coupons, discounts, and points collection websites whichoffer freebies in exchange for small activities. Dosh is a fintech startup which has created an app that goes beyond these offers and filters out those that offer tangible monetary payouts to users. By connection a personal credit card to Dosh, users are able to collect paybacks on day-to-day spending such as grocery shopping or gassing up their cars. Once the payback accumulates sufficiently, the generated money can be used to pay for further goods, transferred to a digital currency platform or a personal bank account. Dosh uses SSL encryption and data safeguards to ensure that no fraud or mismanagement of personal data happens during the purchasing activities. Dosh is a very unique and modern take on free online goods and promises to offer a memorable UX to those who choose to invest time into its features.
The Future of Fintech (Conclusion)
The financial startup industry continues to flourish and break new ground when it comes to functionality, accessibility, and quality of life features for both B2C and B2B clients. This trend is only bound to continue as more and more startups find ways to introduce banking, trade and financial management to new generations of users. Make sure to keep an eye out on the fintech startups we’ve discussed and let us know if you have a potentially interesting startup worth mentioning in mind.
Bio: Angela Baker is a self-driven specialist who is currently working as a freelance writer at writing services such as Trust My Paper where she is trying to improve herself and her blogging career. She is always seeking to discover new ways for personal and professional growth and is convinced that it’s always important to broaden horizons. That's why Angela develops and improves her skills throughout the writing process on platforms such as Best Essay Education with the aim to inspire people. Also, she writes for Live Inspired Magazine.