Financial technology is a technology and innovation that aims to be involved with traditional financial approaches in the delivery of financial services. It is an emerging industry that uses technology to boost activities in finance.
Every year, the fintech industry is rising, and the market is beginning to fill up with financial services companies and early-stage fintech startups seeking to meet the needs of consumers and shape the financial future.
Fintech startups have raised $34.5 billion in funding worldwide over the course of 2019. By attracting investors who deliver new financial products and services, several innovative financial services and the largest fintech companies are driving that growth.
The biggest fintech start-ups in six fields have been listed below: finance, payments, investment and wealth management, insurance, currency and trade, and lending and financing.
Banking Providers & Startups in Fintech
Monzo
U.K. digital-only mobile bank. Monzo was founded as Mondo in 2015 and currently, 4,245,063 people have a Monzo bank account.
VARO MONEY
Varo Money is a digital consumer bank using its digital app and other FinTech resources to help customers get a more complete look at their finances. The digital-first company offers both checking and savings accounts that can be accessed through its fully transparent application. The app gives users insights into spending habits and allows for instant money transfers as well.
BREX
Brex designed corporate credit cards specifically for technology, e-commerce, and life sciences companies. The cards offer 30-day payment cycles, 10–20x higher credit limits, and increased reward points for similar business purchases. Tech companies can win 7x points on purchases of networking tools (such as Slack or Zoom) with Brex, 3x on food delivery, and 2x on app purchases.
N26
The Mobile Bank is N26, which helps you to track your bank account on the go, control your expenses, and set aside money in real-time. In minutes, open yours right from your smartphone, and start spending before the physical card comes in. Currently, N26 provides its services in the different Single Euro Payments Region Member States and throughout the United States. Since April 2020, its activities in the United Kingdom have been suspended because of the uncertainties created by Brexit.
TALA
Tala grants access to credit to people in underserved parts of the world, such as Kenya, the Philippines, Tanzania, and Mexico. In its app, the company uses alternative data to underwrite potential clients that do not have a traditional credit history.
