The disruption of the financial industry is closer than you think. Banking will never be the same again in the near future. Actually, it’s happening and Banks are not happy. A few traditional banks are acquiring fintech startups to keep up.
Traditional bank services are under attack. Banks are facing increased competition from startups. Emerging fintech startups are changing the industry. They are providing services originally provided by banks ranging from personal finance, small business facilities to wealth management.
But Banks are not dying any time soon. They will most likely change how they do business to stay relevant and retain their customers. Fintech startups have become attractive because they’re easy to use, and often marginally cheaper than what traditional banks offers.
Fintech startups are attacking individual services & products offered by traditional banks. They provide at least one of the services banks offer to individuals and small businesses. And most of these startups are replacing people with algorithms. As we head deeper into 2016, these fintech startups will continue to revolutionize banking as we know it.
1. Simple aims to bring banking into the 21st century with a fee-free, user-friendly platform and excellent customer service.
2. iZettle is a simple yet feature rich card payment solution for small businesses.
3. TransferWise eliminates high bank fees from foreign exchanges by matching its users based on the currency they have and require.
4. Mondo is building a bank as smart as your phone. Intelligent notifications, instant balance updates and financial management.
5. Money Mover aims to make international money transfer an asset rather than an inhibitor for SME growth.
6. Kapitall is an online investment platform that wants to make trading stocks as easy, appealing and addictive as playing “Candy Crush”.
7. Fundbox is a technology company focusing on helping small business owners overcome occasional short-term cash flow gaps.
8. BitPay is a payment processor that specialises in processing bitcoin payments and enabling merchants to accept bitcoin.
9. PayPal is one of the fastest and safest ways to send money, make an online payment, receive money or set up a merchant account.
10. Robinhood is an app built around one single promise: no-fee stock trading. Robinhood bills itself as “a stock brokerage built with the needs of a new generation in mind.”
11. Wealthfront makes it easy for anyone to get access to world-class, long-term investment management, at a super low-cost.
12. LearnVest empowers everyone to take control of their personal finances. They provide expert advice and resources, and financial plans that fit your budget.
13. LendingHome is one of the best ways for borrowers to get a mortgage. Flexible, simple, fast. They are your lender. Not a bank.
14. Nutmeg is a smart, secure and straightforward online discretionary investment manager.
15. Credit Karma is the free, effortless way to stay on top of your credit. Get always- free credit reports and credit scores from two leading credit bureaus.
16. MarketInvoice is an online marketplace that allows companies to selectively and confidentially sell outstanding invoices to raise working capital.
17. Affirm provides affordable ways to buy online. The company operates by allowing users to take out loans at check-out at select online stores.
18. Bills provides financial planning tools and financial services for individuals. Topics include credit cards, insurance, debt relief, mortgage loans and student loans.
19. Nubank has developed a platinum Master Card credit service that you apply for and manage using only your mobile phone.
20. Zopa is the world’s oldest and Europe’s largest peer-to-peer lending service having now lent over £1 billion.
21. Cashforce enables CFOs of medium-sized global companies to generate a detailed & accurate cash forecast in no time!
22. Fundera is a safe, friendly, and free ways to find your lowest rates on small business loans, guaranteed.
23. EarlySalary is a FinTech company in Pune, India offering urgent, unsecured, quick cash personal loans at low interest rates to those who are broke on month end.
24. Braintree provides payment processing options for many devices.
25. Monese, a service that aims to simplify mobile-first banking. The company lets people open bank accounts anywhere in Europe on their smartphones.
26. Holvi is a business current account with its own international bank account number (IBAN). Designed for entrepreneurs and freelancers.
27. Stripe allows both private individuals and businesses to accept payments over the Internet.
28. Credit Benchmark aims to improve financial market benchmarks by aggregating anonymized credit risk data from multiple banks.
29. Sensibill allows customers to access receipts directly from their bank accounts.
30. Atom Bank (digital only bank) is making banking easier, intuitive and there whenever you need it, all on your mobile.
31. Landbay is a peer-to-peer mortgage lender specifically for buy-to-let (BTL) mortgages.
32. Equitel is a mobile banking solution which allows customers to access both banking and telecom services from voice, data and SMSs.
33. Betterment is the smarter automated investing service that provides optimized investment returns for individual, IRA, Roth IRA & rollover 401(k) accounts.
34. Prosper is a peer-to-peer lending company. Prosper handles the loan servicing on behalf of both parties in the transaction.
35. WeLab is transforming traditional credit services by creating seamless online and mobile lending experiences for the Asian market.
36. BillGuard‘s app scans credit card and debit card transactions, alerting users to possible scams, billing errors, fraudulent charges and hidden fees.
37. Square is a mobile POS app that performs a number of functions such as credit card sales, invoicing, inventory, and analytics.
38. iwoca offers flexible credit to small businesses across Europe, allowing them to take advantage of opportunities previously only available to their larger peers.
39. LendInvest is a peer to peer marketplace for property lending and investing.
40. CommonBond is a marketplace lender that lowers the cost of student loans for borrowers and provides financial returns to investors.
41. Meniga aims at making digital banking amazing and transforming raw transactional data into valuable data. The company makes personal finance apps.
42. Adyen accepts payments globally.
Few more you can add:
1.) Sofi – variety of loans
2.) Aspiration – checking, investing
3.) Motif Investing – investing
4.) Fundrise – real estate
5.) Payoff – credit card debt
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