FinTech is a huge industry that has grown exponentially in recent years. It is estimated to be in the trillions of dollars worldwide and will continue to be a hot topic for a long time to come.
So what does “FinTech” mean?
It basically represents financial technology.
It wasn’t that long ago that the word “fintech” was unknown. Lately, however, it’s a term that has become synonymous with global financial ecosystems.
Although the industry itself is still relatively new, it has grown in recent years.
Many experts predict that it will only grow from here.
Fintechs rely on technology, often focused on mobile devices, to provide customers with convenient access to their finances.
These companies are making banking services more accessible and efficient for people around the world.
Let’s take a look at some of them, okay?
Flywire is a company providing payment solutions to businesses and businesses. It has a global reach with customers in over 130 countries and has been around for over 10 years. They were able to grow from an idea to an industry leader because of their dedication to customer service.
Flywire provides all types of payment related services including international transactions, cross border commercial payments, as well as payroll services. In addition, Flywire provides specialized solutions for government agencies and the military. It is not a loan company, so you cannot get any e-transfer payday loan from them or any other loan.
However, they can provide the technology to companies that can offer payday loans and the like.
Robinhood is known as a US based mobile app that allows people to invest in stocks and ETFs without any commission. It is now expanding its services to the UK and Canada.
Its UK version is currently free until the end of 2020. It has also added two new features: an investment option and a premium account.
Robinhood is a stock trading mobile app that has been running since 2013. The company was founded by co-CEOs Vlad Tenev and Baiju Bhatt.
The app is relatively simple to use, but it does have a number of cool features. The main goal of the app is to make trading stocks as easy as possible for everyone.
In 2007 Dan Price founded Gravity Payments as credit card processing company. Over the years, as the company grew, Dan realized that as a CEO, he made a lot more money than his employees. He took a stand and announced that he would cut his salary from $ 1 million to $ 70,000 and increase all of his employees to at least $ 70,000 per year.
Gravity Payments is on a mission to make the world a fairer by paying employees what they deserve and is creating technology that will help a lot of people.
Clyde is a collaborative fintech platform that gives businesses access to a wide range of potential investors.
The platform is unique in that it uses AI to match investors with businesses, without ever exposing personal or sensitive information.
This allows the company to get the best deal for its needs while maintaining the confidentiality and security of its data.
Clyde is definitely an upcoming company to watch in the Fintech space in 2022.
Riskified is a company founded in 2012. They provide auditing services for e-commerce businesses. Companies that need to know the identity of their customers, before finalizing their transactions.
Their customer base grew from just 5 users in 2012 to over 12,000 customers in November 2017. The company has managed to achieve this growth by collaborating with large e-commerce companies such as Amazon and Google.
Chime is a web service that allows the user to run a business from anywhere. The service offers a variety of features ranging from chat to video conferencing. Chime promises to be the business phone system of the future.
The company was founded by Tomer Michaeli in 2012 with funding of $ 25 million. By investors such as Salesforce Ventures, Tencent Holdings and Tata Communications. Since then, the company has grown rapidly. Their head office is in San Francisco and they have also opened an office in Tel Aviv, Israel, for their R&D department.
The need for this service is clear. People are always on the move with their work, so it is difficult for them to keep an office space. Chime provides them with all its services through a single interface
Affirm is a non-profit organization that provides financial services to those who have not traditionally been served by the banking system.
Affirm offers low cost loan and payment programs, as well as credits to those with poor or no credit history. It is a financial tool to help those who have insufficient funds for emergencies or short term needs.
Loans are not designed as a solution for long term debt, but rather to help people get through tough times.
Nonprofits like Affirm are an example of how fintech can be used socially and to improve the lives of those who need it most.
Braintree is a payment processing service for online and mobile commerce. It provides the infrastructure to accept payments from a variety of sources such as credit cards, debit cards, and PayPal, and it can be used with a variety of point-of-sale systems.
A business with Braintree payment processing is able to accept credit or debit card payments online or at physical locations.
For these businesses, Braintree eliminates the need to have merchant accounts with banks in order to process their card transactions.