Keep Up With the Best Start up Innovations within the Fin-tech Space

DSHG Sonic
Jul 28, 2017 · 6 min read

Advances in Fintech over the years

Fin-tech is rapidly changing and the vast world of finance is absorbing these changes at breakneck speed. A lot of things that the banks would do themselves previously are being put in an innovative twist and also being given in the hands of consumers much sooner to test. A great example of this would be stock trading and banking. The app Robinhood which is a mobile only app that offers a no charge service or fee to its customers for trading stocks. It started in Beta and was pushed out at a very early stage of development but the user feedback and user patterns helped build most of the matured functionality. Other advances in Fintech include mobile wallets which Apple and Google are leading, mobile banking commodity exchange platform, robo-advisors for automated financial advice to customers, money management tools and many more.

What are some of the new startups entering and changing the landscape ?

A lot of new advances have been made in the world of Fintech and it is a good idea to keep an eye on these latest tech trends so that you can be always on top of the most happening news. We have curated a list of some of the most innovative startups within Fintech:

Civic

Civic

A great start up that aims to solve the rampant issue of identity theft is Civic. The aim of this company is to provide security for credit card users like never before. This is accomplished by providing its users an online token by using blockchain technology which is essentially a ledger of all transactions taking place.

You can independently use this identity token to carry out transactions and work with credit card reports and it is not tied to your phone, bank account or any other tangible identifiable accounts as such. Apart from this Civic locks in your identity and also prevents identity theft by tracing important details such as your social security number back to you before creating a new account. In simpler terms, this means that if someone else goes out and uses your social security number to perhaps buy a phone, Civic will be there to alert you of any suspicious activity.

Simple

Simple

Simple is a company which has an aim to make banking simple for users all across the board. It accomplishes this by creating a fully functional retail bank that is all online so that all of the banking operations can be executed using a phone app in a hassle free manner. This is achieved by unifying all sorts of scattered bank accounts into one unified bank card in the app. In addition to this, Simple is also a budgeting app that uses complex algorithms, monitors its users spending patterns and therefore helps them to take care of cash flow better.

It’s operations are carried out in a way that you can bank without physical limitations such as finding the right branches. You can make a deposit in as little as five minutes by snapping its picture and sending it as a direct deposit. Other features include an integrated balance sheet to track expenses, visualized spending in the form of graphs, no overdraft or monthly fees and much more. This app aims to end the endless waiting, time consumption and effort and energy requirements that you’d have to put in with traditional banking systems. Because of all its features, according to Crunchbase, Simple has been highly successful as it has had 100,000 customers, $1.7 billion transactions and a tremendous growth rate of 330% just in last year.

Imali

Imali

Imali is an app that is transforming the way people have thought of remittances, savings and other social saving aspects.

The social savings part of the app is based on centuries old concept called as Esusu in Africa and Chitfund in India. This mobile app is specifically designed to increase financial inclusion amongst the unbanked and underbanked. It also will help Millennials reach their savings goals as almost 65% of them have less than 1K saved.

The remittance part of Imali will help business based in United States that are dealing with sales, operations or any business processes in sub-Saharan Africa to seamlessly receive payments from customers a. This will help reduce the many complexities in the banking and billing processes overseas and reduce the cost of money transfer to that region.

Final

Final

Another great emerging company in the niche of credit card, payment transactions and online banking is Final. This company was founded to fix the credit card experience and uses flexibility to its advantage, meaning that it allows you to culminate and manage several credit cards all at once without any annual charges or hidden fees coupled with a one percent bonus cashback. So at its very core, final allows its users to create multiple virtual credit cards that they can use to pay for different accounts such as Netflix, Amazon, Spotify so and so forth.

The advantage to this is that if one card becomes compromised, they don’t have to go into panic mode and the users can simply delete that information and replace it with a new one. Other important features to this venture include a highly responsive customer service, fraud protection, auto pay, and dispute resolution. All these features not only help better the customers’ purchasing experience but also give them the flexibility, control to cancel or renew subscriptions and the protection that the consumers of today’s world need.

Affirm

Affirm

Lastly, a start up called Affirm, founded by PayPal’s very own Max Levchin who after leaving Paypal has turned to this new venture to build an unconventional way of financing purchases. The aim of Affirm is to redesign the financial structure that will help you obtain affordable online financing at the point of sale. To explain this further, you can see that Affirms first product is called “Buy with Affirm” and this gives customers small loans so that online shoppers can pay for items in multiple monthly installments while also making the financing cost less than credit card rates.

All the data such as prices, rates and payment terms is computed in real time and this can help customers and businesses alike. By getting instant financing at cheaper rates, Affirm can help give customers confidence in spending and they can also save money with the lower interest rates. A great tool for frequent shoppers and intensive credit card users.

So these are some of the latest and greatest startups in the world of Fintech. Keep an eye out for these great startups and watch them change the world!

If you have any questions don’t hesitate to connect with us!
www.dshgsonic.com

DSHG Sonic

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Startup Advisory, Small Business Advisory, Startup Strategy, Marketing Strategy, Sales Strategy Virtual Operations and Technology Solutions

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