You may have noticed that fintech companies have been on the rise. But are they safe, or not? These start-ups have innovation on the mind, so it's worth taking a closer look and even trying them out for size to see what the future brings, in terms of finance apps. Let's take a look at 17 of them and see what they're all about.
1. Atom Bank
It was a long time coming, but exclusively digital banks are now a reality, with Atom being a pioneer. It's been in operation since 2016
If you're looking for alternatives to traditional financial advisors, Finimize is what you need. It's a financial platform where you answer some questions and based on the answers, you can make a financial plan.
3. Receipt Bank
You don't need an accountant, when you have Receipt Bank . Spreadsheets no longer need to be created manually, because the service gets the data automatically.
4. Funding Circle
An alternative funding method is to rely on something like Funding Circle , a peer-to-peer lending platform meant for small businesses in the UK. It's a win-win, with the businesses eschewing banks and traditional loans and the lenders getting a 7.1% return on their investment. If you have a start-up, you may also be able to benefit from help from GOV.uk.
Transactions with foreign currency are expensive, and Revolut helps circumvent those annoying fees. It makes it possible to send money through WhatsApp or use a MasterCard to get around the fees.
Ever wanted to find information on companies? DueDil is your go-to. Trademarks, financial filings, registry data, court judgments, company websites, and news reports are all included in the data selection process.
Migrants face the issue of expensive money transfers every day, but Azimo helps make the process quicker, more convenient, and 90% cheaper than traditional services. Compare that to the rates Post Office offers.
You can get a savings app like Chip to work alongside your current account. It automatically figures out how much you can save and transfers the money into a savings account. Otherwise, Citizens Advice has 50 tips for saving!
Nutmeg is a wealth manager that lives online. You only need £100 to start, in order to start investing. Up to £100,000, you will be charged 0.75%, and only 0.35% for a fully managed portfolio.
10. Transfer Wise
Like the name suggests,TransferWise is a money transfer company who launched a debit card and related account that is "borderless". What that means is that instead of just holding one currency, it has a capacity for 28 different currencies.
11. True Layer
This one is in charge of building APIs that allow other finitech startups to have access to the banking info of customers. Open banking made it possible for banks to be required to give access to the account information of their customers, if necessary.
You want to invest? Wealthify could be your app! It's a hybrid investment platform and it has the advantage of giving access to investment portfolios with a lower entry barrier.
You can brings all of your credit cards and debit cards together in one card and app with Curve . It also allows you to keep track of your transactions in real time.
Funded in 2016, Paybase is a solution for risk, compliance, and payments, all with one API. It's most useful for crowdfunding websites and sharing economy.
If you're unfamiliar with Divido, it's a platform for retail finance. It's a vehicle for businesses to enable instalment payments in-store, online, or even on the phone.
This one, perhaps, requires no explanation, because it's in the name: GoCardless . It helps speed up the process for direct debits and regular payments between businesses.
Another digital bank, Monzo is making it possible for their customers to have a smartphone current account. Peer-to-peer transactions, spending tracking, and other info will be available in real time.
As you can see, all of these apps and services are on the rise and helping make our financial lives easier. We're always on the go and always connected, so why not move our banking and financials online or on our phones as well? These start-ups make that possible, and once they've received proper licencing, there is no reason why they would not be safe to use and enjoy.
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