Fintech companies remain persistent in adopting customers' demands and integrating them into their services. However, not every financial service will provide a multitude of features to fit everybody's needs. As a result, there's a growing need to assess which fintech companies to invest in, especially clients signing up with no ample knowledge about the complexity of finance and technology.
What Is a Fintech Company?
To start with, what are financial tech companies? As the term implies, fintech companies use 'technology' to roll out 'financial' services to customers. In other words, these are firms that help manage customers' finances online.
Additionally, fintech companies help expedite processes that traditional financial services take up. Fintech made short-term operations possible in just a couple of clicks. Customers and businesses subscribed to their services won't even have to go through the hassle anymore.
Now, take a look at the top 5 best fintech companies in 2021:
Acorns are among the catalyst in changing the landscape of fintech. Clients and users can partake in their micro-savings, micro-investing, and robo-advising services. The fintech company leans more on investment and has been a favorite since its launch in 2014.
Although it only started in 2014, Acorn already garnered over 8.1 million users and more than $1 billion invested. Organizations and partners select their kind of service. But they attract more millennials as they are more comfortable using technology for any activity, especially when it comes to their finances.
Acorns proudly put forth their services for people who had experienced difficulty saving and traditionally investing money.
What Do Fintech Companies Like Acorns Do?
To specify, Acorns is like every fintech company. Clients and users can connect the app to multiple credit cards or bank accounts.
The difference is that when they spend their money, still connected to Acorns, the company will allocate small accounts to their savings account. The fintech firm calls the mentioned process 'Invest your spare change.' It's because, for every collected saving, the money is automatically carried into an investment account.
It sparks the interest of millennials due to their 'micro-investing strategy, requiring only a minimum amount of $5. Then, the robo-advisor enters the picture where a diversified portfolio is fitted only for users and clients. This portfolio is helpful to maintain transparency and controlled finance management.
Acorns expanded their account options to enable users to bank, save, and invest for the future of clients' businesses. All of these are available in their mobile app, making it a couple of clicks away.
- Easy to navigate
- Good for investing money
- Gives easy-to-manage track data for transparency
- Only needs a small amount to activate micro-investing
- Users/clients can connect the app to a variety of bank accounts and credit cards
Flywire comes in second with its adaptability to fintech innovations. As the industry grows, so do they. Contrastingly, Flywire gives part of its attention to collaboration with banks, payment providers, and other fintech companies to invest in. Then the rest to their services.
The target market of Flywire also enjoys the benefit of their prioritization in partnerships. The fintech company continues to adjust to the growing demand of users and businesses towards fintech services. Flywire's global partnership helps resolve that problem.
They recently have a value of more than $1billion and processed over $16 billion in payments for over 2,000+ global businesses.
What Do Fintech Companies Like Flywire Do?
Flywire works with organizations and sectors like education, healthcare, etc., to deliver 'high value' services and solve payment and receivables problems. They commit to adapting to technological advancements and customer demands to construct a pleasant banking experience for their partners and users.
For the company, investing in global collaboration paves the way for seamless negotiations between payers and receivers. At the same time, they work towards tracking these transactions in real-time so both parties can access the data and seek help should there be ongoing issues.
Additionally, Flywire facilitates smooth transactions between two parties and helps eliminate operational challenges. With the company's global footprint, users and clients can enjoy multiple currencies at a reasonable exchange rate.
Flywire continuously creates a service that works accordingly to both financial senders and recipients.
- Offers multiple currencies
- Student-friendly interface and services
- Establishes collaborative partnerships globally
- Executes smooth transactions between two parties
- Strives to create transparency and resolve issues immediately
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One list-topping fintech service came from Braintree. Braintree makes accepting payment easier, whether in mobile applications or websites. Their financial services replace and upgrade traditional payment methods. By using their single-touch feature, clients can easily pay and accept fees.
They offer a quicker process, unlike the traditional banking experience. At the same time, they prioritize security against fraud and other malicious intents.
The fintech firm also honors well-managed customer service to assist partners and users.
What Do Fintech Companies Like Braintree Do?
Braintree is a mobile and desktop application that provides digital financial services. They support multiple currencies to help optimize the growth of their e-commerce partners. Equipped with pricing options, their standard version alone allows clients to experience almost the entirety of their services.
The fintech company houses all kinds of organizations, from startups to the largest online retailers. Merchants from the US, Canada, Europe, Australia, Singapore, Malaysia, Hong Kong, SAR China, and New Zealand can use Braintree's financial services.
US merchants can use Braintree to accept payments from different sources like PayPal, Google Pay, Venmo, etc., and debit cards like American Express, Visa, Mastercard, and more.
- Easier sign-up process
- Faster transaction process
- Has firm security checkups
- Single-touch payments similar to PayPal
- Offers data portability for extra transparency
One of the top fintech companies to keep an eye on is ConnectPay. It's one of the fastest-growing Electronic Money Institutions (EMI) in Lithuania - the leading fintech hub in continental Europe - providing banking services for internet-based companies.
MARE BALTICUM Gaming Summit awarded the fintech company as the 'Best Payment Service Provider' in the Baltics for two years in a row - 2019 & 2020.
Based on multiple trusted reviews like The Silicon Review, Analytics Insight, and CIO Bulletin, ConnectPay is among the best fintech companies to watch in the succeeding years.
What Are Fintech Companies Like ConnectPay?
ConnectPay stands for "Banking made easy"- the top priority of the company is to simplify banking processes & user experience. An integral part of the "Easy Banking" approach is the companies' aim to build a "One Stop Shop" introducing all banking services under one roof.
By offering smooth onboarding and boutique banking experience, ConnectPay has established a strong clientele featuring numerous companies mostly focusing on the EEA and the United Kingdom regions.
The most admired feature of the company is its sleek customer service approach -- all clients are a part of the Easy Bankers family, provided with personal attention, timely solutions, prompt answers, and constant dialogue when it comes to business needs and expectations.
Featuring a large and extensively experienced compliance team, the company can offer deep knowledge of different legal jurisdictions and industries. Even if it takes more time and human resources to evaluate every case individually, walking the extra mile for the clients and making compliance work for them, not against them, is the ConnectPay way.
ConnectPay is licensed and regulated by the Bank of Lithuania and is subject to the regulatory framework of the European Central Bank. Unlike traditional banks, ConnectPay does not reinvest its clients' money; all funds are kept at the Central Bank of Lithuania - this means that the client funds are safe and ready for withdrawals 24/7/365.
What Do Fintech Companies Like ConnectPay Do?
ConnectPay's main activity and focus are banking payment services for business and institutional clients: IBAN Accounts, Segregated Accounts, SEPA Instant and Cross-border payments (SWIFT), Corporate cards, Accept payments service, BaaS (Banking as a Service).
Send & Receive funds
With ConnectPay, businesses can make EUR transfers via SEPA/SEPA Instant and cross-border payments in BGN, CAD, CHF, DKK, EUR, GBP, JPY, PLN, RUB, USD currencies. The platform offers multiple ways to transfer funds: single payments, bulk file upload, or via APIs.
Business and Segregated accounts
Businesses can open an international IBAN account regardless of they are based in EEA or not. ConnectPay also offers Segregated accounts that are required for companies that hold not only their own but also customer funds.
ConnectPay enables companies to serve their customers online: accept payments, issue refunds, and set recurring payments and subscriptions. ConnectPay Merchant API simplifies the customer journey and helps businesses grow. At the moment, service is available in Germany, Finland, and the Netherlands, while the list of supported countries is constantly growing.
Corporate Cards - VISA Business
ConnectPay corporate cards enable cardholders to make seamless contactless payments or to withdraw money from more than 20 million ATMs worldwide. There's no need to top up as account balance is linked to the card. The number of cards related to one account is not limited; a company can order as many cards as needed.
BaaS (Banking as a Service)
ConnectPay's freshly built Banking-as-a-Service (BaaS) offering allows digital banking services to be directly integrated into the products of other non-bank businesses. Using ConnectPay licenses and technology to handle the regulatory and technical complexity, the company can focus on its customers and create its own financial products with robust APIs.
- Customer support available 24/7 via email and phone
- Personal attention, timely solutions, prompt answers
- Large and extensively experienced compliance team
- Sepa Instant availability
- Multicurrency IBAN accounts
- Segregated accounts for client funds
- Mobile App
- BaaS and custom APIs
ConnectPay models fast and secure financial management for its clients and put forth their strong background to introduce new products or upgraded user experience flows. It also cooperates with government institutions to bring a broader perspective to the whole FI landscape.
Another fintech company to invest in is Chime. The fintech company is one of the fastest-growing digital banks in the U.S, with more than 1 million opened accounts. The mobile bank offers their services with minimal and, sometimes, no fees at all.
What Do Fintech Companies Like Chime Do?
Chime offers services that would keep the weight off every user's shoulders with their simple savings and checking account, together with one secured credit card in their mobile app.
The fintech company provides smart solutions for people and clients to manage their finances digitally. Though there's a limited number of account types, their fees are one of the lowest among fintech companies.
What Chime does differently is the way they screen clients/customers. Credit score history won't matter anymore, making it easy to sign up for them.
- Easy to sign up and accessible
- Lower and no monthly account fees
- Faster transactions between two parties
- No minimum balance needed to continue enjoying their services
- Provides better digital finance management for those who rarely spend their money
As a growing business or an ordinary individual committed to financial management online, knowing what fintech companies to invest in is a priority to set. There are more than enough digital banking services, but only a few would meet the needs of clients and customers.
An ideal fintech company is internationally recognizable and offers multiple currencies. Along with that, they should also highlight security and seamless transactions. Their purpose is to replace the cons of the traditional banking experience and outdo it. What matters the most is fintech companies hierarchizing the demands of many and turning it into one of their services.
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Written by Thea Felicity