Financial technologies, which we name FinTech, aim to improve the global payment system and use of financial services. We tend to see FinTech as a whole concept of financial innovation. But every FinTech company has its unique product, representing an alternative to banking products or augmenting their services. So take some notes about different FinTech sectors, which have their market in B2B and B2C spheres. 

Let's see what types of companies exist in the FinTech market. We can highlight 15 kinds of FinTech specialisations:

1. Personal finances. Every person in the world has wondered how much they spend each day. So hundreds of apps flooded this sector of the FinTech market. According to Forbes, the 11 personal finances start-ups were among the annual 50 fintech list in 2021.  

2. Payments. This market is developing at breakneck speed because everyone pays their bills. New progressive technologies appear annually to fit customers' needs in digital payments. According to statistics, 64% of customers used multiple FinTech platforms.    

3. Credit services. Peer-to-peer (P2P) credit services have become popular. This sphere embraces loan-based crowdfunding, peer-to-peer lending, and marketplace lenders. Even B2B companies have started using these services. 

4. Investment platforms. Investing has proliferated among lots of people, even without specific financial education. Robotization, Big Data and Machine Learning (ML) have made investing digestible for everyone. These operations are available at the click of a button on your smartphone.  

5. Crowdfunding. Joint funding helps you to collect the necessary sums for the desired project. You name your project, explaining to people why they should invest their money in it. Don't forget to show your sponsors reports on how you implement your business idea. The most popular platforms for crowdfunding are Indiegogo and Kickstarter. For several years more and more such platforms have appeared.

6. Financial security. IT companies develop sophisticated solutions for rapid customer authentification and protection against scams, malware and other threats. Security means include authorisation, identification, authentification, cryptography, Clear Screen, Informational Security and other means of protection.

7. B2B FinTech. Among the B2B sector of the FinTech industry we can highlight several niches. They comprise of:

• payments and banking-as-a-service (e.g. Square, Afterpay and Q2)

• lending-focused companies (e.g. LendingClub, Greensky)

• commerce infrastructure (e.g. Shopify)

• vertical enterprise software companies (e.g. RealPage)

• horizontal enterprise software companies (e.g. Blackline, Bill.com, Paylocity).

The latest inventions in this sphere are intelligent contracts using blockchain technologies.

8. Money transfers. If payments refer to the banking sector, money transfers provide innovations to make payments without banks. User-friendly mobile apps simplify such transfers without opening a banking account. Global services allow you to receive payments from other countries and continents within a short period, which was impossible in the previous century.

9. Big Data Analysis. 21st-century technologies allow companies to analyse a billion bytes of financial information. Management can make more precise financial decisions based on such analysis. Big Data accelerates usage of the Internet of Things (IoT), API, and more enhanced authentification tools.  

10. RegTech. This sphere is funded by financial and governmental organisations from the most complicated financial markets of the USA, the UK, and other countries. The emergence of this FinTech sector was caused by increasing expenses and investment costs of governmental institutions and other financial organisations. More innovative solutions are needed to reduce their economic costs.    

11. InsurTech. Insurance companies are separate financial institutions which require secure and fast transactions. So innovative technologies in this sector refer to dozens of insurance products. We may admit P2P insurance, automation of recourse payments, insurance claims processing and other sophisticated insurance products.

12. Artificial intelligence (AI). AI solutions allow companies to reduce HR costs. FinTech companies use AI tools to provide accurate, fast automation without human interactions in the financial sphere. These solutions include predictive analysis for fraud prevention, data capture using Optical Character Recognition (OCR), AI credit scoring, business automation and other AI tools. 

13. Neobanks (challengers). These banks provide solutions for customers who don't want to visit brick-and-mortar entities and gladly receive every banking service online via gadgets using mobile apps or other software. Such banks create secure online platforms for consumers' needs. Their competitors tend to provide the same benefits to fit into the market.

14. Cryptocurrency. This FinTech sector has developed significantly over the last five years. The cryptocurrency market includes crypto exchange markets, cryptocurrency exchange platforms, and mining companies. This market has created bug bounties for cryptocurrency exchanges, where white hats find and recommend fixing bugs and glitches in services. Add investment platforms here, where you can buy or sell any kind of cryptocurrency. Worth to mention ICO marketplaces, where you can present your new crypto. 

15. Blockchain. Blockchain is a distributed registers technology consisting of growing blocks (lists) protected by cryptography. Changes in the whole block are impossible without altering each block. It's tough to hack and intervene into such a "chain" because every next block of the chain depends on the records from the previous one. Financial institutions use blockchain technology to provide secure transactions. The cryptocurrency market is also based on blockchain technologies.

Final thoughts

Whatever industry you choose, innovative financial services are a must-have for your business. Businesses provide secure and rapid payments only through constant cooperation between manufacturers, service providers, business card issuers, online platforms and other companies. For instance, if you need a reliable solution for your corporate business payment, you may choose a white label cards program by Wallester. 

This company continuously builds strong relationships with well-known financial institutions and develops new innovative ideas. Registered white label card issuer aids corporate firms and banks to satisfy their needs in appropriate standards of card issuing. According to their website, White Label Program provides customers with a unique payment solution consisting of a CRM system to manage payment data in real-time securely.  

Companies need to provide security options and give seamless, reliable and distinctive services worldwide. So choose your FinTech company wisely.