Fintech firms continue to be steadfast in absorbing customer requests and incorporating them into their services. However, not every financial service will offer a plethora of options to meet everyone’s requirements. As a result, there is a rising need to evaluate which fintech companies to invest in, particularly for clients who sign up with little awareness of the complexities of banking and technology.
What Exactly Is a Fintech Company?
To begin, what exactly are financial technology companies? Fintech firms, as the name implies, use ‘technology’ to provide ‘financial’ services to customers. In other words, these are businesses that assist customers in managing their finances online.
Furthermore, fintech firms aid in the acceleration of processes that traditional financial services require. Fintech has made short-term activities easy with just a few mouse clicks. Customers and organizations who subscribe to their services will no longer have to deal with the difficulty.
Now, consider the top five finest fintech companies in 2021:
#1 Acorns
Acorns are one of the driving forces behind the transformation of the financial sector. Customers and consumers can take advantage of their micro-savings, micro-investing, and robo-advising services. The fintech firm relies primarily on investment and has been a fan favorite since its inception in 2014.
Despite the fact that it was founded in 2014, Acorn has amassed over 8.1 million customers and more than $1 billion in funding. Organizations and partners choose the type of service they want. They do, however, draw more millennials because they are more at ease using technology for any activity, particularly when it comes to their finances.
Acorns proudly offered their services to people who had problems saving and investing money in the past.
What Do Fintech Firms Such as Acorns Do?
To be more specific, Acorns is similar to every other fintech startup. Clients and users can link several credit cards or bank accounts to the app.
The difference is that when they spend their money, they are still linked to Acorns, and the company will allocate tiny sums to their savings account. The aforesaid method is referred to as ‘Invest your spare change’ by the fintech firm. It’s because every saved dollar is immediately transferred to an investment account.
It piques the interest of millennials because to its’micro-investing strategy,’ which requires only a $5 minimum investment. The robo-advisor then enters the picture, where a diverse portfolio is tailored exclusively for users and clients. This portfolio aids in the maintenance of transparency and controlled financial management.
Acorns has increased their account choices to allow users to bank, save, and invest for their clients’ businesses’ future. All of this is accessible via their smartphone app, which is only a few clicks away.
Benefits
- 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
#2 Flywire
Flywire ranks second in terms of adaptation to fintech developments. They grow in tandem with the industry. Flywire, on the other hand, focuses some of its attention on collaborating with banks, payment providers, and other fintech startups to invest in. The rest will be at their disposal.
Flywire’s target market also benefits from their alliance emphasis. The fintech firm continues to adapt to the increased demand for fintech services from users and enterprises. Flywire’s global alliance aids in resolving this issue.
They recently had a market capitalization of over $1 billion and processed over $16 billion in payments for over 2,000 global firms.
What Do Fintech Firms Such as Flywire Do?
Flywire collaborates with organizations and industries like as education and healthcare to provide ‘high value’ services and handle payment and receivables issues. They pledge to adapt to technological changes and client expectations in order to provide a pleasant banking experience for their partners and users.
Investing in worldwide collaboration allows the organization to conduct seamless discussions with payers and receivers. At the same time, they aim to trace these transactions in real time so that both parties can view the data and seek assistance if there are any ongoing concerns.
Furthermore, Flywire promotes easy transactions between two parties and aids in the elimination of operational issues. Users and clients can enjoy numerous currencies at a reasonable exchange rate thanks to the company’s global network.
Flywire is constantly developing a service that caters to both financial senders and recipients.
Benefits
- 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
#3 Braintree
Braintree provided one of the top fintech services on the list. Accepting payments is made easier with Braintree, whether through mobile applications or websites. Traditional payment methods are being replaced and upgraded by their financial services. Clients may simply pay and receive fees by using their one-touch feature.
Unlike traditional banking, they provide a faster process. Simultaneously, they place a premium on security against fraud and other nefarious purposes.
The fintech company also values well-managed customer service in order to support partners and users.
What Do Fintech Firms Such as Braintree Do?
Braintree is a desktop and mobile application that offers digital banking services. They support several currencies in order to help their e-commerce partners flourish. With pricing alternatives, their regular version alone allows consumers to enjoy nearly all of their offerings.
The fintech firm contains a wide range of enterprises, from startups to the world’s top online merchants. Braintree’s banking services are available to merchants in the United States, Canada, Europe, Australia, Singapore, Malaysia, Hong Kong, SAR China, and New Zealand.
Braintree allows US merchants to accept payments from various sources such as PayPal, Google Pay, Venmo, and others, as well as debit cards such as American Express, Visa, Mastercard, and others.
Benefits
- Easier sign-up process
- Faster transaction process
- Has firm security checkups
- Single-touch payments similar to PayPal
- Offers data portability for extra transparency
#4 ConnectPay
ConnectPay is a leading fintech company to keep an eye on. It’s one of the fastest-growing Electronic Money Institutions (EMI) in Lithuania, the continent’s top fintech hotspot, and it offers banking services to internet-based businesses.
MARE BALTICUM Gaming Summit named the fintech firm the Baltics’ ‘Best Payment Service Provider’ for the second year in a row – 2019 & 2020.
ConnectPay is one of the greatest fintech startups to watch in the coming years, according to various credible publications such as The Silicon Review, Analytics Insight, and CIO Bulletin.
What Kinds of Fintech Companies Are There Like ConnectPay?
ConnectPay stands for “Banking Made Simple”; the company’s major objective is to streamline banking operations and user experience. The companies’ goal to develop a “One Stop Shop” providing all financial services under one roof is a vital aspect of the “Easy Banking” concept.
ConnectPay has created a solid customer comprised of several organizations primarily focusing on the EEA and the United Kingdom areas by providing smooth onboarding and boutique banking experience.
The company’s most valued characteristic is its streamlined customer service style, in which all clients are treated as members of the Easy Bankers family, receiving personal attention, rapid solutions, prompt answers, and continual discussion when it comes to business needs and expectations.
With a broad and wide compliance team, the organization can provide in-depth understanding of many legal jurisdictions and sectors. Even though it takes more time and human resources to examine each case individually, the ConnectPay way is to go the extra mile for the clients and make compliance work for them, not against them.
ConnectPay is licensed and regulated by the Bank of Lithuania and is subject to the European Central Bank’s regulatory framework. Unlike typical banks, ConnectPay does not reinvest its clients’ cash; all monies are held at the Central Bank of Lithuania, ensuring that client funds are safe and available for withdrawals 24 hours a day, seven days a week.
What Do Fintech Firms Such as ConnectPay Do?
ConnectPay’s primary activity and focus are banking payment services for business and institutional clients, including IBAN accounts, segregated accounts, SEPA instant and cross-border payments (SWIFT), corporate cards, accept payments service, and BaaS. (Banking as a Service).
Send and receive money
Businesses can use ConnectPay to make EUR transfers via SEPA/SEPA Instant as well as cross-border payments in BGN, CAD, CHF, DKK, EUR, GBP, JPY, PLN, RUB, and USD. The platform allows you to transfer funds in a variety of ways, including single payments, bulk file uploads, and APIs.
Accounts for business and segregated funds
Businesses, whether situated in the EEA or not, can open an international IBAN account. ConnectPay also provides segregated accounts, which are essential for businesses that hold both their own and customer funds.
Take Payments
ConnectPay allows businesses to serve their consumers online by accepting payments, issuing refunds, and establishing recurring payments and subscriptions. ConnectPay Merchant API streamlines the client journey and assists businesses in growing. Currently, service is available in Germany, Finland, and the Netherlands, with the list of supported countries growing all the time.
VISA Business Corporate Cards
ConnectPay corporate cards allow cardholders to make contactless payments or withdraw money from over 20 million ATMs worldwide. Because the account balance is connected to the card, there is no need to top up. The number of cards associated with a single account is not limited; a corporation may order as many cards as it requires.
SaaS (BaaS) (Banking as a Service)
ConnectPay’s newly developed Banking-as-a-Service (BaaS) offering enables digital banking services to be integrated directly into the products of other non-bank enterprises. The company may focus on its customers and construct its own financial solutions with rich APIs by utilizing ConnectPay licenses and technology to address regulatory and technical complexities.
Benefits
- 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.
#5 Chime
Chime is another financial startup to consider investing in. With over 1 million established accounts, the fintech startup is one of the fastest-growing digital banks in the United States. The mobile bank charges very little, if any, fees for its services.
What Does Chime, a Fintech Company, Do?
Chime provides services that take the burden off every user’s shoulders, such as a simple savings and checking account, as well as one secured credit card through their mobile app.
The fintech firm offers innovative solutions to help people and clients manage their funds online. Despite having a restricted number of account types, their fees are among the lowest among fintech firms.
What distinguishes Chime is the manner in which clients/customers are screened. Credit score history will no longer be considered, making it simple to sign up for them.
Benefits
- 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
Knowing what fintech startups to invest in is a priority to establish as a growing corporation or an ordinary individual committed to online financial management. There are numerous digital banking services available, but only a few will suit the needs of consumers and customers.
A good fintech company is one that is well-known around the world and accepts numerous currencies. Along with it, they should emphasize security and smooth transactions. Their goal is to outperform the disadvantages of typical banking experiences. What matters most is that fintech companies organize the requests of many and transform them into one of their services.