The top 10 Fintech companies disrupting financial services
As the Fintech industry continues to evolve and disrupt financial services, we explore the 10 biggest companies in the space
From transactions to accountancy, Fintech has been making operations more efficient and secure for businesses and individuals.
Fintech companies have been disrupting many areas of financial services, including banking, online transactions and accountancy. The mobile nature of the Fintech sector has eradicated the limits previously placed by physical locations, allowing users to manage finances from anywhere.
With this in mind, here is our list of the top 10 Fintech companies currently making waves in the financial services space.
1. Paypal
Regarded by some to be among the first Fintech companies, Paypal, founded in 1998, is a platform that allows users to connect their bank account to a secure payment portal. The requirement of the user’s email address and password to use the service provides added security when making payments online.
Known to be utilised by vendors mainly doing business online to receive payments from customers, especially during lockdown in the past year, Paypal is also commonly used as a place to store money pools, which multiple users can contribute to.
2. Monzo
Established in 2015, UK-based Monzo is a digital-only bank that offers users a current account with no monthly fees, as well as a pre-paid Mastercard debit card. The app is one of many challenger banks that looks to improve financial services by offering more intuitive experiences wherever the user is, but what sets Monzo apart is its ‘Salary Sorter’, which allows customers to divide spending, bills and savings into one location.
Monzo also provides users with ‘Savings Pots’, which act as its equivalent of savings accounts. These allow for change to be rounded up to the nearest pound, as well as offering automated savings.
3. Square
Square is an app that allows businesses of all sizes to accept card payments. Beginning with a card reader when it was founded in 2009, Square also allows for transactions between people using its Cash App.
Earlier this month, Sqaure, headed up by Twitter CEO Jack Dorsey, announced the launch of an in-house bank, established in order to “operate more nimbly” in an increasingly noisy market. Other otable recent ventures undertaken by the Fintech include establishing a presence in the Falkland Islands.
4. Starling Bank
Another digital-first challenger bank on this list, Starling Bank offers four main accounts: Personal, Joint, Business and Euro. As well as making online payments and transferring money domestically without needing to pay fees, customers can also apply for overdrafts in-app, and receive real-time notifications for spending and income.
Founded in 2014, the Fintech’s business account offers a business marketplace, which provides guidance on accounting, payments and internal communications, offering integrations with apps such as Quickbooks and Slack.
5. Stripe
Stripe is a payments processing software for businesses. The app allows businesses to view income and manage their financial operations online, offering an application stack for managing revenue, preventing fraud and removing regulatory complexity.
The company, founded in 2010, also helps its customers to reduce environmental impact through its carbon removal advisory app Stripe Climate.
6. Klarna
Online shopping platform Klarna came to prominence when it became the largest European Fintech company, and the fourth largest worldwide in September last year. The Sweden-based startup was founded in 2005, and offers direct payments, pay after delivery options and instalment plans to consumers, in an aim to provide a smarter alternative to credit cards.
Businesses can leverage Klarna’s shop directory and marketing channels to ensure better customer retention, with the company offering integrations with Salesforce and other customer-facing…
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