Fintech – or financial technology – is undeniably transforming the future of financial services. During Q1’17, a staggering $328m was raised for UK fintech firms, according to PWC Global FinTech Report: Q1’17, eight times more than capital secured from the previous quarter.
What began as modern payment systems rivalling ‘outdated’, awkward banks, have now diversified into innovative financial platforms, built to exploit the negatives of financial services, while placing customers at their heart. We’re now seeing ‘mortgagetech’ and ‘proptech’; terms becoming increasingly popular as consumers accept these innovators, and their services.
Alongside frontrunners such as Funding Circle and Atom Bank, whom collectively secured a staggering £165 million during Q1’17, there are several fintech startups that are also redefining how consumers pay, transfer and use their money.
From a digital wallet app to a financially flexible shopping platform, we’re highlighting the hottest industry disruptors of 2017 that we think you should look out for. These have the knowledge, passion and ideas to aid the growth of this emerging industry
1. Monzo
Founded by Tom Blomfield, of GoCardless, another revolutionary fintech startup, Monzo is building a digital-only, ‘smart’, bank. 100,000 customers can use the app that offers a spending breakdown in real-time, rapid mobile money transfers, geo-located transactions to view, and AI that predicts banking habits. Described as a customer service business, empowered by technology and armed with a banking licence, Monzo are tackling the problems encountered with traditional banks, while offering customers an easier, quicker modern banking system – in their pocket
2. Curve
A digital wallet on your phone. That’s what Curve, an innovative startup, offers. The app and Curve card sync all of your debit and credit cards, making transactions considerably simpler. Users only need to carry one single card around with them and select other cards they want to spend on via the Curve app, using the Curve card as a conduit. The app offers a transaction summary from every card, the ability to export spending history, and access to a lower foreign exchange rate when abroad.
3.Property Master
Property Master is the UK’s first digital mortgage broker for buy-to-let landlords. Launching this year, the service pinpoints the best mortgage deals, which are fully personalised to suit the landlord’s details, properties and lending criteria. Defined as ‘proptech’, Property Master offers easy online applications for standard mortgages, providing a no-hassle approach to property services that saves both time and money.
4. Klarna
Redefining the online shopping experience, Klarna is an e-commerce platform that provides flexible payment options and one-click purchasing. Users can select to buy a product immediately from a specified merchant, and delay payment, either paying for it during the interest-free period of 30 days or after.
5. Circle
A startup that wants to change how payments are sent abroad, Circle’s allows you to pay recipients via iMessage, text or email, with no fees. Users can personalise their message with GIFs, and send funds in different currencies with a competitive exchange rate. Sign-up involves taking a picture of your debit card to allow payment, or to be paid.
As organisations adopt digital, and take advantage of the recent advancements, we can expect more industry disruption, and an introduction of products that change the way we manage our finances.
At Delineo, we’ve helped develop the brand of ‘proptech’ disruptor, Property Master, devising a successful launch campaign that included content strategy, creative concepts and performance marketing. If you’re a fintech organisation looking for a Manchester digital marketing agency to head up your next campaign, speak to us!