3 interesting FinTech start-ups

The FinTech (Financial Technology) space is heating up, alongside rapid software maturity and greater market understanding of the myriad ways in which technology can advance both customer-facing and business-focused financial instruments. The disruptive nature of FinTech start-ups is seeing entrepreneurs undercut established players, which is driving greater FinTech corporate financing and rising M&A activity across the segment. The proliferation of handheld web-enabled devices has allowed consumers to access financial services faster and on the go, while the data mobile users are able to generate has offered insights in how FinTech products can improve further. Here are some interesting start-ups that will likely attract business transfer agents in the near future.

Backbase offers a bridge between banks and devices

Holland-based Backbase has been able to enter the in-trend niche of device-enabled payment systems, offering a customer experience platform that help businesses manage client interaction through a variety of platforms. The company combines multiple offerings, such as widgets, Internet architecture and security, to enhance C2B and B2B experiences. The firm specialises in servicing retail banking, wealth management and commercial banking segments. The company has been “legitimised” through its existing partnership with major banking group ABN Amro. This is a necessary aspect as FinTech start-ups must typically develop connections and win the appraisal of banking industries to see long-term success. The company won Best of Show at the 2014 FinovateEurope conference.

Xpenditure streamlines mobile payment technology

A major trend in the development of FinTech is the streamlining of time-consuming financial operations, which have traditionally acted as a bottleneck for both business and consumer processes. Xpenditure is a business that looks to solve these issues, partly by using image capture technology. The idea being that using image as a means of input will override the traditional processes of manual entry, and the start-up uses a mobile app to achieve this. The firm has developed vital partnerships with a focus on accounting and ERP solutions, and has rolled out software to service payroll service providers and card issuers. As the BYOD market continues to expand, FinTech innovation in mobile devices could revolutionise financial processes in the workplace.

Toshl offers consumers simple budgeting technology

FinTech aimed squarely at consumers is gradually maturing, with apps becoming more user-friendly. One of the main challenges in this expanding segment is attracting consumers to what are essentially apps concentrated on budgeting and personal fiscal regulation, a harder sell than a new gaming title. Nonetheless, Toshl has done a good job of delivering an expenditure-tracking tool that offers a simple interface with animations and reminders that is appealing to consumers. The app provides a basic services for free across all major operating systems but there is an option for advanced tools on a pay model. The future for similar apps likely lies in more in-depth solutions, for example mortgage brokering services, financial advisors and loan-appraisal services, but for now such start-ups are happy enough to build up their user numbers.

 

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