The Basics of Fintech
At the very core of any technological evolution is a determination to provide something better than what already prevails in the market. Can you think of any industry that is not influenced by technology? I am wondering it’s very hard to think of one. Fintech is the short form of Financial Technology, meaning the use of technology in the financial domain to provide better finance-related services over tthe traditional methods.
The Fintech industry comprises companies and start-ups that are focused on providing solutions to various problems that exist in the industry. The bottom line of using cutting-edge technology in the financial domain is to provide more efficient services that could work in conjunction with our fast-paced world, ultimately increasing customer satisfaction. Let’s dig more into the players in the Fintech industry who are revolutionizing how people use banking and financial services.
Players in the Fintech Industry
Some of the key players in the Fintech domain are mentioned below.
One of the major global players in the Fintech industry is based in China. Established in October 2014, Ant Financial Services Group is on a mission to bring inclusive financial services worldwide. It is also the official operator of Alipay, the digital payment portal by the Alibaba group for its e-commerce platform.
Xero is one of the fastest-growing software as a service (SAAS) provider worldwide that already has more than 2 million subscribers. Founded in the year 2016 in New Zealand, it aims to provide accounting solutions for small and medium business enterprises through its cutting edge software technology. Xero has also backed the title for the World’s Most Innovative Growth Company in 2014 & 2015 by Forbes.
Founded in the year 2012, Avant is one of the key players in the Fintech domain. Originally registered as AvantCredit, Avant is a Chicago based Fintech firm that provides online credit solutions for customers. On a mission to eradicate the obstacles in the borrowing process and minimize the cost of borrowing for individuals, Avant brings more transparency to the whole system through its revolutionary technology.
Tala is a game-changer in the Fintech domain for providing micro-loans through its smartphone application. Founded in the year 2011, Tala has a customer base like no other, it provides credit facilities to people in the remotest parts of the world. On a mission to expand financial access and choices to billions of underserved people worldwide, Tala is using technology for the best!
One of the most prominent players in the industry, PayPal was the harbinger of the Fintech revolution. With a customer base of more than 277 million active users, PayPal believes in empowering individuals and businesses to connect and prosper in the globalised economy through its digital financial services platform. It adds value by enabling individuals and merchants to indulge in monetary transactions in multiple currencies worldwide.
Stripe is a US-based Fintech company that was founded in the year 2009. It uses its software technology to provide payment solutions for individuals and business owners that help to receive and make payments online. Stripe has built a customer base in the e-commerce domain by catering to the payment solution needs of the online business owners.
Robinhood is a US-based Fintech firm that provides investment solutions through its mobile and web applications. It was founded on the core principle of increasing participation of people in the finance industry through commission-free access to investing. Robinhood is a fast-growing company that already has a customer base of more than 6 million active users, a major percentage of which belongs to the millennial population.