FinTech, financial technology, is about disrupting the stale financial sector with technology and innovation. Have you accepted the status quo of a bank-led dominance? The people in the flourishing FinTech field have rejected it.
Last year, Eileen Burbidge, the UK government’s special envoy for FinTech stated: “London and the UK will lead the FinTech sector.” That’s not hard to believe. With a well-established financial sector, a cultivated tech scene and wide access to capital and talent, London is primed for FinTech. The industry generated over $9 billion in revenue last year.
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As the UK celebrates #FinTechWeek, we look at five British companies doing their bit to make the financial sector more efficient.
Mobile-first smart bank Mondo wants to make it easier for you to manage your financial life. With a card connected to an app for your smartphone/watch, you’ll see exactly where your money is going in real-time.
Forget end of day budgeting when you facepalm at the amount you’ve spent cafe-hopping. With tagged transactions, you’ll see immediately that maybe you shouldn’t get another venti soy chai latte today. You can even send peer-to-peer payments with emoji. How modern is that?
Does the bond market intimidate you? With estimates that corporate, financial and government bonds are worth $149 trillion outstanding, it’s easy to see why. Origin is trying to change that and make it less daunting with a digital platform.
Their mission is to solve market inefficiencies, reduce the barriers to entry and create a financial market that works for everyone in a simple, transparent and direct way.
For those who deal in multiple currencies, hidden bank fees and charges can only be described as frustrating. Cambridge-based Money Mover feel you. The three founders are channelling their frustration into a foreign currency exchange and global payment service focused on transparency, upfront about their fees.
Last summer, they raised $1.4 million to continue liberating small-medium sized enterprises from the banks, and promoting their vision of international money as an “asset rather than an inhibitor.”
Mortgage. The word itself is enough to dampen any conversation. When it pops up at dinner parties – we’re an exciting bunch – the first response is always, “Ugh.” Liverpool-based Fruitful wants to change that.
A peer-to-peer lending platform, they are the UK’s first marketplace for mortgages with a mission to democratise finance. They want to improve understanding and bring clarity and transparency to the sector.
Data-driven Ormsby Street is a small business on a mission to make your small business better. They turn complicated financial information into readable insights, helping you be more informed when it comes to your business.
With over seven million company records, back up your gut instincts on Never On Time Inc and check their credit status and payment performance before you sign with them.
These are just a few bucks in the billion dollar industry. If you’re interested in more, track fellow companies and access the data on Fintech companies with Index.co.