As the appetite for tech-savvy finance continues to grow arms and legs, the global fintech market is expected to topple the £240 billion mark by 2022. Emerging fintech companies continue to rock the boat with disruptive technologies and bespoke solutions to very specific problems. The UK is leading the charge for a new financial world with some of the hottest fintech startups on the market.Grab a pen and watch this space as we give our lowdown on five of the hottest fintech companies to watch in 2020.
Did you know that over 4.7 million UK workers rely on the gig economy to pay the bills? As the competitive job market forces more and more people into freelancing and ad hoc employment, it can be extremely tough to manage personal finance and maintain cash flow. Trezeo provides financial security and stability for self-employed workers who can’t guarantee a consistent paycheck each month. If work is slow or an unexpected turn of events means you’re unable to work, Trezeo is here to offer a helping hand. The London-based startup has created an income-smoothing app which averages your pay to provide a financial safety net. If you’re feeling the squeeze one month, Trezeo also offers cash injections to ensure you’re never out of pocket.Customers can enjoy a host of benefits including affordable credit, income protection, pension schemes and even mortgages. Instead of charging sky-high interest rates on loans, Trezeo charges a single subscription fee which is proportional to a customer’s income. As the first income-smoothing service to receive authorisation from the Financial Conduct Authority (FCA), Trezeo’s acceptance to the 2019 Barclays Accelerator Programme is set to take the company to new heights. The Techstars-powered programme means Trezeo is joining a global network of over 1,600 companies which have accumulated a grand total of £5 billion.
Introducing the UK’s first app-only bank. The guys at Atom Bank have thrown the rulebook out of the window with a fresh and tech-focused approach to personal banking. Gone are the days of popping into town to cash a check or booking a meeting with an account manager, Atom bank is on a mission to squeeze the entire banking universe into a single, easy-to-use app. Whether it’s opening a savings account, applying for a loan or researching mortgages, Atom’s customers can control everything with the swipe of a finger. After receiving its UK banking license in 2015, they’ve racked up a whopping £1.5 billion worth of customer savings and offer full FSCS protection on accounts up to £85,000. Their lean and agile approach to personal finance is throwing some serious punches which high street banks are starting to feel. The money they save from their branch-less business model allows them to offer reduced rates which customers love. As challenger banks battle to claim the top seat as the UK’s #1digital bank, Atom’s more traditional business model means it takes the lead in terms of balance sheets. After accumulating over £1.8 billion in fixed-term saving account deposits, Monzo and Starling have some catching up to do with total deposits of £462 million and £600 million respectively.
While the topic of wills and inheritance is never easy, Farewill is committed to easing the process as they set out on their (somewhat strange) mission to build the “first consumer brand in death.” Farewell’s core service is providing affordable online will-writing at scale. In 2019 alone, they completed 40,000 wills at an average going rate of £90. In an attempt to spark some positivity into an otherwise sobering process, Farewill has built partnerships with over eighty charities to encourage customers to add donations into their will. So far, the brave faced fintech has collected an impressive £100 million in charitable pledges.With over £9.5 million of funding and sixty employees after three years of launching, Farewill shows no signs of slowing down as it tears up the rule book in a sparse marketplace. Farewell’s co-founder, Dan Garrett, explains how “the biggest financial event is when you die, yet 85% of people don’t have a will.” The company’s values are all about facing fears and tackling sensitive topics with confidence. After recent announcements of a probate service for estate inheritance and a funeral business, Farewill is using the power of the internet to diversify its business model and build an entire empire around death.
Have you ever heard of the ‘Wisdom of Crowds' effect? Nope? Neither had we. London-based fintech, Pynk, is paving the way for a new financial system with their community-driven approach to financial forecasting. By working together and learning from the combined knowledge of a community, so-called 'Pynksters' are creating a more responsible model for financial investment. The company explains that there is no 'i' in 'Pynk' for good reason — none of us are as smart as all of us. Pynk combines community knowledge with its sophisticated AI system, Rose, to make better investment decisions and promote tech for good. After receiving backing from the Royal Bank of Scotland and Natwest, their off-the-wall approach is certainly piquing interest among the big players. With 11,135 Pynksters across a growing tally of 160 countries, we can't wait to watch these guys grow.
PrimaryBid believes in creating democratic financial markets for all. The London-based fintech connects publicly-listed businesses with everyday retail investors.Instead of building unnecessary barriers between private investors and financial markets, PrimaryBid provides access to new share issues at the same discount rate as financial institutions. Customers can enjoy the security of a regulated mobile trading platform which automates activity between an active pool of private investors. PrimaryBid connects investors with companies who are looking to raise capital. After raising over £9 million to build their award-winning platform, PrimaryBid has helped thousands of private investors to enter new markets and generate a whopping £56 million. The announcement of their pioneering partnership with the London Stock Exchange in November 2019 is the perfect opportunity to showcase their technology on the world stage and expand into new markets.
As the UK continues to produce some of the hottest fintechs on the planet, we’re excited to help fresh-faced startups stand out from the crowd. Technology allows businesses to grow at scale and cut corners where established financial institutions can’t. We believe in combining clever tech with intelligent marketing strategies to help businesses find their voice and disrupt market leaders.
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