Fintech apps, also known as financial technology applications are very popular today because they have revolutionized the way that businesses operate. This industry has made electronic transactions much more convenient for the public. Fintech startups were created to meet the need for a more efficient financial system.
Fintech startups were founded by entrepreneurs in the last twelve years. Juniper Research estimates that by 2020, around 2 billion people will use mobile banking apps. Fintech companies received investments of up to $55.3 billion in 2019. In China, the total contribution was $25.5 billion. Of this amount, Ant Financial from Alibaba Group contributed more than half (14 billion dollars). The number of mobile users who save their financial data on their smartphones to be used in future transactions will continue to grow. This blog will discuss the top 13 Fintech applications currently available on the market.
Top 10 Fintech Apps You Must Try
Irvine, California is home to a financial services and technology company. Acorns specializes in Robo-investing and micro-investing. They have more than $1.2 billion in assets under their management and over 4.5 million users.
- Users can choose to invest monthly, weekly, or daily.
- The education section includes a glossary and basic investment information.
- It is a tool that allows users to see how an additional investment would affect their account on a monthly, weekly or daily basis.
- Users can invest in an individual retirement account. Acorns will charge an additional $1 per month up to the point where the user invests 1 million dollars.
- The user can increase their investment by 2, 3, or 10 instead of rounding to the next dollar.
Also read: Meet the Top 10 Fintech Startups Making Waves in the Fintech Sector
Affirm offers no-fee loans to users who don’t possess a credit card. It provides finance to a furniture shop, Casper mattress store, Walmart afterpay, Wayfair, and Expedia travel website. Affirm belongs to a group of companies that provides point-of-sale financing.
- Manage your account and make payments
- Offers as low as 0% APR.
- Buy now and pay at any time in the store.
- Users do not need to have a minimum score or credit history in order to qualify.
- Affirm charges no other fees, or origination. The annual percentage rates are between 0 and 30%.
Alipay is a payment system that allows Chinese customers to pay in RMB for services and products purchased on the website of the vendor. Alipay deducts the payment from the buyer’s bank account in real time after the purchase. Alipay aims to bring together consumers and businesses around the world. Around 550 million people use it, and every day 8.5 million transactions are made.
- You can also top-up your mobile phone and pay utility bills.
- Order food at a restaurant or book a taxi.
- Send money to your friends.
- Orders can be tracked in TMall or Taobao.
- You can book rail, air and movie tickets with ease.
4. Atom Bank
Atom Bank is accessible via tablet or smartphone. It streamlines the banking process and makes it more accessible. Atom Bank offers mortgages, savings accounts, and current accounts. Atom Bank was founded in 2016 and has no physical branch offices. All services are provided through the app.
- Displays interest rates, account balance and how much money the user will receive at the end.
- Personal bank account
- Money is safe with a reliable security system
- PRA and FCA certified
- The user can view their potential returns and be encouraged to save.
5. Citi Bank
It was founded in 1812 under the name City Bank of New York and grew to be the largest financial institution of the United States in the late 19th Century. Citibank was the name of the bank until 1976. Customers can choose from five different banking packages: basic banking, Citibank account (the most popular), Citigold and City Priority. Fees and APYs are based on the average balance of all accounts. Users can link their checking, savings and retirement accounts in order to calculate their average balances.
- Users can view their credit limit, recent transactions and balances.
- Convert big purchases into EMIs using your credit card.
- Enjoy exciting offers when you use the card
- Reporting stolen or lost cards is possible.
- Find the nearest ATMs, and retail outlets offering Citibank Privileges and branches.
Chime offers online mobile banking with no hidden costs. Users can manage finances, grow savings automatically, and enjoy a fee-free credit card. Direct deposit allows them to receive their paychecks up to two working days earlier. The app is highly rated.
- No foreign transaction fee is charged. The fee ranges from 1% to 3 % of the total amount that the user purchases at other banks.
- Around 38,000 MoneyPass and Visa Plus Alliance ATMs are available to users at no charge.
- Balance alerts are sent daily
- Customer service that is friendly and responsive
- Notifications of real-time transactions.
Kabbage offers lines of credit for businesses that are eligible. The business can apply for a line of credit, receive an update about their rates and fees, and begin receiving funds within minutes. The process is quick. The application is free, and the user will only be charged for funds that they actually use. The terms of the loan are transparent and easy to understand. Before getting a loan, users can check the schedule and payment details. Users can view their balance, withdraw funds from their credit line, or make payments using the app.
- You can now access your funds on any screen
- Users are not required to withdraw funds before they are ready
- Users can benefit from advanced security measures to protect their businesses.
- Capital is available to users at their convenience
- Kabbage has provided over $6 billion in loans to small businesses.
Also read: Top 6 Short-Term Business Loan Providers
Klarna makes shopping a seamless experience. The app allows users to control their finances, as well as gives them an overview of all their purchases. Users can purchase products with just one click and return them without hassle.
- Chat in the app and 24/7 customer service. Users can contact us if they need assistance or to give feedback.
- All payments can be handled by the app. The app allows users to view their purchases, and then pay for them.
- You can receive real-time information about your purchase and track it from the store to your door.
- Users can snooze payments with Klarna if they require more time. They can snooze purchases in the app.
- The user can choose to pay when and how they want. Users can pay as they wish.
Monzo is a challenger bank with no physical branches. It offers integrated savings accounts and a current account. Recently, it began offering personal loans. Monzo users can manage their accounts through the app.
- Budgets can be set by categories (e.g. Entertainment, Dining out, Transportation, etc.).
- Monzo notifies the user instantly of any changes in their spending.
- Spending overseas is free and payment is contactless.
- Users can create a joint Monzo account with another Monzo customer.
- Apple Pay is fully integrated.
N26 is Europe’s leading mobile bank, with more than 3,000,000 customers. Users can manage their finances completely from their phones. Downloading the N26 App allows users to open an account, activate mobile payment Apps like Google Pay, receive a contactless Mastercard, and organize MoneyBeam instant cash transfers. They can also use personal banking features such as sub-accounts to organize their finances. Users can add financial products such as personal credit and overdrafts. N26 is a modern, easy, and enjoyable way to the bank.
- Users can create multiple sub-accounts to meet their needs and then log in under the same login.
- You can choose to send money internationally in 19 different currencies.
- Google Pay is compatible with N26.
- You can withdraw up to 5 withdrawals free per month at any ATM.
- In-app card controls are available to reorder or lock your card. It can be used to make online payments, accept payments from abroad, set withdrawal and payment limits, and enable foreign payments.
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