FinTech is used to describe a new technology that seeks to improve and automate the delivery and use of financial services. Basically, FinTech is used to help businesses, business owners and consumers better manage their financial operations, processes and lives by using specialized software and algorithms that are used on computers. and, increasingly, smartphones.
FinTech also includes the development and use of cryptocurrencies such as bitcoin. While this segment of FinTech may make the headlines, cryptocurrency exchanges have connected users who buy or sell cryptocurrency. Blockchain solutions aim to reduce fraud by keeping provenance data on the blockchain.
A scaleup is a startup that has grown, that has changed scale. To take this next step, the startup must have succeeded in stabilizing its business model and industrializing its offer. It has therefore proven its viability; scaling is nothing more than a successful startup. Since it will not remain a startup indefinitely, the prospects for a young company are limited.
The UK FinTech sector is booming; FinTech startups and scale-ups are on the rise in 2021. Exciting new startups are emerging in the UK and in particular in the bustling FinTech hub of London. These FinTech startups and scale-ups provide more efficient and streamlined services and pose a real threat to traditional banking, payments and lending services.
Here are the Top 3 FinTech scale-ups in the UK and Europe in 2021:
The FinTech company offers a range of digital banking services. They targeted their audience as tech-savvy mobile app users, including transferring money abroad in 29 different currencies with prepaid debit cards that allow withdrawals from ATMs in 120 countries. Since launching in 2015, Revolut has facilitated over 350 million transactions worth over £ 40 billion, serving over 9 million customers.
Users can also exchange money in 30 currencies – standard account users are limited to £ 5,000 per month, while paid and unrestricted users – with no hidden fees. Premium and Metal account holders can instantly exchange 30 currencies directly into five cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP.
IBS Intelligence recently reported that FinTech Revolut, the financial super app, announced the simplification of cross-border payments between the United States and Mexico with the launch of its United States-Mexico money transfer corridor.
Atom was founded in 2014 as the UK’s first app-based bank. Atom now has over 400 people, based in the north of England, focused on building the bank that customers want Atom to be. Atom operates a digital-only banking service, with all of its services delivered through its app. Atom has chosen to move away from providing checking accounts, instead of offering savings accounts, mortgages and business loans to its customers.
Atom’s savings accounts, mortgages, and business loans are all available through its app. Its fixed savings accounts range from three months to five years, with monthly or annual interest. These accounts offer competitive interest rates, with the money saved by forgoing physical branches that offer these attractive rates.
Recently, IBS Intelligence reported that Atom Bank, the UK’s leading app-based bank, hit two milestones this week surpassing £ 3bn in residential mortgage completions and, on the same day, reaching £ 1 billion in deposits to his Instant Saver accounts.
Nutmeg is a digital investment and wealth management company. Experts in investment management and financial advice help investors build global portfolios through Nutmeg’s online investment platform. Nutmeg clients can easily monitor and update their investment preferences using Nutmeg’s online platform, which smartphone apps can also access.
The investor can also choose whether all his capital is invested immediately or gradually. Finally, Nutmeg’s wealth management experts build a portfolio tailored to the investment objectives and the desired investment style.
IBS Intelligence recently reported that UK digital bank Starling announced that digital wealth manager Nutmeg has joined its marketplace. The new addition is expected to help the bank’s retail customers and individual merchants connect their banking operations to their investment accounts and pensions. The new integration will give Starling’s growing customer base the ability to track their retirement and investment balances in its app.
READ ALSO: Applications of artificial intelligence in the banking sector 2021