These are the 5 FinTech solutions for your startup or SME (all available in Finnovating) that will improve your business! Finnovating, the first global Fintech collaboration platform that connects more than 70,000 startups and technology scaleups in the world with corporations and investors, can help you link with these solutions.
The pandemic has disrupted the traditional collaboration dynamics between banks and SMEs. Banks are not as willing to take risks on small business as they were in previous decades. However, this distrust has created something positive: an opportunity for a relationship between SMEs and FinTechs to arise.
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But what are FintTechs?
FinTech is a term that comes from a combination of financial and technology, and that improves and automates the delivery and use of financial services. It uses algorithms and software to improve companies’ financial services.
FinTech provides fast and modern financial services for companies, allowing them to manage their finances and providing them with better access to loans and financial solutions.
Benefits of FinTech solutions
This new relationship will play an important role in the future of small businesses and investors in general. That is why learning about this relationship is so important for everyone working in these sectors. For small businesses, everyday life can be a struggle, so it’s difficult, almost impossible, to take the time to think about FinTech solutions that will benefit your business in the long run.
Even if you’re lucky enough to spend an hour exploring, it can be a rabbit hole full of options and more confusing to get started. We understand that SMBs are busy. That’s why we’ve created our global matching platform to make it easier for you and this list of five FinTech solutions you can implement today make the best out of your business, streamline your processes, and modernize how you interact with your costumers.
Online payment solutions are services that enable you to receive and make payments when integrated with your e-commerce platform. After the customer provides the credit/debit card number, expiration date, and their CVV, the payment process can begin. The implementation of Open Banking has made this process easier as the customer can proceed with the payment simply by authenticating themselves to the bank’s online platform. Essentially, an online payment gateway allows a business to accept various payments on its website, ensuring the security of both money and confidential information.
Unnax: a toolbox to build financial products and services. Their platform integrates Open Banking technologies, onboarding and identity verification, and account issuance and management, while their regulatory license allows us to act as a regulatory shield and an enabler for complex business models.
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Neobanks, sometimes called challenger banks, are FinTech companies, often startups, that digitally provide non-traditional banking services. These companies typically offer checking and savings accounts through mobile apps or websites and do not have branches. It’s common to find neobanks that include tools to help clients budget and reach their savings goals. Neobank customers often benefit from lower fees and higher interest rates than traditional customers. Neobanks are not a new concept as they emerged in the 2010s after the Great Recession and are gaining popularity in the US. According to data, neobanks have around 23 million customers. That number is expected to more than double to 50 million by 2025.
FinTechs can provides SMEs credit in two main ways: credit facilitation and crowdfunding. FintTechs make it very easy for small businesses to get business loans from existing lenders. They have also created a marketplace of crowdfunding resources, allowing consumers to invest directly in any business that calls their attention.
Crowdfunding.cl: reward based crowdfunding platform, they work as a tool for SMES that need funding, they use their software to approach a massive audience with the opportunity to participate in a campaign. Each campaign has a goal, a limited time and a set of rewards to give back to people who pledge.
Small businesses generally struggle to manage cash flow and track key accounting metrics. Many accounting packages are available, but many either have trouble integrating with banking software or are unable to combine banking and accounting data to gain insights. FinTechs have recognised this difficulty and have created plenty of solutions that can bridge accounting and banking systems or seamlessly allow integration between the two.
FinTechs provide excellent tools for individuals who want to manage their finances efficiently. Finance automation, bill payments, and budgeting are some of the common personal finance elements easily handled by FinTechs and startups. To simplify their monthly budgeting, individuals are choosing FinTech apps that allow bills to be paid on time and not overspend.