Fintechs are companies that are the intersection between cutting-edge technology and finance. They use technology to automate financial processes and services such as fintech application development. Fintechs serve several industries and provide services that spread across cryptocurrency, investment, insurance, mobile payments, business financing, and more.
Fintechs are one of the most highly funded business startups in recent history, with several of them receiving small business loans. Here are the top fintechs to watch in the United Kingdom.
Atom Bank is an app-only bank. So, with a single app, you can carry out all the transactions that you would carry out at a regular bank. No need for physical meetings with account managers or going to a bank for transactions. Everything can now be done through this innovative app, including account opening, loan application, mortgage application, and more. Atom Bank also offers good interest rates on its offerings which have helped increase its app download and usage.
Monzo is a digital bank that allows customers to open current accounts with no monthly fees through its mobile app. Customers also get debit cards along with other money management features that organize bills, spending, and savings. Customers can also open fixed savings accounts and earn interest on money deposited. Monzo also offers overseas spending with no extra charges and at good exchange rates.
Iwoca offers small business loans to small businesses in the United Kingdom. Businesses can get funding up to £10,000 for new businesses and larger sums for more established businesses. The fintech uses innovative technology to vet and approve loans for small businesses quickly. Interest rates on each loan vary, and loan sums can be increased depending on how well you pay off prior loans.
Paymentsense helps small businesses in the UK to process payments. It also provides analytical tools and generates sales reports for businesses through innovative tools on its platform. The company now powers tens of thousands of companies in the UK, processing billions of pounds yearly.
Customers patronizing a business using Paymentsense can either pay online, by email, or by phone. Paymentsense has innovative physical card payment machines designed for tills and counters in stores and small businesses. The machines can process payments made within a 100m range with various payment gateways and virtual payment methods available.
Molo Finance offers online mortgage services to clients in the UK. It allows users to quickly complete mortgage forms within minutes and apply for mortgages anytime and anywhere they want. After an application has been received, the fintech values the property, vets it, and writes the mortgage physically. The whole process takes place fast and without much fuss.
Designed for postgraduate students, Prodigy Finance helps international postgraduate students to obtain loans for schooling abroad. The fintech has partnered with over 500 schools worldwide to offer accessible loans to people interested in postgraduate programs in the fields of engineering, medicine, law, business, and governance. This fintech has provided funding worth several millions of dollars to over 10 thousand students.
Apart from school loans, Prodigy Finance allows high-net-worth individuals to invest and earn money from loans. Diversification of a portfolio is also allowed, with investors receiving interest as students repay their loans.
The companies listed above are the top fintechs to watch out for in the UK. These companies have proved their mettle, and they are highly tipped as the next big things in the UK fintech world. Don’t sleep on these companies. Visit the link in the introduction section to read more about small business loans that can help you grow your business to the level of these fintech companies. If you need help setting up your business technology, BCA IT is a managed IT service provider that can help.