Understanding the breakthrough of financial technology in 10 startups
The FinTech world is intriguing but not as mysterious and complicated as you may think.
The Venture Capital sector has already adopted it : VC investments in FinTech companies worldwide increased from 1.89 billion U.S. dollars in 2010 to 53.3 billion U.S. dollars in 2019 (1).
Consumers too are adopting it at a very fast pace: adoption of FinTech services has moved steadily upward, from 16% in 2015 to 64% in 2019 (2). As these innovative financial companies become the norm, here are some startups that stand out from the crowd.
What AI offers to FinTech
Artificial Intelligence is an essential element of many digital innovations, it is therefore only consistent to find it in FinTech platforms as well. With their AI platform, DreamQuark is able to give accurate recommendations and actionable insights for business users.
Fortia’s 2OS AI no-code platform creates complex use cases, helping companies to automate their business processes using disruptive technologies.
Collecting debt being time-consuming and often inefficient, Paymefy invented a platform that facilitates debt collection and tracks the payments : they witness a 30 to 60% recuperation rate above traditional methods.
Reinventing the financial sector
The digitization of the financial sector demonstrates that it is not stagnant nor rigid. From financial regulations to data processing, novelties emerge every year. 360Kompany, as a RegTech (regulatory technology), enables business verification with an ongoing monitoring that evolves with regulations and gives firms financial legitimacy.
Findustrial offers a pay-per-use platform to power the shift towards servitization in the international asset finance industry. It gives comprehensible solutions for FinTech from the industrial sector.
Amplyfi also gives solutions, but through a data processing pipeline that uses unstructured data to extract meaning and provide insights to their customers.
The trading sector is impacted as well : spot and short-term Liquified Natural Gas Trade has increased by 34% in 2019 (3), which makes OctoLNG’s worldwide digital marketplace for LNG so relevant.
Solutions for B2B and B2C actors
During the Innovation Partnership Forum, most startups targeted only businesses in a B2B process, but some FinTechs manage to involve the general public more directly. Covr Security, as a global secure digital ID platform, delivers a military level security for their customer’s identification process.
Data transactions being unclear and messy, Web Geo Services’s Woosmap platform cleans and geotags any data transaction in partnership with Google Maps.
Finally, Intigriti connects 20 000 hackers from 130 countries to global firms on a crowd security platform. The goal is to challenge the firm’s security and track down its digital vulnerabilities.
To conclude, the financial sector digitizes its tools and structures in order to keep up with the digital transition observed globally. They need the utmost precision and security of data to comply with the promises a financial entity guarantees, but it does not stop them from breaking new grounds. Thanks to the companies presented in this article, we will witness the fusion between Technology and Finance in the near future.
- Global FinTech Adoption Index 2019 by EY
- Statista Research Department, 2020
- (on a year over year basis), OctoLNG numbers from the EDB Partnership Forum 2020