The financial technology field is booming, and 2019 will surely be a crucial year. Big developments range from the inception of GDPR to the Brexit brouhaha, from open banking data implementation to the evolution of the blockchain. The changes aren’t stopping as numerous startups are redefining customer experiences and changing the way consumers utilize technology. Here, you’ll find out which fintech companies to keep an eye on this year.
Trussle: Redefining What It Means to Be a Mortgage Broker
One company that’s reshaping the mortgage brokerage field is Trussle. With more than 90 lenders offering over 11,000 home loan deals, finding the right mortgage is daunting, to say the least. Trussle takes the hassle out of the process and helps consumers save thousands every year. What makes Trussle so great is that it continually monitors the marketplace, alerting you when better deals come along. As companies like Trussle and creditculture.sg work on their open banking functions, we expect it to hasten the consumer mortgage process even more.
Circle: Changing the Way We Pay
As money continues to evolve, companies are finding ways to keep up with the changes. The circle is a peer-to-peer platform that allows customers to receive and send payments in-app or via iMessage. It recently raised over $100 million, pushing its valuation to roughly $3 billion. It’s not stopping there, though; it’s taking steps to address the inherent instability in the cryptocurrency space. For 2019, Circle aims to change our relationship with money by making payments as easy as checking a text message.
Monzo: Reshaping the Banking Industry
Monzo is high on our list of startups to monitor this year. As of now, it has over a million customers, a valuation of over one billion pounds, and perhaps most startlingly, it’s achieved this in only three short years. In 2019, we believe Monzo will make greater strides toward profitability. Monzo’s investors helped it raise one million pounds in just a minute and a half, which means they’re in it for the long term. If it continues to be successful, the United Kingdom’s big banks should be very concerned indeed.
Receipt Bank: Revitalizing the Accounting Industry
After six years of steady growth, Receipt Bank has shown that its cloud-based accounting software isn’t going anywhere. Users can integrate the service with their own cloud software, download spreadsheets and reports, and much more. This easy-to-implement offering helps tech-centric businesses save money and time by automating expenses and accounts. We think Receipt Bank will continue to grow as more companies move their accounting operations to the cloud.
TrueLayer: Supporting Other Fintech Startups
It’s only been in business for two years, but TrueLayer has found its niche in supporting other financial technology startups. By helping these companies access their banking data, TrueData has recently obtained $7.5 million in funding. 2019 is expected to be another banner year for the company, as more fintech startups look to implement open banking practices.
2019’s Outlook for the Fintech Sector
Everything from innovative APIs and KYC (know your customer) to the blockchain and open banking will bring wholesale change to the world’s financial system. The fintech industry is brimming with innovation, and it will be quite interesting to see how automation and human interaction will work together. In short, fintech startups are in control, and we will heighten our expectations of these companies as time goes by.