When the first smartphone made it to the market, the world changed exponentially. Suddenly, the power of a massive computer network was available in a small handheld device, and everything shifted.
It opened up potential in a wide range of industries, including finance. Fintech was born at the intersection of financial services and technology, altering how the world thinks of financial and banking services.
New fintech companies are popping up everywhere. With expected growth to the top 27 percent in the coming years, it’s a great time for businesses and consumers alike to take advantage of this opportunity.
Financial institutions are adapting to this shift by finding ways to use smart card technology, biometrics, and blockchain to their advantage.
Consumers are discovering new ways of handling their money, where they can access anything, anywhere, any time of the day. From standard checking and savings accounts to sophisticated investing, it’s no longer about using large, traditional banks to manage your finances.
Fintech is changing everything.
Here are just a few of the new fintech companies ready to help you with your financial needs.
GoHenry is a money management and financial education platform designed to teach kids and teens about financial management. It features a debit card and app that allow young people to explore the concepts of budgeting, saving, spending, investing and giving. Parents utilize a companion app to track progress and help set boundaries and goals. They can also set it up to get real-time spending notifications. With over two million members, it’s an innovative approach to helping teach kids financial independence.
M1 is an app-based money management system that gives you total control and automation of your wealth goals with a commission-free, customizable way to invest. It provides you with a flexible line of credit, digital checking that gives you a competitive rate on your balance, and an Owner’s Reward card that earns up to 10 percent cash back. With over $5 billion in client assets, it’s a solution offering an all-in-one personal finance platform that works for your long-term financial goals.
Chime is a fintech company that believes banking services should be helpful, easy, and free. They partner with regional banks to design financial products for everyday Americans who aren’t served well by more traditional banks. They help build a credit history with no annual fees or interest, and they offer fee-free overdraft protection up to $200. With no monthly fees and a fee-free way to pay family and friends, millions are using Chime every day.
Chipper Cash is primarily a cash-transfer app that allows users to send personal payments for free. Over 5 million people use the app in seven different countries to send and receive cash with free transfers and the lowest cross-border rates. It makes bill paying easy and secure while giving you 2 percent back on Airtime from anywhere, on any network. It also allows users to buy and sell Bitcoin and build a stock portfolio by investing in fractional shares.
Varo is an easy-to-use app that makes all your banking a snap. It offers attractive benefits that include no credit check, no minimum balance, no monthly fees, and no overdraft fees. With over 55,000 fee-free Allpoint ATMs in national chain stores like Target, CVS, and Safeway, you can quickly gain access to your money. Plus, get up to 6 percent cash back every time you use your Varo card. It’s an all-digital, mission-driven fintech company designed for how you live.
Digit is an all-in-one money app that helps you reach financial freedom and your retirement goals by making chores like budgeting, saving, bill bucketing, and investing easy. Set up monthly expenses and short and long-term goals. Then when your paycheck is deposited, the app calculates and moves money into each bucket so that you don’t spend cash earmarked for other goals. Digit has helped members save over $7 billion since 2015.
Rocket Money is a money app that empowers you to save more, spend less, and take control over your financial life. Rocket Money shows you where your money is going and how to improve spending habits. It tracks your subscriptions, making it easy to cancel duplicates and those you deem no longer necessary. It helps you set up a budget that automatically monitors your spending by category. Over 3.5 million members have saved $245 million and counting.
GoodLeap partners with homeowners upgrading to more sustainable home solutions and home improvement professionals across the country. They offer flexible payment options designed to fit any budget. Use the GoodLeap app to connect with many sustainable services such as solar power systems and energy-efficient windows, HVAC, and roofing. You can bundle your sustainable home improvement financing into a Go Green Refi and save even more money. The real-time app makes it easy to find a contractor, submit an application and get an instant quote. With more than $18 billion in sustainable home improvements on its record so far, this fintech app provides an easy way for homeowners to move from dreaming to doing.