Six Creative Fintech Businesses That Will Transform Banking in 2024
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Given how quickly computer, smartphone, and internet technologies are developing, it should come as no surprise that the finance industry is undergoing major change. The days of physically depositing paychecks on paper at neighbourhood bank offices are long gone, and cash transactions are getting fewer and further between, echoing the days of yore.
The term “Fintech,” which refers to financial technology developments intended to democratise banking services and make them more accessible and inexpensive for everyone, originated with the rise of various online finance organisations. With so many options available to consumers, the reliance on conventional commercial banks for services like mortgages, investments, and basic checking accounts is waning.
These six innovative fintech businesses show that their inventions go beyond the world of cryptocurrency and are revolutionising traditional banking through cutting-edge software and ideas.
Brigit
net worth: $600 million
Brigit sets itself apart as a financial app that does double duty by helping Americans become more financially literate while also acting as a safeguard against expensive overdraft fees and improving credit scores. The application utilises algorithms to establish interest-free loans up to $250 based on users’ spending patterns by connecting to their bank accounts. This helps to prevent overdrafts. When these loans are reported to the major credit agencies, credit scores may rise by as much as sixty points. Financial advice is available for free, but access to loans and overdraft protection requires a $9.99 monthly subscription.
Chipper Cash
net worth: $2.2 billion.
Chipper Cash deals with the intricacies of international transactions, especially in areas where they present difficulties. Established by Ham Serunjogi and Maijid Moujaled, the website enables customers in the United States, United Kingdom, and a few African nations to pay bills and conduct cross-border transactions. Additionally, it allows users to transact with Bitcoin, offering a way to send money to Africa without getting caught up in corruption or paying astronomical fees. Foreign exchange fees and commissions from cryptocurrency brokerages are Chipper Cash’s main sources of income.
Clearco
net worth: $2 billion.
Clearco targets electric commerce companies, consolidating its approach to its clients’ investment and finance processes. More than $3 have been invested in Clearco by the current shareholders, venture capitalist and angel investors alike. 2 billion in over 7000 companies More than 2 billion in over 7000 firms This actively integrates crucial performance data and its blind funding algorithms accelerate Term Sheets production. Despite the fact that normal venture capital firms have no initiative to develop diversity, Clearco-backed startups are nine times more racially diverse and 25 times more gender-diverse.
Column
net worth: N/A
Ensuing a federally authorised banking service Column seeks to revolutionise the current state of affairs in the context of digital banking by consolidating the intermediary role that was held by the conventional financial institutions behind the companies operating only online-only banking services. Column, from 45 states as the banking service, has had $300 million deposits, and it was located in Chico, California.
Creative Juice
net worth: $75–$100 million
Creative Juice targets financial solutions related to the needs of video producers or marketers on YouTube, Twitch, and TikTok and other similar social media platforms. Mr. Jones’ company only targets online creators. For ownership stake in the business, Creative Juice offers equity investment of $25000 to $500000 to support growth initiatives of the creators. There are prominent supporting personalities such as MrBeast, Justin Kan, and Larry Fitzgerald among others.
GoodLeap
net worth: $12 billion
Located in Roseville, California, GoodLeap is a financial intermediary that offers funding solutions for homeowners’ green home improvement activities. Originally founded to offer and connect customers to solar panels, GoodLeap has since diversified its product portfolio into weather-hardy batteries for storing solar energy and energy-saving windows. Having worked with leading players in the finance sector, including Goldman Sachs, GoodLeap has funded more than $13 billion to 394 k homeowners to facilitate their sustainable choices regarding home improvements.
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