Home » Fintech: A New Impact in the International Banking System?
Fintech technology has changed the world of banking finance in every shape and form. In today’s world, making payments with just a click on one’s smartphone has been made possible with the help of modern technology.
In the current digital phase, accessing wealth through financial institutions and banks is way easier than a couple of decades ago. The banking industry is gradually becoming entirely digitised.
Here, we will discuss some top Fintech organizations and how they have changed the banking and finance industry scenario with their advanced technology.
How Fintech Companies Are Impacting Other Industries?
We will use the example of online casinos to explain how Fintech companies impact other financial sectors and industries. Fintech has primarily impacted the online casino industry and helped it evolve and grow. Online casinos require you to perform monetary transactions every minute. Fintech organizations facilitate both deposit methods from the players and the payment methods from the casino to the players.
Consider a UK-based online casino dr.bet for better understanding. It provides online casino game slots in the UK and other countries. Although the casino is based in the UK, it attracts players worldwide to play and bet money on its platform. A player’s first deposit for obtaining the bonus code has to be done by utilizing a Fintech payment option. And on winnings, the withdrawals will also be assisted by these payment companies.
As online gambling attracts players worldwide, it has to maintain diversity in payment options so that no players are left out because of the unsuitable network of transaction procedures.
On the other hand, Fintech firms benefit from the gambling industry by streamlining payment protocols.
Online casinos imply that every monetary transaction will also follow online methods, where Fintech becomes vital. Promoting quick and easy payments to every player, regardless of which part of the world they play, is a crucial characteristic of a good online casino. And this process is diligently handled by the Fintech companies they have tied up with.
7 Top Examples of Fintech Companies
Gemini was founded in 2014, and within less than a decade, it has acquired tremendous accomplishments. The founders of this company are Tyler and Cameron Winklevoss. The net worth of this organization stands at £4.8 billion, along with 295,000 Twitter followers.
Gemini was the first-ever Fintech company to obtain a license in the Zcash exchange.
The company provides services to users for trading, selling, and busing digital assets such as cryptocurrencies. The platform finances more than 40 different cryptocurrencies.
Current is another Fintech company that offers mobile banking and online banking services.
It is a company based in New York City, USA, founded by Stuart Sopp in 2015. The company provides easy and quick financial and payment services to its users. The net worth of this organization stands at £2 billion, with 550,000 Twitter followers.
Klarna is probably going to top the list as it is one of the most prominent and well-known Fintech companies in the world. It is worth over £30 billion.
The company provides financial services through its application and official website. They are pioneers of the outstanding concept of “buy now, pay later” or “pay in three easy installments.”
It is a Swedish company founded by Sebastian Siemiatkowski back in 2005. In recent days, it has more than 4 million active users.
Standing at a net worth of £10 billion, Wise was founded by Kristo Kaarmann and Taavet Hinrikus in 2011. It is a Fintech company based in London. What are the services that Wise provides? With Wise, a user can send money to different countries and receive payments from other countries with diverse currencies. The best part of this company is that it charges a meager amount of deductions or tariffs for sending and receiving money from abroad. Wise has quickly gained popularity all over England and other countries. Twitter shows over 99,000 followers at the moment for Wise.
This is another US-based Fintech company, specifically based in San Francisco. A decade ago, in 2012, the company was founded by Manu Kumar and Henry Ward. The services of Carta include table management capitalization. In simpler terms, they assist investors, companies, and employees regulate their equity through paper stock certificate digitizations. Carta stands at a net worth of £3.5 billion currently.
Robinhood is another unique Fintech company founded by Vlad Tenev and Baiju Bhatt, with a fancy name. Their primary services allow users to exchange cryptocurrencies and trade stocks free from commissions. To make stock trading safer and more accessible, this company is available in the form of mobile applications. With 500,000 Twitter followers and more than 22.5 million users, Robinhood currently stands at £21 billion.
Stripe is based in San Francisco and was founded by Patrick Collison in 2009. Stripe is the biggest giant on this list of Fintech companies, with a net worth of around £93 billion. Stripe is a credit card and online payment service provider that allows safe and secure purchases. Stripe has 3.1 million active customers under its belt, with more than 180,000 Twitter followers.